Building Details

Year built 1972

Floors in Building 2

Building materials Block, Concrete

Listing Agency: SMITH & ASSOCIATES REAL ESTATE i***@smithandassociates.com

Listed By: Patrick Calhoon Show Phone

Added: Sep 2, 2025 Changed: Oct 16 Last Checked: Oct 23 at 6:06PM

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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.

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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.

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 / Yr

$55,376

Cap Rate

2.84%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,107,520 $1.1M

Cap Rate 7%

$791,086 $791.1K

Cap Rate 9%

$615,289 $615.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,021 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $109,628 @ 7.0% cap · market cap 5.62%

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

Property Analytics

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Lease Details

8

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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