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    Waterfront Triplex in Historic Marina Title is generated by Realmo AI

    232 Riberia Street, St Augustine, FL 32084

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    For Sale
    $949,000

    Triplex with waterfront views and income potential in St. Augustine.

    Type:Residential / Single Family Residence
    Lot size:
    5.00 Acres
    Added:
    Dec 13, 2025
    Days on Market:
    169
    Last Refresh:
    May 13 at 9:25 pm

    Property Features for 232 Riberia Street

    General Information

    Standard status
    Active
    Lot size
    5.00 Acres
    Property subtype
    Residential / Single Family Residence

    Building Details

    Year Built
    1999

    We can help!

    Listing Contact
    CeCe Reigle

    Listing agent CeCe Reigle

    Listing office Regal St Augustine Properties, LLC

    Listing date Dec 13, 2025

    Source Compass

    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 Regal St Augustine Properties, LLC

    HighLights

    • 5 Acres with Waterfront and Marsh Views in Downtown Historic Marina District
    • Successful Airbnb with Proven Rental History and Income Potential
    • Tri‑Plex Configuration in Excellent Condition
    • Open Land Zoning Allows Expansion or Conversion (Restaurant)
    • Key West‑Style Resort with Private Beach, Gardens, and Porches
    • Detached Art Studio with Full Bath Offers Additional Income Potential

    Overview

    This property features a triplex in good condition, both inside and out, situated on 5 acres comprising two lots with marsh and waterfront access in downtown St. Augustine. Located in the Historic Marina District, it is near restaurants and a short walk to the Old City. The property includes a 1999 Victorian-style building with 4 bedrooms and 4 bathrooms, offering views of sailboats on the San Sebastián River. The Open Land zoning allows for overnight rentals, providing opportunities for expansion, additional construction, or conversion to a restaurant. The Key West-style resort and gardens feature porches, colorful flowers, landscapes, and paths leading to a private beach. Currently operating as a vacation rental, it has a track record of generating annual gross income with potential for increased revenue. Additionally, there is a detached, non-conforming Art Studio with a full bath on the marsh, offering a quiet retreat that has not been rented, presenting further income potential.
    Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Restaurant Nail Salon Building Supply Daycare Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    St Augustine
    County
    St. Johns
    State
    Florida
    Longitude
    -81.3160782
    Latitude
    29.8834267

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    FAQs

    What type of property is this?
    Triplex - Triplex with waterfront views and income potential in St. Augustine.
    Where is this triplex located?
    The property is located at 232 Riberia Street St Augustine, FL.
    What is the asking price?
    The asking price for this property is $949,000.
    What are key features of this property?
    This property features: 5 Acres with Waterfront and Marsh Views in Downtown Historic Marina District; Successful Airbnb with Proven Rental History and Income Potential; Tri‑Plex Configuration in Excellent Condition
    (904) 315-3150
    We can help!
    Listing Contact
    CeCe Reigle
    Learn More
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    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.

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