1214 Bay Pine Blvd Indian Rocks Beach, FL 33785
- Commercial real estate
- 1,480 SF
Current Use by Public Records
- Commercial real estate
Property Details for 1214 Bay Pine Blvd
- Year built
- 1947
- Property size
- 1,480 SF
- Property type
- Commercial real estate
Description
This exceptional 3-unit apartment building, located at 1214 Bay Pine Blvd in Indian Rocks Beach, Florida, presents a compelling investment opportunity. Built in 1947 and completely renovated in 2023, this property boasts 1,480 square feet situated on a 6,782 square foot lot. The building features two studio apartments and a larger 3-bedroom, 1-bathroom unit, each with private patio access. Recent upgrades include a new roof, landscaping, pavers, driveways, sprinkler system, exterior paint, PVC fencing, exterior lighting, and updated patios. Interior renovations encompass new kitchens and appliances, flooring, doors, keyless entry, updated AC units (2021), electrical, plumbing, lighting, and paint. The property also offers ample parking (8-10 cars) and potential for RV or boat storage. With a current asking price of $998,000, a 5.94% cap rate, and a pro-forma cap rate of 11.29% and pro-forma NOI of $112,676, this property offers strong potential for rental income. Its prime corner location in Indian Rocks Beach, zoned for multifamily use, provides flexibility and significant upside. The property's proximity to the beach and intercoastal waterway adds to its desirability. This turnkey investment is ideal for an owner-operator, offering the possibility of living in one unit while renting the others. It also presents a strong candidate for a 1031 exchange. This is a rare opportunity to acquire a fully renovated, high-performing property in a highly sought-after coastal location.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Indian Rocks Beach
- County
- Pinellas
- State
- Florida
- Longitude
- -82.8450762
- Latitude
- 27.896443
