1809 Gulf BlvdIndian Rocks Beach, FL 33785

Property Details for 1809 Gulf Blvd

Year built

1981

Property size (Sq ft)

3,512 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents four fee-simple condominiums in a single, three-story building directly across from Indian Rocks Beach in Florida. Each unit boasts a 2-bedroom, 2-bathroom layout spanning approximately 878 square feet, featuring an open kitchen, living area, dining space, in-unit laundry, and a covered balcony with sunset beach views. All units are meticulously furnished and currently operate as a highly successful short-term rental (STR) business, offering significant revenue potential with no minimum rental restrictions. The property includes four private, two-car tandem garages—a rare find in beachfront properties—plus ample paved parking. Built in 1981 and extensively renovated between 2019 and 2024, recent upgrades include four new HVAC systems, exterior painting and repairs, and a new dimensional shingle roof (installed September 2022). All units feature granite countertops, solid wood cabinets, updated appliances, and new hot water heaters. The elevated building design minimizes flood insurance costs (currently $4,100 annually), and the impact-resistant windows and doors further reduce hazard insurance premiums. A recent Phase 1 condo study (August 2024) revealed no issues or assessments. The property also benefits from a shared pool and hot tub, and its MF-P1 zoning allows for bed and breakfast and other commercial uses. All units must be purchased together. This turnkey operation offers a rare chance to acquire a profitable beachfront investment with high occupancy and strong projected returns (8.4% cap rate, 10.04% pro-forma cap rate). The asking price is $2,400,000, with a price per unit of $600,000. The property's NOI is $201,600, and the pro-forma NOI is $240,860. Located at 1809 Gulf Blvd, Indian Rocks Beach, FL 33785. All information should be independently verified.

Location Insight

City

Indian Rocks Beach

County

Pinellas

State

Florida

Latitude

27.9011

Longitude

-82.8476

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