Indian Rocks Beach Multifamily
For Sale
$2,195,000
701 1st St, Indian Rocks Beach, FL 33785
Multifamily property in Indian Rocks Beach, Florida for sale.
Property Size7,700 SF
Price / SF$285.06
Days on Market98
Property Features for 701 1st St
General Information
Standard status
Active
Size
7,700 SF
Property subtype
Multifamily
Amenities
Fully renovated 10-unit apartment community located just steps from the white sand beaches of Indian Rocks Beach, one of Tampa Bay's most desirable coastal submarkets
Attractive unit mix consisting of eight spacious one-bedroom / one-bath units and two oversized two-bedroom / two-bath units
Thoughtfully designed outdoor common area featuring grilling stations, seating areas, and coastal-inspired seashell landscaping, creating a true beach-lifestyle experience for residents
Strong rental upside with nearby comparable properties achieving approximately $200-$300 monthly rental premiums, presenting investors with a clear path to continued NOI growth
Indian Rocks Beach continues to attract both tenants and investors due to its limited housing inventory, walkable beach-town atmosphere, and proximity to major employment hubs
The area is well-known for its laid-back coastal lifestyle, highly rated local dining scene, waterfront bars, entertainment venues, and boutique beach-town charm that differentiates it from more densely populated Gulf Coast markets
10-minute walk to CVS, and 5-minute drive to Publix Super Market at Indian Rocks Shopping Center, with numerous grocery, retail and dining options
Residents and visitors are drawn to Indian Rocks Beach for its quiet beaches, strong sense of community, and convenient access to Clearwater, St. Petersburg and Tampa
Listing Agency:
Marcus & Millichap - RPH Multifamily Group
(813) 387-4762
Listed By:
Zach Brown · License #License(s): FL: SL3610867
(813) 387-4762
Source:
Marcusmillichap
Added: May 27
Changed: Aug 23
Last Checked: Aug 31 at 12:51PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - RPH Multifamily Group
Investment Insights
Based on property information with market context.
A multifamily property located at 701 1st Street, Indian Rocks Beach, Florida, is available for sale. The property encompasses a total area of 7,700 square feet. Additional financial details are available via the provided 'Due Diligence' button.
Key Highlights
- Offering memorandum and financials available.
- Due diligence information accessible.
- Contact Zach Brown (Zach.Brown@MarcusMillichap.com) for deal discussion.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$70,818
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.23%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,416,360
$1.4M
Cap Rate 7%
$1,011,686
$1.0M
Cap Rate 9%
$786,867
$786.9K
Market Conditions
NOI Build-Up for 7,700 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$138.6K $18.00/SF
− Vacancy
−$9.8K −$1.28/SF
EGI
$128.8K $16.72/SF
− OpEx
−$57.9K −$7.52/SF
NOI
$70.8K $9.20/SF
Area
Pinellas County, FL
Vacancy
7.10%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,416,360
Cap Rate 7%
$1,011,686
Cap Rate 9%
$786,867
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$885.2K – $1.18M
NOI $70,818 @ 7.0% cap · market cap 3.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.00M
$1.75M – $2.34M
NOI $140,198 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
453
Businesses Nearby
Explore this area
Business Placement
Demographics for 33785, FL
4,863
Population
5,863
Households
0.8
Avg Household Size
59
Median Age
46%
College-Educated
97%
High-School Grad
1.2 sq mi
ZIP Area
4,053
Density / Sq Mi
$98,750
Median Household Income
$57,542
Median Earnings
$1,804
Median Rent
$689,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Multifamily property in Indian Rocks Beach, Florida for sale.
Where is this multifamily property located?
The property is located at 701 1st St Indian Rocks Beach, FL.
What is the asking price?
The asking price for this property is $2,195,000.
What are key features of this property?
This property features: Offering memorandum and financials available.; Due diligence information accessible.; Contact Zach Brown (Zach.Brown@MarcusMillichap.com) for deal discussion.
