Building Details

Year Built 1951

Listing Agency: A-TEAM HOME SALES & RENTALS

Listed By: Karen Czarnik · License #3275556 Show Phone

Source: Exitrealty

Added: Nov 15, 2024 Changed: Sep 2 Last Checked: Sep 15 at 4:55AM

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Investment Insights

Based on property information with market context.

The 3,594-square-foot multifamily property at 17002 Dolphin Drive was built in 1951 and is being offered in its current as-is condition. The building was flooded by Helene and requires remediation and buildout before returning to use. The roof was replaced in 2023.

Located in North Redington Beach, the property is approximately 0.2 miles from the beach, a walk of less than five minutes. Current photos are not available in the provided property information; prior images predate the flooding and do not reflect present conditions.

Key Highlights

• 3,594‑square‑foot multifamily property
• Roof replaced in 2023
• Built in 1951

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$33,054

Cap Rate

3.48%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$661,080 $661.1K

Cap Rate 7%

$472,200 $472.2K

Cap Rate 9%

$367,267 $367.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,594 SF

Gross rent

$64.7K $18.00/SF

− Vacancy

−$4.6K −$1.28/SF

EGI

$60.1K $16.72/SF

− OpEx

−$27.0K −$7.52/SF

NOI

$33.1K $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 Rate 5%

$661,080

Cap Rate 7%

$472,200

Cap Rate 9%

$367,267

Alternative Uses

Best Use

Apartment 5plus

$472.2K

$413.2K – $550.9K (±1% cap)

NOI $33,054 @ 7.0% cap · market cap 3.48%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$934.8K

$818.0K – $1.09M (±1% cap)

NOI $65,438 @ 7.0% cap · market cap 6.90%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Multifamily properties

Suggested Use

Top Pick Dental Office HVAC Service Law Firm Plumbing Service (Bike/Boat/Book/etc) Store Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

289

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Frequently Asked Questions

What type of property is this?

Multifamily property - As-is multifamily property near the beach, requiring remediation and interior buildout.

Where is this multifamily property located?

The property is located at 17002 DOLPHIN DRIVE North Redington Beach, FL.

What is the asking price?

The asking price for this property is $949,000.

What are key features of this property?

This property features: 3,594‑square‑foot multifamily property; Roof replaced in 2023; Built in 1951