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    516 GULF BOULEVARD Indian Rocks Beach, FL 33785

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    Pending
    $4,150,000

    Triplex - INDIAN ROCKS BEACH, FL

    Type:Triplex
    Property size:
    3,090 SF
    Lot size:
    0.29 Acres
    Added:
    Aug 28, 2024
    Days on Market:
    614
    Last Refresh:
    May 3 at 1:06 pm

    Property Features for 516 GULF BOULEVARD

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Triplex
    Bedrooms
    5
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Interior features
    Ceiling Fans(s), Eat-in Kitchen, Living Room/Dining Room Combo, Primarybedroom Upstairs, Solid Surface Counters, Solid Wood Cabinets, Thermostat, Window Treatments
    Exterior features
    Hurricane Shutters, Lighting, Private Mailbox, Sidewalk, Sliding Doors
    Fireplace
    1
    Appliances
    Dishwasher, Dryer, Garbage Disposer, Microwave, Range, Refrigerator, Refrigerator - Wine Storage, Washer
    Standard status
    Pending
    APN
    12-30-14-37764-002-0020
    Size
    3,090 SF
    Lot size
    0.29 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    45337.81

    Utilities

    Heating system
    Central, Fireplace(s)
    Cooling system
    Central Air
    Water front features
    Beach Front, Gulf/Ocean To Bay, Waterfront
    Water front
    1

    Building Details

    Year built
    1932
    Number of units
    3
    Flooring type
    Tile, Tile - Ceramic, Wood
    Building materials
    Frame, Vinyl Siding
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Scott Friedman

    Listing agent Scott Friedman License #3336846

    Listing office STOFEL & ASSOCIATES REALTY 710 94th Ave N #302, Saint Petersburg, FL

    Listing date Aug 28, 2024

    MLS# U8255277 Listing URL

    Copyright © 2026 Pinellas Suncoast Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Indian Rocks Beach Triplex

    This property features a home and duplex, with one bedroom and one bath in both the downstairs and upstairs units. Zoned for short-term rentals, this property offers the opportunity to generate rental income. Reservations are already in place. Recent updates include new AC units, an upgraded electrical service panel, a water heater, mini-splits, and a refreshed downstairs duplex, all completed within the last few years. The property is situated on a lot of nearly 1/3 acre and is zoned for up to 10 units. The main house has a total area of approximately 2648 square feet, the downstairs duplex unit is approximately 448 square feet, and the upstairs duplex unit is approximately 225 square feet. The property is walkable to restaurants, water parks, and shopping.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Indian Rocks Beach
    County
    Pinellas
    State
    Florida
    Longitude
    -82.85091
    Latitude
    27.885426

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    FAQs

    What type of property is this?
    Triplex - Income-producing triplex near restaurants, water parks, and shopping.
    Where is this triplex located?
    The property is located at 516 GULF BOULEVARD Indian Rocks Beach, FL.
    What is the asking price?
    The asking price for this property is $4,150,000.
    What are key features of this property?
    This property features: Income‑producing property with existing rental reservations and repeat customers.; Zoned for short‑term rentals, allowing owners to offset expenses.; **Beachfront location walkable to restaurants, water parks, shopping, and other amenities.**
    (813) 625-1490
    We can help!
    Listing Contact
    Scott Friedman
    Real Estate License ID: 3336846
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    516 GULF BOULEVARD, INDIAN ROCKS BEACH, FL 33785

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