Building Details

Buildings 1

Stories 1

Units 3

Tenancy Multi

Listing Agency: Viewpoint Realty International Inc

Listed By: Georgette Gillis · License #FL SL3105784 Show Phone

Source: Crexi

Added: Apr 22, 2024 Changed: Sep 2 Last Checked: Oct 7 at 5:17PM

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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 Viewpoint Realty International Inc

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Investment Insights

Based on property information with market context.

This commercial building, located in Belleair Bluffs, contains three units that are currently leased. The property features a new roof and a newly resurfaced parking lot. An additional storage building is located in the rear of the property and is currently leased by one of the units. The tenants are long term.

Key Highlights

• Great Location in Belleair Bluffs
• New Roof
• New Resurfaced Parking Lot

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$39,663

Cap Rate

3.69%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$793,260 $793.3K

Cap Rate 7%

$566,614 $566.6K

Cap Rate 9%

$440,700 $440.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,040 SF

Gross rent

$60.6K $15.00/SF

− Vacancy

−$3.9K −$0.98/SF

EGI

$56.7K $14.03/SF

− OpEx

−$17.0K −$4.21/SF

NOI

$39.7K $9.82/SF

Area

Pinellas County, FL

Vacancy

6.50%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$793,260

Cap Rate 7%

$566,614

Cap Rate 9%

$440,700

Alternative Uses

Best Use

Retail

$566.6K

$495.8K – $661.1K (±1% cap)

NOI $39,663 @ 7.0% cap · market cap 3.69%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.05M

$919.5K – $1.23M (±1% cap)

NOI $73,559 @ 7.0% cap · market cap 6.84%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Retail space

Suggested Use

Top Pick Building Supply Auto Repair Shop Big Box & Wholesale Store Auto Parts Store Restaurant Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,346

Businesses Nearby

84k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Groceries 39% Shops & Services 32% Dining 28% Beauty & Spa 2%

Publix Groceries

32,546 visits/mo 0.3 miles

Speedway Shops & Services

12,305 visits/mo 0.3 miles

Panera Bread Dining

11,002 visits/mo 0.4 miles

Bonefish Grill Dining

8,662 visits/mo 0.4 miles

Bank of America Shops & Services

4,935 visits/mo 0.2 miles

Demographics for 33770, FL

25,475

Population

13,417

Households

1.9

Avg Household Size

50

Median Age

26%

College-Educated

90%

High-School Grad

5.2 sq mi

ZIP Area

4,899

Density / Sq Mi

$58,071

Median Household Income

$39,354

Median Earnings

$1,481

Median Rent

$245,200

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Frequently Asked Questions

What type of property is this?

Retail space - Commercial building with three leased units in Belleair Bluffs.

Where is this retail space located?

The property is located at 420 Indian Rocks Rd N Belleair Bluffs, FL.

What is the asking price?

The asking price for this property is $1,075,000.

What are key features of this property?

This property features: Great Location in Belleair Bluffs; New Roof; New Resurfaced Parking Lot