2934 Bay DrBelleair Bluffs, FL 33770

  • Office properties
  • 9,607 SF
For Sale
$3,500,000 View listing

Property Details for 2934 Bay Dr

Year built
1968
Construction
CONCRETE BLOCKS
Lot size
1.67 AC
Property size (Sq ft)
9,607 SF
Property type
Office properties
Property subtype
Office buildings
APN
32-29-15-35640-002-0005
APU
322915356400020005

Description

Exceptional 1.67-acre commercial land opportunity in Belleair Bluffs, Florida, located at 2934 W Bay Dr, 33770. This prime property boasts 72,930 square feet of mostly vacant land with a 9,607 square foot existing office building, built in 1968, currently in excellent condition. The building, constructed of concrete block, features high-quality interior finishes and is valued at $3.12 million. The expansive lot offers 265 feet of frontage and a remarkable 255-foot depth, providing ample space for various development scenarios. Utilities are readily available. The flat, cleared land is ideally suited for multi-family residential, retail, or mixed-use development. The City of Belleair Bluffs is supportive of retail and residential projects, including mixed-use developments, with suggestions for a maximum of six floors and 52 units. Setbacks are 25 feet on all sides. Townhomes are not recommended. This offering presents multiple development pathways, including retaining the existing building for office or retail use, demolishing the building for a larger-scale project, or selling the building or land separately. The property's location on a major corridor in a beach community, one block from the waterfront, offers unparalleled potential for significant return on investment. The asking price is $3,500,000.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $1,872,865
    6.5%
    $1,728,799
    7%
    $1,605,313
  • Comparable approach

    Method
    Valuation
    Relative Method
    $1,059,460
    Geo Method
    $1,059,460
  • Alternative Use

    Use
    Valuation
    Residential
    $2,143,710
    Hospitality
    $1,963,627
    Educational
    $1,633,715
    Medical
    $1,689,901
    Retail
    $2,541,334
2934 Bay Dr, Belleair Bluffs, Florida

Location Insight

City
Belleair Bluffs
County
Pinellas
State
Florida
Latitude
27.9163
Longitude
-82.8197
CBSA code
45300
CBSA name
TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$27,175
-
-
$1,450,000
-
$899,552
$550,448
$1,450,000

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