Updated Condo in Bonaventure
For Sale
$219,000
Pending
2983 BONAVENTURE CIRCLE 103, Palm Harbor, FL 34684
Updated ground-floor condo with pond view and community amenities.
Property Size900 SF
Days on Market691
Property Features for 2983 BONAVENTURE CIRCLE 103
General Information
Standard status
Pending
Size
900 SF
Property subtype
Condo/Townhome
Taxes and HOA fees
Annual Taxes
$2,856
Building Details
Year Built
1985
Listing Agency:
BLUMAR REALTY INC.
(727) 647-0449
Listed By:
Ana Smith · License #3195045
(727) 647-0449
Source:
Exitrealty
Added: Sep 21, 2024
Changed: Aug 8
Last Checked: Aug 12 at 6:12AM
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 BLUMAR REALTY INC.
Investment Insights
Based on property information with market context.
Located in the Bonaventure community of Palm Harbor, this updated ground-floor corner condo features 2 bedrooms and 2 full bathrooms. The living room includes a custom-designed wood-burning fireplace and new lighting fixtures. New tile floors are installed throughout the unit, including the screened porch. The primary suite offers a walk-in closet and a private bathroom. Upgrades include new faucets and fixtures, ceiling fans, and lighting fixtures. A screened patio with washer, dryer, and outdoor storage overlooks a pond and fountain. Community amenities include a resort-style pool, jacuzzi spa, sauna, gym, car wash, and dog park. The Pinellas N. loop trail extension is nearby. The property is located near restaurants, shopping, movie theaters, and malls, with Boot Ranch shopping plaza a 5-minute walk away. Dunedin and Honeymoon Island are 15 minutes away, and Tampa International Airport is 25 minutes away. The Homeowner's Association covers exterior maintenance, including the roof, painting, landscaping, pest control, pool maintenance, fitness center, water, sewer, and trash. The roof was replaced in 2019. The property is near Target, Publix, and Home Depot. The unit size is approximately 900 square feet.
Key Highlights
- Ground‑floor corner unit in the desirable Bonaventure community of Palm Harbor.
- Updated with new tile floors throughout, new faucets and fixtures, ceiling fans and lighting fixtures, and a custom designed wood‑burning fireplace.**
- Screened patio with washer/dryer, large outdoor storage, and serene pond/fountain view.
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
$8,277
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
3.78%
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%
$165,540
$165.5K
Cap Rate 7%
$118,243
$118.2K
Cap Rate 9%
$91,967
$92.0K
Market Conditions
NOI Build-Up for 900 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
$16.2K $18.00/SF
− Vacancy
−$1.2K −$1.28/SF
EGI
$15.0K $16.72/SF
− OpEx
−$6.8K −$7.52/SF
NOI
$8.3K $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%
$165,540
Cap Rate 7%
$118,243
Cap Rate 9%
$91,967
Alternative Uses
Best Use
Apartment 5plus
$118.2K
$103.5K – $138.0K
NOI $8,277 @ 7.0% cap · market cap 3.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$234.1K
$204.8K – $273.1K
NOI $16,387 @ 7.0% cap · market cap 7.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
991
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated ground-floor condo with pond view and community amenities.
Where is this residential income property located?
The property is located at 2983 BONAVENTURE CIRCLE 103 Palm Harbor, FL.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: Ground‑floor corner unit in the desirable Bonaventure community of Palm Harbor.; Updated with new tile floors throughout, new faucets and fixtures, ceiling fans and lighting fixtures, and a custom designed wood‑burning fireplace.**; Screened patio with washer/dryer, large outdoor storage, and serene pond/fountain view.
