Waterfront Apartment
For Sale
$2,900,000
275 116TH Avenue, Treasure Island, FL 33706
Commercial Sale, TREASURE ISLAND, FL
Property Size9,294 SF
Lot Size0.51 Acres
Price / SF$312.03
Days on Market257
Property Features for 275 116TH Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
CAPRI ISLE SUB
View
Water
Directions
Head west on Gandy Blvd to Gulf Blvd - Head south on Gulf Blvd to 116th Ave - Head east on 116th Ave to address.
Standard status
Active
APN
14-31-15-13230-001-0180
Size
9,294 SF
Lot size
0.51 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CAPRI ISLE SUB BLK A, LOTS 18 AND 19
Tax Annual Amount
29791
Legal Description
CAPRI ISLE SUB BLK A, LOTS 18 AND 19
Utilities
Cooling system
Central Air
Water front
1
Building Details
Year built
1968
Floors in Building
2
Flooring type
Tile
Building materials
Block, Concrete, Stucco
Listing Agency:
SMITH & ASSOCIATES REAL ESTATE
(727) 282-1788
Listed By:
Patrick Calhoon · License #259869
(727) 319-6874
Added: Jan 27
Changed: Aug 24
Last Checked: Oct 11 at 10:06PM
MLS# TB8469580
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 10-unit apartment property in Treasure Island contains eight two-bedroom, two-bath residences and two one-bedroom, one-bath residences. Built in 1968, the 9,294-square-foot building features block, concrete, and stucco construction, tile flooring, and central air conditioning. Recent improvements include new windows and a seawall.
The property occupies 0.51 acres with 200 feet of water frontage, and every apartment faces the intracoastal waterways. Gulf beaches are a short distance away. The existing configuration may support continued apartment operations, renovation and upgrading of the units, or evaluation of a potential condominium conversion or redevelopment plan.
The property occupies 0.51 acres with 200 feet of water frontage, and every apartment faces the intracoastal waterways. Gulf beaches are a short distance away. The existing configuration may support continued apartment operations, renovation and upgrading of the units, or evaluation of a potential condominium conversion or redevelopment plan.
Key Highlights
- 10‑unit apartment property with eight 2br/2ba and two 1br/1ba residences
- 200 feet of water frontage on a 0.51‑acre site
- All 10 apartments face the intracoastal waterways
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.
Property Analytics
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Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
663
Businesses Nearby
Explore this area
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Ten apartments overlook the intracoastal waterways, with Gulf beaches nearby and a range of renovation or redevelopment possibilities.
Where is this apartment building located?
The property is located at 275 116TH Avenue 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: 10‑unit apartment property with eight 2br/2ba and two 1br/1ba residences; 200 feet of water frontage on a 0.51‑acre site; All 10 apartments face the intracoastal waterways
