Multifamily Property with Gulf
For Sale
$1,399,000
40 77TH Avenue, Treasure Island, FL 33706
Commercial Sale, TREASURE ISLAND, FL
Property Size5,168 SF
Lot Size0.13 Acres
Price / SF$270.70
Days on Market116
Property Features for 40 77TH Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Window features
Window Treatments
Appliances
Dishwasher, Dryer, Refrigerator, Washer
Subdivision
SUNSET BEACH
Lot features
City Limits
View
Ocean
Directions
Gulf Blvd. to West Gulf Blvd. to East on 77th Ave to address.
Special listing conditions
Probate Listing
Standard status
Active
APN
36-31-15-87462-000-0220
Size
5,168 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SUNSET BEACH UNIT 5 LOT 22 & E 22FT OF LOT 21
Tax Annual Amount
8031
Legal Description
SUNSET BEACH UNIT 5 LOT 22 & E 22FT OF LOT 21
Utilities
Utilities
Electricity Available
Sewer type
Public Sewer
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Amenities
covered porch
laundry room
Building Details
Year built
1951
Floors in Building
2
Number of units
7
Building materials
Block, Wood Siding
Roof type
Built-Up
Listing Agency:
COMPASS FLORIDA LLC
(727) 339-7902
Listed By:
Dawn Fader · License #3112950
(727) 687-2522
Added: May 1
Changed: Aug 23
Last Checked: Aug 24 at 2:06AM
MLS# TB8503945
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 1951 multifamily property contains 6650 sq. ft. overall, including 5168 heated square feet. The upper level is arranged as a three-bedroom, two-bath unit and a two-bedroom, one-bath unit, with real wood floors, vaulted ceilings, an open layout, and extensive windows. A covered porch measuring over 900 sq. ft. provides Gulf views and hurricane-shutter protection. The ground level includes four one-bedroom, one-bath units, an efficiency unit, shared laundry and storage space, and a one-car garage.
The property occupies a 57x100 lot on the far south end of Sunset Beach, near the beach and Blind Pass Waterway. Public water and public sewer serve the property, with electricity available. The ground floor was impacted by Hurricane Helene and has not been remediated. The sale is strictly as is, with building and renovation potential subject to buyer confirmation with the City of Treasure Island.
The property occupies a 57x100 lot on the far south end of Sunset Beach, near the beach and Blind Pass Waterway. Public water and public sewer serve the property, with electricity available. The ground floor was impacted by Hurricane Helene and has not been remediated. The sale is strictly as is, with building and renovation potential subject to buyer confirmation with the City of Treasure Island.
Key Highlights
- 6650 sq. ft. total area with 5168 heated square feet
- Current layout includes two upper‑level units, four 1 Bed/1 Bath units, and one efficiency unit
- Covered porch exceeds 900 sq. ft. and includes Gulf views with hurricane shutters
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
$47,531
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
3.40%
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%
$950,620
$950.6K
Cap Rate 7%
$679,014
$679.0K
Cap Rate 9%
$528,122
$528.1K
Market Conditions
NOI Build-Up for 5,168 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
$93.0K $18.00/SF
− Vacancy
−$6.6K −$1.28/SF
EGI
$86.4K $16.72/SF
− OpEx
−$38.9K −$7.52/SF
NOI
$47.5K $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%
$950,620
Cap Rate 7%
$679,014
Cap Rate 9%
$528,122
Alternative Uses
Best Use
Apartment 5plus
$679.0K
$594.1K – $792.2K
NOI $47,531 @ 7.0% cap · market cap 3.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.34M
$1.18M – $1.57M
NOI $94,097 @ 7.0% cap · market cap 6.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
882
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 - Seven-unit configuration includes a mix of one-, two-, and three-bedroom residences plus an efficiency unit.
Where is this apartment building located?
The property is located at 40 77TH Avenue Treasure Island, FL.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: 6650 sq. ft. total area with 5168 heated square feet; Current layout includes two upper‑level units, four 1 Bed/1 Bath units, and one efficiency unit; Covered porch exceeds 900 sq. ft. and includes Gulf views with hurricane shutters
