Listed by Marcus & Millichap - RPH Multifamily Group
$2,997,000
117 127th Avenue
Details
APN 15-31-15-17784-005-0080
Property Type Hospitality, Multifamily
Sub Type Apartment Building, Hotel
Square Footage 4,502
Keys 8
Cap Rate 7.78%
NOI $233,241
Pro-Forma Cap Rate 8.15%
Pro-Forma NOI $244,342
Year Built 1953
Year Renovated 2025
Buildings 1
Stories 1
Acreage 0.250
Zoning RM-15
8 Units in Treasure Island
Marketing description
OFFERING MEMORANDUM AND FINANCIALS AVAILABLE VIA ‘See Due Diligence’ BUTTON.
Please reach out to Zach Brown ([email protected]) to discuss the deal.
Investment highlights
- An 8-unit, fully furnished turnkey short-term rental property
- Situated at entrance to Crabby’s on the Pass redevelopment site, with prominent exposure to future mixed-use waterfront project
- Just one block to Gulf beaches and a five-minute walk to John’s Pass Village & Boardwalk – a major retail, dining, and entertainment destination
- Recently renovated boutique STR asset comprised of six one-bedroom/one-bath units and two two-bedroom/one-bath units, all fully furnished
- Ownership has spent over $750,000 in capital improvements since acquisition
- Upgrades include new roofing on both structures, electric, plumbing, flooring, kitchens, bathrooms, new appliances in all units and parking lot
- All appliances and custom furnishings are included with the sale
- In-season nightly rental rates average $170+ for one-bedroom units and $210+ for two-bedroom units during the January–May peak season
- Clear revenue upside through ADR optimization in high-season months while maintaining competitive, demand-driven pricing during the June-December off-season
- Treasure Island remains a highly visited Gulf Coast beach town known for broad white sand beaches and easy access to sunset views and water activities
- The unit mix offers flexibility for couples, groups, and families, supporting a broad guest demographic
- Strategically positioned approximately 6 miles from Downtown St. Petersburg, 27 miles from Tampa International Airport, and within a 10-minute drive of both Clearwater Beach and St. Pete Beach
Listing Contacts
Listed by Marcus & Millichap - RPH Multifamily Group
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$233,241.00
$19,436.75/mo
Valuation Metrics
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DSCR
7.78%
Cap Rate
7.78%
ROI
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