Waterfront Homes with Income
For Sale
Contact for pricing
Pending
3225 W Shell Point Rd, Ruskin, FL 33570
Two waterfront homes with direct bay access and rental income.
Property Size2,262 SF
Days on Market633
Property Features for 3225 W Shell Point Rd
General Information
Standard status
Pending
Size
2,262 SF
Class
B
Property subtype
Multifamily
Zoning
RSC-6
Building Details
Year Built
1986
Year Renovated
2018
Buildings
2
Stories
1
Units
2
Listing Agency:
RE/MAX Realty Unlimited
(813) 684-0016
Listed By:
Debrah Hailey · License #SL684583
Source:
Crexi
Added: Nov 15, 2024
Changed: Aug 10
Last Checked: Aug 9 at 1:27PM
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 Realty Unlimited
Investment Insights
Based on property information with market context.
This property features two homes on a saltwater canal with direct access to Tampa Bay. It has served as a successful Airbnb property for two years, indicating strong demand for short-term rentals in the area. The setup includes two separate living spaces, suitable for families, groups, or living in one and renting the other. The second home functions as a private guest suite, complete with a kitchenette, living area, bedroom, and deck. A private saltwater dock enhances the property, providing opportunities for boating and enjoying canal views. Tall palm trees, lush greenery, and the mangrove forest contribute to a tropical aesthetic. The property offers potential for investors interested in the Airbnb market and those seeking a waterfront home in Florida. The property size is 2262 square feet. The absence of CDD's and HOA's adds to the appeal.
Key Highlights
- Two Waterfront Homes for the Price of One with Direct Bay and Gulf Access.
- Proven Income‑Generating Airbnb Property.
- No HOA or CDD Fees.
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
$26,403
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
4.64%
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%
$528,060
$528.1K
Cap Rate 7%
$377,186
$377.2K
Cap Rate 9%
$293,367
$293.4K
Market Conditions
NOI Build-Up for 2,262 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
$40.4K $17.88/SF
− Vacancy
−$2.7K −$1.21/SF
EGI
$37.7K $16.67/SF
− OpEx
−$11.3K −$5.00/SF
NOI
$26.4K $11.67/SF
Area
Hillsborough 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%
$528,060
Cap Rate 7%
$377,186
Cap Rate 9%
$293,367
Alternative Uses
Best Use
Multifamily LT 5
$377.2K
$330.0K – $440.1K
NOI $26,403 @ 7.0% cap · market cap 4.64%
Second Best
Apartment 5plus
$297.2K
$260.1K – $346.7K
NOI $20,804 @ 7.0% cap · market cap 3.66%
Theoretical Best
Office A
$655.1K
$573.2K – $764.3K
NOI $45,856 @ 7.0% cap · market cap 8.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
69
Businesses Nearby
Explore this area
Business Placement
Demographics for 33570, FL
33,348
Population
14,049
Households
2.4
Avg Household Size
37
Median Age
22%
College-Educated
88%
High-School Grad
41.8 sq mi
ZIP Area
798
Density / Sq Mi
$69,048
Median Household Income
$41,333
Median Earnings
$1,217
Median Rent
$255,400
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?
Short term rental property - Two waterfront homes with direct bay access and rental income.
Where is this short term rental property located?
The property is located at 3225 W Shell Point Rd Ruskin, FL.
What is the asking price?
The asking price for this property is $569,000.
What are key features of this property?
This property features: Two Waterfront Homes for the Price of One with Direct Bay and Gulf Access.; Proven Income‑Generating Airbnb Property.; No HOA or CDD Fees.
