Waterfront Duplex
For Sale
$950,000
165 175TH TERRACE E DRIVE, Redington Shores, FL 33708
Waterfront multifamily property with an existing duplex requiring remediation or removal after hurricane damage.
Property Size2,300 SF
Price / SF$413.04
Days on Market603
Property Features for 165 175TH TERRACE E DRIVE
General Information
Standard status
Active
Size
2,300 SF
Property subtype
Multi Family
Zoning
MULTI-FAMILY
Property Condition
Severity
Major Repairs Needed
Evidence
damaged by hurricane Helene
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$12,352
Building Details
Year Built
1977
Buildings
1
Listing Agency:
REALTY EXPERTS
(727) 686-5212
Listed By:
Catherine Delorenzo · License #3080632
(727) 686-5212
Source:
Exitrealty
Added: Jan 6, 2025
Changed: Aug 30
Last Checked: Aug 31 at 4:09PM
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 REALTY EXPERTS
Investment Insights
Based on property information with market context.
This waterfront multifamily property includes an existing duplex with approximately 2,300 square feet of building area. The structure was damaged by Hurricane Helene and requires remediation or demolition. The property is zoned for multifamily use and occupies a 60-foot waterfront lot in Redington Shores.
The site is a short distance from the community’s white-sand beaches and within a quick drive of airports, shopping, and dining. Redevelopment possibilities identified for the property include rehabilitating the existing structure, converting it to a single-family residence, lifting the home, or replacing it with new residential construction. Any redevelopment would remain subject to applicable approvals and the stated variance requirement for additional townhome-style duplex development.
The site is a short distance from the community’s white-sand beaches and within a quick drive of airports, shopping, and dining. Redevelopment possibilities identified for the property include rehabilitating the existing structure, converting it to a single-family residence, lifting the home, or replacing it with new residential construction. Any redevelopment would remain subject to applicable approvals and the stated variance requirement for additional townhome-style duplex development.
Key Highlights
- Existing duplex with approximately 2,300 sq ft of building area
- 60‑foot waterfront lot in Redington Shores
- Zoned MULTI‑FAMILY and WATERFRONT
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
$26,847
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
2.83%
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%
$536,940
$536.9K
Cap Rate 7%
$383,529
$383.5K
Cap Rate 9%
$298,300
$298.3K
Market Conditions
NOI Build-Up for 2,300 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
$41.1K $17.88/SF
− Vacancy
−$2.8K −$1.21/SF
EGI
$38.4K $16.67/SF
− OpEx
−$11.5K −$5.00/SF
NOI
$26.8K $11.67/SF
Area
Pinellas County, FL
Vacancy
6.74%
Lease Rate
$17.88 /SF/Yr
Expense Ratio
30.00%
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%
$536,940
Cap Rate 7%
$383,529
Cap Rate 9%
$298,300
Alternative Uses
Best Use
Multifamily LT 5
$383.5K
$335.6K – $447.5K
NOI $26,847 @ 7.0% cap · market cap 2.83%
Second Best
Apartment 5plus
$302.2K
$264.4K – $352.6K
NOI $21,153 @ 7.0% cap · market cap 2.23%
Theoretical Best
Office A
$598.2K
$523.5K – $698.0K
NOI $41,877 @ 7.0% cap · market cap 4.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
315
Businesses Nearby
Explore this area
Business Placement
Demographics for 33708, FL
16,034
Population
13,211
Households
1.2
Avg Household Size
60
Median Age
44%
College-Educated
96%
High-School Grad
3.4 sq mi
ZIP Area
4,716
Density / Sq Mi
$83,773
Median Household Income
$49,403
Median Earnings
$1,961
Median Rent
$463,700
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?
Duplex - Waterfront multifamily property with an existing duplex requiring remediation or removal after hurricane damage.
Where is this duplex located?
The property is located at 165 175TH TERRACE E DRIVE Redington Shores, FL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Existing duplex with approximately 2,300 sq ft of building area; 60‑foot waterfront lot in Redington Shores; Zoned MULTI‑FAMILY and WATERFRONT
