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The Residences at Royal Palm 701 1st St 10 Unit Apartment Building $3,030,549 CAD ($303,055 CAD/Unit) 5.48% Cap Rate Indian Rocks Beach, FL 33785
Executive Summary
Fully renovated 10-unit apartment community located just steps from the white sand beaches of Indian Rocks Beach, one of Tampa Bay’s most desirable coastal submarkets. Attractive unit mix consisting of eight spacious one-bedroom / one-bath units and two oversized two-bedroom / two-bath units. Thoughtfully designed outdoor common area featuring grilling stations, seating areas, and coastal-inspired seashell landscaping, creating a true beach-lifestyle experience for residents. Strong rental upside with nearby comparable properties achieving approximately $200-$300 monthly rental premiums, presenting investors with a clear path to continued NOI growth. Indian Rocks Beach continues to attract both tenants and investors due to its limited housing inventory, walkable beach-town atmosphere, and proximity to major employment hubs. The area is well-known for its laid-back coastal lifestyle, highly rated local dining scene, waterfront bars, entertainment venues, and boutique beach-town charm that differentiates it from more densely populated Gulf Coast markets. 10-minute walk to CVS, and 5-minute drive to Publix Super Market at Indian Rocks Shopping Center, with numerous grocery, retail and dining options. Residents and visitors are drawn to Indian Rocks Beach for its quiet beaches, strong sense of community, and convenient access to Clearwater, St. Petersburg and Tampa.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Financial Summary (Pro Forma - 2027) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2027) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,030,549 CAD | Building Class | C |
| Price Per Unit | $303,055 CAD | Lot Size | 0.33 AC |
| Sale Type | Investment | Building Size | 7,700 SF |
| Cap Rate | 5.48% | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1972 |
| Property Subtype | Apartment | Parking Ratio | 1.82/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | RM-2 | ||
| Price | $3,030,549 CAD |
| Price Per Unit | $303,055 CAD |
| Sale Type | Investment |
| Cap Rate | 5.48% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 7,700 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1972 |
| Parking Ratio | 1.82/1,000 SF |
| Zoning | RM-2 |
Amenities
Unit Amenities
- Balcony
Site Amenities
- Courtyard
- Laundry Facilities
- Picnic Area
- Furnished Units Available
- Grill
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | - | 650 |
| 2+2 | 2 | - | 1,250 |
1 1
Fairly walkable
40/100
Very drivable
80/100
Some public transit
40/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $957,017 CAD (2025) | |
| Land Assessment | $1,517,910 CAD (2025) | Total Assessment | $2,474,928 CAD (2025) |
Property Taxes
Parcel Numbers
Land Assessment
$1,517,910 CAD (2025)
Improvements Assessment
$957,017 CAD (2025)
Total Assessment
$2,474,928 CAD (2025)
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The Residences at Royal Palm | 701 1st St
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