Waterfront Isle of Capri
For Sale
$2,900,000
275 116th Ave, Treasure Island, FL 33706
Apartment complex in Treasure Island with intracoastal waterway views.
Property Size9,294 SF
Price / SF$312.03
Days on Market188
Property Features for 275 116th Ave
General Information
Standard status
Active
Size
9,294 SF
Building Details
Year Built
1968
Listing Agency:
SMITH & ASSOCIATES REAL ESTATE
Listed By:
Patrick Calhoon · License #259869
(727) 319-6874
Source:
Chenoregroup
Added: Apr 24
Changed: Oct 25
Last Checked: Oct 26 at 8:04PM
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 SMITH & ASSOCIATES REAL ESTATE
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Investment Insights
Based on property information with market context.
Located in the Isle of Capri community in Treasure Island, this apartment complex is positioned a short distance from the Gulf beaches. All ten units face the intracoastal waterways, offering a wide view of the 200 feet of water frontage. The complex comprises eight 2-bedroom, 2-bathroom apartments and two 1-bedroom, 1-bathroom apartments. The property features new windows and a seawall. Potential uses include condo conversion, redevelopment, or renovation and upgrade of existing units to increase cash flow. The bike score is 26, indicating it is somewhat bikeable, and the walk score is 14, indicating car dependence.
Key Highlights
- Waterfront property: All ten units face the intracoastal waterway with 200 feet of water frontage.
- Desirable location in the Isle of Capri community in Treasure Island, near Gulf beaches.
- Features a combination of (8) 2‑bedroom, 2‑bathroom and (2) 1‑bedroom, 1‑bathroom apartments.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$85,478
Cap Rate
2.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,709,560
$1.7M
Cap Rate 7%
$1,221,114
$1.2M
Cap Rate 9%
$949,756
$949.8K
Market Conditions
NOI Build-Up for 9,294 SF
Gross rent
$167.3K $18.00/SF
− Vacancy
−$11.9K −$1.28/SF
EGI
$155.4K $16.72/SF
− OpEx
−$69.9K −$7.52/SF
NOI
$85.5K $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%
$1,709,560
Cap Rate 7%
$1,221,114
Cap Rate 9%
$949,756
Alternative Uses
Best Use
Apartment 5plus
$1.22M
$1.07M – $1.42M
NOI $85,478 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.42M
$2.12M – $2.82M
NOI $169,221 @ 7.0% cap · market cap 5.84%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Location Intelligence
Trade Area within ½ mile
663
Businesses Nearby
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Business Placement
Demographics for 33706, FL
15,309
Population
14,199
Households
1.1
Avg Household Size
60
Median Age
54%
College-Educated
97%
High-School Grad
3.7 sq mi
ZIP Area
4,138
Density / Sq Mi
$97,364
Median Household Income
$80,504
Median Earnings
$1,646
Median Rent
$616,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Apartment complex in Treasure Island with intracoastal waterway views.
Where is this apartment building located?
The property is located at 275 116th Ave Treasure Island, FL.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Waterfront property: All ten units face the intracoastal waterway with 200 feet of water frontage.; Desirable location in the Isle of Capri community in Treasure Island, near Gulf beaches.; Features a combination of (8) 2‑bedroom, 2‑bathroom and (2) 1‑bedroom, 1‑bathroom apartments.
