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 Market212
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) 282-1788
Added: Jan 27
Changed: Aug 24
Last Checked: Aug 27 at 9:06AM
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 = 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
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
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 - 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
