Waterfront Isle of Capri
For Sale
$2,900,000
275 116TH AVENUE, Treasure Island, FL 33706
Apartment complex in Treasure Island with intracoastal waterway views.
Property Size9,294 SF
Price / SF$312.03
Days on Market211
Property Features for 275 116TH AVENUE
General Information
Standard status
Active
Size
9,294 SF
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$29,791
Amenities
Central Air
3
Other
Water Front. Other Road Type, Asphalt.
Building Details
Year Built
1968
Listing Agency:
SMITH & ASSOCIATES REAL ESTATE
(727) 282-1788
Listed By:
Patrick Calhoon · License #259869
Source:
Xome
Added: Jan 25
Changed: Aug 23
Last Checked: Aug 24 at 5:31AM
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
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 = 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
$85,478
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
2.95%
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%
$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
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
$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 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%
$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
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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 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: 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.
