2934 Bay DrBelleair Bluffs, FL 33770

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 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.

• 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

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

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