Furnished Short-Term Rental
For Sale
$239,900
2571 CYPRUS DRIVE 1-202, Palm Harbor, FL 34684
Second-floor residence with lake access, resort-style amenities, and weekly rental flexibility.
Property Size975 SF
Price / SF$246.05
Days on Market550
Property Features for 2571 CYPRUS DRIVE 1-202
General Information
Standard status
Active
Size
975 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$3,721
Building Details
Year Built
1996
Listing Agency:
RE/MAX REALTEC GROUP INC
(727) 244-7715
Listed By:
Lyn DeBoer · License #3176576
(727) 244-7715
Source:
Exitrealty
Added: Feb 27, 2025
Changed: Aug 30
Last Checked: Aug 30 at 3:31PM
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 RE/MAX REALTEC GROUP INC
Investment Insights
Based on property information with market context.
This furnished second-floor condo at Lake Tarpon Villas offers 975 square feet with two bedrooms and two bathrooms. The residence is being conveyed with furnishings, bedding, dishes, and other household supplies. A balcony extends from the primary bedroom, while a separate lanai faces the canal. Recent improvements include paint and two hurricane-rated sliding glass doors; the air-conditioning system dates to 2018, the water heater to 2019, and the roof to 2019. The unit does not include a washer or dryer, with community laundry facilities located near the pool.
Residents have boat access to Lake Tarpon along with a swimming pool and heated spa. The community permits weekly rentals and allows Airbnb with few restrictions; pets are also allowed. The property is near Historic Downtown Tarpon Springs and is approximately 6 miles from Fred Howard Beach and Sunset Beach. A LOMA letter is available, and the community has been determined not to be in a flood zone.
Residents have boat access to Lake Tarpon along with a swimming pool and heated spa. The community permits weekly rentals and allows Airbnb with few restrictions; pets are also allowed. The property is near Historic Downtown Tarpon Springs and is approximately 6 miles from Fred Howard Beach and Sunset Beach. A LOMA letter is available, and the community has been determined not to be in a flood zone.
Key Highlights
- 975 SF furnished condo with 2 bedrooms and 2 bathrooms
- Weekly rentals allowed; Airbnb permitted with few restrictions
- Boat access to Lake Tarpon, plus community pool and heated spa
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
$8,967
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
3.74%
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%
$179,340
$179.3K
Cap Rate 7%
$128,100
$128.1K
Cap Rate 9%
$99,633
$99.6K
Market Conditions
NOI Build-Up for 975 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
$17.6K $18.00/SF
− Vacancy
−$1.2K −$1.28/SF
EGI
$16.3K $16.72/SF
− OpEx
−$7.3K −$7.52/SF
NOI
$9.0K $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%
$179,340
Cap Rate 7%
$128,100
Cap Rate 9%
$99,633
Alternative Uses
Best Use
Apartment 5plus
$128.1K
$112.1K – $149.5K
NOI $8,967 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$253.6K
$221.9K – $295.9K
NOI $17,752 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
309
Businesses Nearby
Explore this area
Business Placement
Demographics for 34684, FL
27,078
Population
14,308
Households
1.9
Avg Household Size
54
Median Age
35%
College-Educated
95%
High-School Grad
6.7 sq mi
ZIP Area
4,041
Density / Sq Mi
$67,542
Median Household Income
$47,427
Median Earnings
$1,781
Median Rent
$293,800
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?
Short term rental property - Second-floor residence with lake access, resort-style amenities, and weekly rental flexibility.
Where is this short term rental property located?
The property is located at 2571 CYPRUS DRIVE 1-202 Palm Harbor, FL.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: 975 SF furnished condo with 2 bedrooms and 2 bathrooms; Weekly rentals allowed; Airbnb permitted with few restrictions; Boat access to Lake Tarpon, plus community pool and heated spa
