Intracoastal Waterfront Apartment
For Sale
$1,949,000
18205 GULF Boulevard, Redington Shores, FL 33708
Commercial Sale, REDINGTON SHORES, FL
Property Size6,021 SF
Lot Size0.23 Acres
Price / SF$323.70
Days on Market360
Property Features for 18205 GULF Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
SURFSIDE SUB
View
Water
Directions
Take I-275 south to Park Blvd/ Gandy exit - Head west on Park Blvd - turn south on Gulf Blvd - head south to address
Standard status
Active
APN
31-30-15-88470-000-0100
Size
6,021 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SURFSIDE SUB LOT 10
Tax Annual Amount
32530
Legal Description
SURFSIDE SUB LOT 10
Utilities
Cooling system
Central Air
Water front
1
Building Details
Year built
1972
Floors in Building
2
Building materials
Block, Concrete
Listing Agency:
SMITH & ASSOCIATES REAL ESTATE
(727) 282-1788
Listed By:
Patrick Calhoon · License #259869
(727) 282-1788
Added: Sep 2, 2025
Changed: Aug 24
Last Checked: Aug 27 at 4:06PM
MLS# TB8423471
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 6,021-square-foot apartment building contains eight units in a balanced mix of four 1br/1ba residences and four 2br/1ba residences. Each unit has been recently remodeled, while four are furnished. The property was built in 1972 with block and concrete construction, central air, and a new roof; all A/C units are under three years old.
Located at 18205 Gulf Boulevard in Redington Shores, the property occupies 0.23 acres directly along the intracoastal waterway. The apartments are currently operated under annual leases. The source information also identifies potential for rentals of at least thirty days, condo conversion, or combination with adjacent 18207 land for redevelopment, subject to applicable requirements.
Located at 18205 Gulf Boulevard in Redington Shores, the property occupies 0.23 acres directly along the intracoastal waterway. The apartments are currently operated under annual leases. The source information also identifies potential for rentals of at least thirty days, condo conversion, or combination with adjacent 18207 land for redevelopment, subject to applicable requirements.
Key Highlights
- 8‑unit apartment building directly on the intracoastal waterway
- Four 1br/1ba units and four 2br/1ba units
- All units recently remodeled; 4 are fully furnished
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
$55,376
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
2.84%
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%
$1,107,520
$1.1M
Cap Rate 7%
$791,086
$791.1K
Cap Rate 9%
$615,289
$615.3K
Market Conditions
NOI Build-Up for 6,021 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
$108.4K $18.00/SF
− Vacancy
−$7.7K −$1.28/SF
EGI
$100.7K $16.72/SF
− OpEx
−$45.3K −$7.52/SF
NOI
$55.4K $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%
$1,107,520
Cap Rate 7%
$791,086
Cap Rate 9%
$615,289
Alternative Uses
Best Use
Apartment 5plus
$791.1K
$692.2K – $922.9K
NOI $55,376 @ 7.0% cap · market cap 2.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,628 @ 7.0% cap · market cap 5.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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?
Apartment building - Remodeled multifamily property with furnished units, central air, and direct positioning along the intracoastal waterway.
Where is this apartment building located?
The property is located at 18205 GULF Boulevard Redington Shores, FL.
What is the asking price?
The asking price for this property is $1,949,000.
What are key features of this property?
This property features: 8‑unit apartment building directly on the intracoastal waterway; Four 1br/1ba units and four 2br/1ba units; All units recently remodeled; 4 are fully furnished
