Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Belleair Bluffs Multifamily Investment Opportunity Title is generated by Realmo AI

    187 BEL FOREST DRIVE, Belleair Bluffs, FL 33770

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $2,400,000

    Four triplexes near Belleair Bluffs Plaza with upside potential.

    Type:Commercial/Industrial
    Property size:
    11,287 SF
    Lot size:
    0.72 Acres
    Price / SF:
    $212/SF
    Added:
    Mar 12, 2026
    Days on Market:
    68
    Last Refresh:
    Apr 6 at 3:16 am

    Property Features for 187 BEL FOREST DRIVE

    General Information

    Standard status
    Active
    Size
    11,287 SF
    Lot size
    0.72 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1972

    We can help!

    Listing Contact
    MICHAEL Reichenbach, LLC

    Listing agent MICHAEL Reichenbach, LLC License #3090000

    Listing office CENTURY 21 BEGGINS

    Listing date Mar 12, 2026

    Source Exitrealty

    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 CENTURY 21 BEGGINS

    HighLights

    • Prime location in the heart of Belleair Bluffs, walking distance to shopping and amenities.
    • 12 units offering a comfortable mix for tenants (8 2‑bedroom, 4 1‑bedroom).
    • Significant upside potential through updates, priced to sell as‑is.
    • Solid block construction on a large 31,496 SF lot in a sought‑after residential area.
    • Three of the four buildings have newer roofs (2019, 2018, 2016).
    • Central AC throughout all units and large parking pads.

    Overview

    Located in the heart of Belleair Bluffs, this property features 12 units across four adjacent buildings. The location provides walking distance access to Belleair Bluffs Plaza, Publix, and Walgreens, with convenient access to beaches, Largo, and surrounding communities. The unit mix includes eight 2-bedroom units and four 1-bedroom units, all with central AC. Large parking pads and landscaped yards enhance the property's appeal. Most tenants are month-to-month. The property includes 31,496 square feet of land, 11,287 heated square feet, and 12,389 total square feet of solid block construction. Three of the four buildings have newer roofs (installed in 2019, 2018, and 2016; the fourth in 2004). Tenants are responsible for paying for electric. The property is positioned as an investment opportunity in a sought-after residential area.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Belleair Bluffs
    County
    Pinellas
    State
    Florida
    Longitude
    -82.8175
    Latitude
    27.9153

    Nearby Similar for Sale

    • $580,000
      1,895 SF

      Penthouse Corner Unit with Water Views

      Turn-key, updated penthouse with water views, pool, and private dock.
      100 BLUFF VIEW DRIVE 602A, BELLEAIR BLUFFS, FL 33770
      View Details
    • $219,000
      969 SF

      Belleair Bluffs Condo with Updates

      Updated 2-bedroom, 2-bathroom condo in prime Belleair Bluffs location.
      215 VALENCIA BOULEVARD 106, BELLEAIR BLUFFS, FL 33770
      View Details
    • $199,000
      953 SF

      Furnished Condo in Active Community

      Charming 1-bedroom condo in a vibrant 55+ community.
      155 BLUFF VIEW DRIVE 103, BELLEAIR BLUFFS, FL 33770
      View Details
    • $498,000
      1,580 SF

      Waterfront Condo in Belleair Bluffs

      Two-bedroom, two-bath condo with water views from every room.
      100 BLUFF VIEW DRIVE 404C, BELLEAIR BLUFFS, FL 33770
      View Details
    • $258,000
      1,300 SF

      Furnished Condo with Water Views

      Updated 2-bedroom condo in active 55+ community with amenities.
      131 BLUFF VIEW DRIVE 208, BELLEAIR BLUFFS, FL 33770
      View Details
    • $1,075,000
      3,304 SF

      Belleair Bluffs Leased Commercial Building

      Commercial building with three units currently leased in Belleair Bluffs.
      420 INDIAN ROCKS ROAD N, BELLEAIR BLUFFS, FL 33770
      View Details
    • $8,200,000
      14,490 SF

      Retail Space Near the Beach

      Retail property with 14,490 square feet, close to beach.
      103 Indian Rocks Rd S, Belleair Bluffs, FL
      View Details
    • $1,075,000
      4,040 SF

      Belleair Bluffs Leased Commercial Building

      Commercial building with three leased units in Belleair Bluffs.
      420 Indian Rocks Rd N, Belleair Bluffs, FL 33770
      View Details

    FAQs

    What type of property is this?
    Triplex - Four triplexes near Belleair Bluffs Plaza with upside potential.
    Where is this triplex located?
    The property is located at 187 BEL FOREST DRIVE Belleair Bluffs, FL.
    What is the asking price?
    The asking price for this property is $2,400,000.
    What are key features of this property?
    This property features: Prime location in the heart of Belleair Bluffs, walking distance to shopping and amenities.; 12 units offering a comfortable mix for tenants (8 2‑bedroom, 4 1‑bedroom).; Significant upside potential through updates, priced to sell as‑is.
    (800) 541-9923
    We can help!
    Listing Contact
    MICHAEL Reichenbach, LLC
    Real Estate License ID: 3090000
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    187 BEL FOREST DRIVE, BELLEAIR BLUFFS, FL 33770
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!