Price Reduction! 218 N Pinellas Ave

12 Unit Apartment Building $1,650,000 ($137,500/Unit) 8.48% Cap Rate Tarpon Springs, FL 34689

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INVESTMENT HIGHLIGHTS

  • 218 N Pinellas Ave Apartments is a fully renovated 12-unit multifamily building located, historic Tarpon Springs.
  • Investment offers low maintenance and strong rental income potential, with historically high occupancy and a projected 8.48% return on investment.
  • No hurricane or flood damage, making this property an attractive option for buyers seeking a low-risk investment
  • Upgrades include new flooring, fresh paint, contemporary kitchens with quartz countertops, and a reinforced structure.
  • Pinellas Trail Corridor District offers a potential redevelopment opportunity surrounded by major employment centers, shops, and restaurants.

EXECUTIVE SUMMARY

PRICE NOW REDUCED!
Unique Opportunity in Tarpon Springs! Ready for long-term rentals or Airbnb (TOURIST AREA LOCATION)
The building apartments is a renovated 12-unit multifamily building at 218 N Pinellas Avenue in the heart of historic Tarpon Springs, Florida.
The building offers a mix of:
- Three two-bed/one-bath units
- Six one-bed/one-bath units
- Two studios, and one management office suite.
The renovations includes:
-new flooring
-fresh paint
-modern kitchen cabinets with quartz countertops,
-New appliances.
-New bathrooms
-Reinforced estructure to ensure long-term safety and stability.
Additional improvements include: new secure doors, durable and resistant flooring, a modern electrical system with LED lighting, and efficient gas and plumbing systems, new water heaters.
This property has not been affected by any flood or hurricane damage, ensuring it's properly structured and supported.

For investors, 218 N Pinellas Avenue represents an exceptional opportunity. It requires minimal maintenance while offering solid rental income potential. With a historically high occupancy rate and a projected 8.48% return on investment.
Estimated income:
Apt 1: 2 bed/1 bath - Estimate rent: $ 1700
Apt 2: 1 bed/1 bath - Estimate rent: $ 1300
Apt 3: 1 bed/1 bath - Estimate rent:$ 1300
Apt 4: 1 bed/1 bath - Estimate rent:$ 1300
Apt 5: 1 Studio/1 bath - Estimate rent:$ 1000
Apt 6: 1 bed/1 bath - Estimate rent:$ 1300
Apt 7: Studio/ 1 bath - Estimate rent:$ 1000
Apt 8: Office - Estimate rent:$ 500
Apt 21: 2 bed/1 bath - Estimate rent:$ 1500
Apt 22: 2 bed/1 bath - Estimate rent:$ 1500
Apt 23: 1 bed/1 bath - Estimate rent:$ 1400
Apt 24: 1 bed/1 bath - Estimate rent:$ 1400
Potential Monthly Income: $ 15,200
Gross Annual Income: $ 182,400
Expenses:
Property Tax $15,926
Management 8%= $14,592
Repair & Maintenance: $3,000
Insurance (No winds coverage):$ 8,930
Net Operating Income: $139,952
Highlights:
218 N Pinellas Avenue is a short walk to the scenic Anclote River, local parks, and stunning beaches like Fred Howard Park Beach and Sunset Beach.

Amid the Pinellas Trail Corridor District in a lively tourist area, 218 N Pinellas Avenue is positioned for future redevelopment opportunities.
Employment centers like Florida Hospital North Pinellas and St. Pete College is within 2 miles, and the nearby Walmart Supercenter offers additional convenience for residents.
Smooth access to major highways such as US Highway 19 and Interstate 275 makes commuting and travel a breeze.
Live in the Center of Action:
- Walking distance to shopping centers (City Plaza, Sponge Exchange, Tarpon Plaza)
- Close proximity to natural parks (Anclote Key Preserve, Brooker Creek Preserve, John Chesnut Sr. Park)
- Near renowned hospitals (AdventHealth, Morton Plant, Medical Center of Trinity)
Connectivity and Convenience:
- Walk Score: 85 (highly walkable area)
- Easy access to public transportation (score 32)
- Bike infrastructure (bike score 68)

History:
Founded in 1876 and named after the abundant tarpon fish in its waters, Tarpon Springs is a city rich in history. Originally a hub for fishing and trade, it has evolved into a popular tourist destination known for its historic downtown, beautiful white-sand beaches, and cultural diversity. Famous for its Greek heritage, Downtown Tarpon Springs still boasts early 20th-century architecture and is enriched by various festivals, such as the annual Greek Festival, the Fishing Festival, and the Siren Festival. Residents enjoy swift access to local shops, restaurants, entertainment venues, and the iconic Tarpon Springs sponge docks.

FINANCIAL SUMMARY (PRO FORMA - 2024) Click Here to Access

ANNUAL ANNUAL PER SF
Gross Rental Income - -
Other Income - -
Vacancy Loss - -
Effective Gross Income - -
Net Operating Income $99,999 $9.99

PROPERTY FACTS

Price $1,650,000
Price Per Unit $137,500
Sale Type Investment
Cap Rate 8.48%
Gross Rent Multiplier 8.7
No. Units 12
Property Type Multifamily
Property Subtype
Apartment
  • General Retail Storefront Retail/Residential
  • Office Office Residential
  • Multifamily Dormitory
Apartment Style Low Rise
Building Class C
Lot Size 0.16 AC
Building Size 6,350 SF
No. Stories 2
Year Built/Renovated 1925/2024

AMENITIES

  • Smoke Detector

UNIT AMENITIES

  • Air Conditioning
  • Cable Ready
  • Ceiling Fans
  • Tile Floors
  • Granite Countertops
  • Refrigerator
  • Oven
  • Stainless Steel Appliances
  • Tub/Shower
  • Walk-In Closets
  • Den
  • Linen Closet
  • Office
  • Vinyl Flooring

SITE AMENITIES

  • Courtyard
  • Gas Range
  • Storage Space

ABOUT 218 N PINELLAS AVE , TARPON SPRINGS, FL 34689

Exceptional Investment Opportunity! Fully renovated two-story property for sale in the heart of the tourist area. Perfect for investors seeking long-term rentals or Airbnb income. Property Description: - 2 stories - Surface: [6,350 sqf] - Bedrooms: [12] - Bathrooms: [11] - Reinforced structure - Completely new appearance - Modern kitchens and bathrooms - Abundant natural light - Gas kitchens for energy efficiency - Window air conditioning units Advantages: - Prime tourist location - Ideal for long-term rentals or Airbnb - Excellent quality-price ratio - High potential return on investment Additional Details: - Parking: Space to make 4 parking lots in the back, additionaly is possible to make an agreement with neighbors to have parking for all units if necessary. Contact us to schedule a visit and obtain more information.

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
Studios 3 $750.00 500
1+1 6 $1,300 750
2+1 3 $1,600 1,000
Walk Score®
Very Walkable (85)

NEARBY AMENITIES

RESTAURANTS

Copenhagen Cafe Cafe $ 3 min walk
Spuntinis - - 6 min walk
Tarpon Mediterranean Cuisine - - 5 min walk
Snookers Grill - - 5 min walk
Eat Greek Kouzina Greek - 6 min walk
Mr Souvlaki - - 8 min walk

RETAIL

GreatFlorida Insurance Insurance 3 min walk
Wells Fargo Bank 5 min walk
Anytime Fitness Fitness 9 min walk
Sherwin-Williams Paint/Wallpaper 9 min walk
Walgreens Drug Store 11 min walk
Ace Hardware Hardware 14 min walk
Walmart Dept Store 21 min walk

HOTELS

Hampton by Hilton
84 rooms
6 min drive
Quality Inn
110 rooms
6 min drive
Rodeway Inn
135 rooms
8 min drive
Fairfield Inn
78 rooms
9 min drive

PROPERTY TAXES

ZONING

Zoning Code C-1 (Commercial) (Land Use: Mixed-Use, Commercial use, Retail, Office, Residential.)
  • Listing ID: 33535717

  • Date on Market: 10/16/2024

  • Last Updated:

  • Address: 218 N Pinellas Ave, Tarpon Springs, FL 34689