Elevated Duplex with Rooftop
New
For Sale
$599,900
18105 1ST Street E, Redington Shores, FL 33708
Residential Income, REDINGTON SHORES, FL
Property Size1,500 SF
Lot Size0.05 Acres
Price / SF$399.93
Days on Market2
Property Features for 18105 1ST Street E
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning
DUPLEX
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 1, Bedroom 3, Bathroom 1, Family Room
Parking features
Driveway, Garage, Open
Window features
Storm Window(s), Double Pane Windows, Insulated Windows
Patio and Porch features
Patio, Porch, Deck
Pets allowed
Yes
Interior features
Ceiling Fans(s), Kitchen/Family Room Combo, Solid Wood Cabinets
Exterior features
Balcony, Fence
Fencing
Fenced
Appliances
Dryer, Electric Water Heater, Microwave, Range, Refrigerator, Washer
Subdivision
SURFSIDE SUB 3
Lot features
Flood Zone, City Limits, In County, Level, Near Public Transit, Paved
View
Ocean, Water
Elementary school
Bauder Elementary-PN
Middle school
Seminole Middle-PN
High school
Seminole High-PN
Directions
From Park Blvd Bridge turn left, then a left on 182nd Ave, right onto 1st Street E., home is on your left.
Standard status
Active
APN
31-30-15-88506-004-0060
Size
1,500 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SURFSIDE SUB NO. 3 BLK 4, LOT 6
Tax Annual Amount
5187
Legal Description
SURFSIDE SUB NO. 3 BLK 4, LOT 6
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
rooftop terrace
Building Details
Year built
1991
Floors in Building
2
Number of units
2
Flooring type
Laminate
Building materials
Block, Frame
Roof type
Built-Up
Listing Agency:
THE AMBROSIO GROUP
Listed By:
Frank Ambrosio · License #3013746
(727) 433-0372
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 7:06PM
MLS# TB8544780
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This elevated duplex contains two 2-bedroom/1-bath units within approximately 1,500 square feet, offering a flexible residential income configuration. The property includes three garage spaces, driveway parking for three additional vehicles, a rooftop terrace with beach views, and outdoor areas including a balcony, patio, porch, and deck. Interior features include ceiling fans, solid wood cabinets, a kitchen and family room combination, laminate flooring, and a full appliance package.
Major updates include hurricane windows installed in 2016, a new roof completed in 2024, and new air conditioning installed in 2024. The 0.05-acre property is served by public water and public sewer, with DUPLEX zoning. Located in Redington Shores, the property is positioned on the beach and provides six total off-street parking spaces across the garage and driveway.
Major updates include hurricane windows installed in 2016, a new roof completed in 2024, and new air conditioning installed in 2024. The 0.05-acre property is served by public water and public sewer, with DUPLEX zoning. Located in Redington Shores, the property is positioned on the beach and provides six total off-street parking spaces across the garage and driveway.
Key Highlights
- Two 2‑bedroom/1‑bath units in a duplex configuration
- Approximately 1,500 square feet on a 0.05‑acre lot
- Three garage spaces plus driveway parking for three vehicles
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
$17,509
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
2.92%
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%
$350,180
$350.2K
Cap Rate 7%
$250,129
$250.1K
Cap Rate 9%
$194,544
$194.5K
Market Conditions
NOI Build-Up for 1,500 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
$26.8K $17.88/SF
− Vacancy
−$1.8K −$1.21/SF
EGI
$25.0K $16.67/SF
− OpEx
−$7.5K −$5.00/SF
NOI
$17.5K $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%
$350,180
Cap Rate 7%
$250,129
Cap Rate 9%
$194,544
Alternative Uses
Best Use
Multifamily LT 5
$250.1K
$218.9K – $291.8K
NOI $17,509 @ 7.0% cap · market cap 2.92%
Second Best
Apartment 5plus
$197.1K
$172.5K – $229.9K
NOI $13,796 @ 7.0% cap · market cap 2.30%
Theoretical Best
Office A
$390.2K
$341.4K – $455.2K
NOI $27,311 @ 7.0% cap · market cap 4.55%
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
278
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 - Two residential units support owner occupancy, guest use, or separate income-producing operations.
Where is this duplex located?
The property is located at 18105 1ST Street E Redington Shores, FL.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Two 2‑bedroom/1‑bath units in a duplex configuration; Approximately 1,500 square feet on a 0.05‑acre lot; Three garage spaces plus driveway parking for three vehicles
