Renovation Duplex with Guest
For Sale
$400,000
7105 BLIND PASS ROAD, St Pete Beach, FL 33706
Two separate cottages share one lot, with beach access and nearby shops, dining, and nightlife.
Property Size1,320 SF
Price / SF$303.03
Days on Market525
Property Features for 7105 BLIND PASS ROAD
General Information
Standard status
Active
Size
1,320 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$2,752
Building Details
Year Built
1950
Listing Agency:
RE/MAX PREFERRED
(727) 481-9909
Listed By:
Carol Giovannoni · License #614305
(727) 481-9909
Source:
Exitrealty
Added: Mar 26, 2025
Changed: Aug 31
Last Checked: Aug 31 at 3:53PM
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 RE/MAX PREFERRED
Investment Insights
Based on property information with market context.
This duplex property at 7105 Blind Pass Road includes two separate cottages on one lot. The front cottage offers a living and dining area, two bedrooms, one bathroom, a kitchen, and a family room. The rear cottage contains a living room, kitchen, bedroom, and bathroom. Combined property size is 1,320 SF, and the improvements date to 1950.
The property was affected by Hurricane Helene and has been remediated. The City of St Pete Beach issued a non-substantial-damage letter, and the property is ready for permitting. Historic Corey Avenue, with shops, restaurants, and nightlife, is three short blocks away, while St Pete Beach beaches are within steps of the property.
The property was affected by Hurricane Helene and has been remediated. The City of St Pete Beach issued a non-substantial-damage letter, and the property is ready for permitting. Historic Corey Avenue, with shops, restaurants, and nightlife, is three short blocks away, while St Pete Beach beaches are within steps of the property.
Key Highlights
- Two cottages on one lot at 7105 Blind Pass Road, St Pete Beach, FL 33706
- Front cottage includes 2 bedrooms, 1 bathroom, kitchen, family room, and living/dining room
- Rear cottage includes 1 bedroom, 1 bathroom, living room, and kitchen
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
$15,408
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
3.85%
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%
$308,160
$308.2K
Cap Rate 7%
$220,114
$220.1K
Cap Rate 9%
$171,200
$171.2K
Market Conditions
NOI Build-Up for 1,320 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
$23.6K $17.88/SF
− Vacancy
−$1.6K −$1.21/SF
EGI
$22.0K $16.67/SF
− OpEx
−$6.6K −$5.00/SF
NOI
$15.4K $11.67/SF
Area
Pinellas County, FL
Vacancy
6.74%
Lease Rate
$17.88 /SF/Yr
Expense Ratio
30.00%
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%
$308,160
Cap Rate 7%
$220,114
Cap Rate 9%
$171,200
Alternative Uses
Best Use
Multifamily LT 5
$220.1K
$192.6K – $256.8K
NOI $15,408 @ 7.0% cap · market cap 3.85%
Second Best
Apartment 5plus
$173.4K
$151.8K – $202.3K
NOI $12,140 @ 7.0% cap · market cap 3.03%
Theoretical Best
Office A
$343.3K
$300.4K – $400.6K
NOI $24,034 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
974
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?
Duplex - Two separate cottages share one lot, with beach access and nearby shops, dining, and nightlife.
Where is this duplex located?
The property is located at 7105 BLIND PASS ROAD St Pete Beach, FL.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Two cottages on one lot at 7105 Blind Pass Road, St Pete Beach, FL 33706; Front cottage includes 2 bedrooms, 1 bathroom, kitchen, family room, and living/dining room; Rear cottage includes 1 bedroom, 1 bathroom, living room, and kitchen
