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218 N Pinellas Ave 12 Unit Apartment Building $2,163,676 CAD ($180,306 CAD/Unit) 7.45% Cap Rate Tarpon Springs, FL 34689
INVESTMENT HIGHLIGHTS
- Fully rented long, term rentals
- Fully renovated and operational
- Downtown Tarpon Springs location, minutes from the beach and Sponge Docks
EXECUTIVE SUMMARY
For Sale: 11-Unit Apartment Complex
218 N Pinellas Ave, Tarpon Springs, FL
Investment Summary
Fully Rented | $13,400 Monthly Rental Income
Net Operating Income (NOI): $115,536 per year
Cap Rate: 7.45% (based on $1,550,000 purchase price)
Zoned for Multifamily Use
No Owner Financing
Why This Property is a Good Investment
Immediate cash flow – all 11 units are currently rented
Turnkey and well maintained – minimal repairs needed
Professionally managed – admin fee already included
Low operating costs – includes cleaning, gardening, insurance, and property taxes
Why Tarpon Springs is a Great Location
Tarpon Springs is a unique Florida coastal town, just 30 minutes from Clearwater in the Tampa Bay area. It offers strong rental demand and long-term value.
Culture & History
Founded in 1876 with strong Greek heritage
Known for the historic Sponge Docks and Greek restaurants
Downtown features classic architecture and annual cultural events
Waterfront Access
Located near the Gulf of Mexico
Ideal for boating, kayaking, and fishing
Close to beaches, parks, and nature trails
Great Community for Renters
Affordable cost of living
Low crime rate and quality schools
Popular with families, professionals, and retirees
Friendly, small-town feel with local tourism appeal
Financial Overview
Description:
Monthly Rental Income: $13,400
Monthly NOI (after expenses):$9,628
Annual NOI:$115,536
Cap Rate (at $1.55M): 7.45%
Investor Info:
This is a ready-to-go income-producing property
No renovation or tenant sourcing needed
Located in a stable, in-demand rental market
Long-term upside in a culturally rich and growing area
Contact for More Information or a Tour
This is a great opportunity for an investor looking for consistent income in a strong Florida market.
No Owner Financing
Showings by Appointment Only
Seller: GRECO ENTERPRISES LLC
Phone: 727-698-4945 (Sofia Pons) Property Manager
Email: ariamanagementfl@gmail.com
218 N Pinellas Ave, Tarpon Springs, FL
Investment Summary
Fully Rented | $13,400 Monthly Rental Income
Net Operating Income (NOI): $115,536 per year
Cap Rate: 7.45% (based on $1,550,000 purchase price)
Zoned for Multifamily Use
No Owner Financing
Why This Property is a Good Investment
Immediate cash flow – all 11 units are currently rented
Turnkey and well maintained – minimal repairs needed
Professionally managed – admin fee already included
Low operating costs – includes cleaning, gardening, insurance, and property taxes
Why Tarpon Springs is a Great Location
Tarpon Springs is a unique Florida coastal town, just 30 minutes from Clearwater in the Tampa Bay area. It offers strong rental demand and long-term value.
Culture & History
Founded in 1876 with strong Greek heritage
Known for the historic Sponge Docks and Greek restaurants
Downtown features classic architecture and annual cultural events
Waterfront Access
Located near the Gulf of Mexico
Ideal for boating, kayaking, and fishing
Close to beaches, parks, and nature trails
Great Community for Renters
Affordable cost of living
Low crime rate and quality schools
Popular with families, professionals, and retirees
Friendly, small-town feel with local tourism appeal
Financial Overview
Description:
Monthly Rental Income: $13,400
Monthly NOI (after expenses):$9,628
Annual NOI:$115,536
Cap Rate (at $1.55M): 7.45%
Investor Info:
This is a ready-to-go income-producing property
No renovation or tenant sourcing needed
Located in a stable, in-demand rental market
Long-term upside in a culturally rich and growing area
Contact for More Information or a Tour
This is a great opportunity for an investor looking for consistent income in a strong Florida market.
No Owner Financing
Showings by Appointment Only
Seller: GRECO ENTERPRISES LLC
Phone: 727-698-4945 (Sofia Pons) Property Manager
Email: ariamanagementfl@gmail.com
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Net Operating Income |
-
|
-
|
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
PROPERTY FACTS
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Ceiling Fans
- Tile Floors
- Kitchen
- Granite Countertops
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Walk-In Closets
- Basement
- Den
- Linen Closet
- Office
- Smoke Free
- Vinyl Flooring
SITE AMENITIES
- Courtyard
- Gas Range
- Storage Space
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 6 | $1,256 CAD | 500 |
| 1+1 | 3 | $1,815 CAD | 750 |
| 2+1 | 3 | $2,094 CAD | 1,000 |
Walk Score®
Very Walkable (85)
PROPERTY TAXES
| Parcel Number | 12-27-15-60228-000-0050 | Improvements Assessment | $1,081,831 CAD |
| Land Assessment | $314,089 CAD | Total Assessment | $1,395,920 CAD |
PROPERTY TAXES
Parcel Number
12-27-15-60228-000-0050
Land Assessment
$314,089 CAD
Improvements Assessment
$1,081,831 CAD
Total Assessment
$1,395,920 CAD
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218 N Pinellas Ave
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