Quadplex with Separate Rental
217 BANANA ST, Tarpon Springs, FL 34689
For Sale
$610,000
A detached two-apartment building accompanies a house requiring substantial renovation and a rear apartment needing repairs.
Property Size3,788 SF
Price / SF$161.03
Days on Market144
Property Features for 217 BANANA ST
General Information
Standard status
Size
Property subtype
Property Condition
Severity
Evidence
Units
Unit Mix
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Listing Agency:
OLYMPIC REALTY SERVICES LLC
Listed By:
Maria Kastritsos · License #3051475
(727) 937-0107
Source:
Nobskarealestate
Added: Jun 19
Changed: Nov 7
Last Checked: Nov 8 at 7:11PM
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 OLYMPIC REALTY SERVICES LLC
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Investment Insights
Based on property information with market context.
The property includes a 2,822-square-foot single-family house that requires total renovation and a 1,078-square-foot, one-bedroom apartment at the rear that needs drywall replacement and other minor repairs. A separate building contains two one-bedroom apartments, both described as being in good condition. The property was built in 1948.
The address is in Tarpon Springs, within walking distance of the Sponge Docks and near the Bayou and Antique District. Fred Howard Park and Sunset Beach are each described as a 10-minute drive away.
The address is in Tarpon Springs, within walking distance of the Sponge Docks and near the Bayou and Antique District. Fred Howard Park and Sunset Beach are each described as a 10-minute drive away.
Key Highlights
- Separate building with two one‑bedroom apartments in good condition
- 2,822‑square‑foot house requiring total renovation
- Rear apartment measures 1,078 square feet and needs drywall replacement and minor repairs
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,215
Cap Rate
7.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$884,300
$884.3K
Cap Rate 7%
$631,643
$631.6K
Cap Rate 9%
$491,278
$491.3K
Market Conditions
NOI Build-Up for 3,788 SF
Gross rent
$67.7K $17.88/SF
− Vacancy
−$4.6K −$1.21/SF
EGI
$63.2K $16.67/SF
− OpEx
−$18.9K −$5.00/SF
NOI
$44.2K $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 Rate 5%
$884,300
Cap Rate 7%
$631,643
Cap Rate 9%
$491,278
Alternative Uses
Best Use
Multifamily LT 5
$631.6K
$552.7K – $736.9K
NOI $44,215 @ 7.0% cap · market cap 7.25%
Second Best
Apartment 5plus
$587.3K
$513.9K – $685.2K
NOI $41,110 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$985.3K
$862.1K – $1.15M
NOI $68,970 @ 7.0% cap · market cap 11.31%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,274
Businesses Nearby
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Business Placement
Demographics for 34689, FL
27,436
Population
14,193
Households
1.9
Avg Household Size
53
Median Age
32%
College-Educated
93%
High-School Grad
10.6 sq mi
ZIP Area
2,588
Density / Sq Mi
$66,523
Median Household Income
$45,294
Median Earnings
$1,207
Median Rent
$311,500
Median Home Value
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Market
Average Price Trend$/SF for Quadplexes in Pinellas County, FL
Properties on Market for Quadplexes in Pinellas County
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - A detached two-apartment building accompanies a house requiring substantial renovation and a rear apartment needing repairs.
Where is this quadplex located?
The property is located at 217 BANANA ST Tarpon Springs, FL.
What is the asking price?
The asking price for this property is $610,000.
What are key features of this property?
This property features: Separate building with two one‑bedroom apartments in good condition; 2,822‑square‑foot house requiring total renovation; Rear apartment measures 1,078 square feet and needs drywall replacement and minor repairs
