For Sale
$998,000

1214 Bay Pine BlvdIndian Rocks Beach, FL 33785

Indian Rocks Beach, FL - Updated Triplex

Overview

Added:
Dec 11, 2024
Days on market:
114
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.

Highlights

  • $998,000 asking price for a three-unit apartment building.
  • Located in Indian Rocks Beach, FL, at 1214 Bay Pine Blvd, 33785.
  • 1,480 square feet, 3 units, Class B construction, built in 1947, fully renovated in 2023.
  • 5.94% cap rate, 11.29% pro-forma cap rate, $112,676 pro-forma NOI.
  • Features new roof, landscaping, pavers, driveways, sprinkler system, exterior paint, PVC fencing, patios, exterior lighting, and parking for 8-10 cars.
  • Interior features include fully furnished units, new kitchens and appliances, new flooring, doors, keyless entry, updated AC units, electric, plumbing, lighting, and paint.

Property Details for 1214 Bay Pine Blvd

Property type
Apartment buildings
Square Feet
1,480 SF
Class
B
Year Built/Renovated
1947/2023
Buildings
1
Stories
1
Units
3

Location Insight

City
Indian Rocks Beach
County
Pinellas
State
Florida
Latitude
27.896443
Longitude
-82.8450762
1214 Bay Pine Blvd, Indian Rocks Beach, Florida

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1214 Bay Pine Blvd
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