7815 Boca Ciega Dr · St. Pete Beach, FL 33706

$1,100,000

24 bd · 16.0 ba · 2,032 sqft · MultiFamily · 224 Days on market

Built 1956 6,233 sqft lot ↓ 12% since listing

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Why this score? — see what drove the F grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +7.5/15.0
• Cash flow +6.9/30.0
• Schools +4.3/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• 1% rule +1.8/10.0
• DSCR +1.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

CALLING ALL INVESTORS OR LOCALS WHO AREN'T SCARED TO MAKE $$!! YOU HAVE TO LOOK & WILL SEE THE POTENTIAL!!! Waterfront 4 unit value/add opportunity on the Intra-coastal with dock and flexible redevelopment potential. This is not a turnkey property and that’s exactly where the opportunity lies here! Located on one of the most popular intra-coastal locations in the heart of St. Pete Beach, Boca Ciega Drive offers a rare chance to acquire a waterfront multi-unit asset in a market where inventory continues to tighten and finished properties are priced at a PREMIUM! The existing footprint includes four units configured as two 2 bedroom, 1 bath units (potential) and two 1 bedroom,

Key facts

• 4 unit multifamily
• 6,233 sq ft lot
• Built 1956

Tags

• 4 UNIT MULTIFAMILY
• DOCK ON BOCA CIEGA BAY
• VERSATILE INCOME POTENTIAL
• BOATING KAYAKING SUNSET VIEWS

Property features AI

Finance

• Other: Lease restrictions apply
• Financial info: Estimated annual market income: $120,000; Annual net income reported as $0; Pro forma income: two 1-bedroom units $25,000; two 2-bedroom units $35,000 each
• HOA & community: No association; Association approval not required; Pets allowed (cats and dogs permitted)

Exterior

• Parking: Driveway parking; Open parking
• Utilities: Public water; Public sewer; Public utilities
• Home design: Residential income property; Quadruplex; Two buildings on the property; Waterfront location on the Intracoastal Waterway; Water access with Intracoastal Waterway frontage; Lift and concrete seawall
• Construction: Block construction; Other roof type; Block foundation; Built on a lot approximately 50 x 124 (about 0.14 acres)
• Exterior features: Covered porch and patio; Front porch; Patio; Fenced yard; Sidewalks; Shed(s)

Interior

• Kitchen: Eat-in kitchen(s)
• Bedrooms: Six total bedrooms; Two 1-bedroom units (each with 1 bath); Two 2-bedroom units (each with 1 bath)
• Flooring: Terrazzo flooring
• Bathrooms: Single baths in each unit (1 bath per unit)
• Heating & cooling: Central heating; No heating (listed as None for some units/areas); Central air conditioning; Wall or window AC units
• Interior features: Eat-in kitchen; Living room and dining room combo; Thermostat; Window treatments
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2×2bd/1.0ba + 2×1bd/1.0ba units multifamily listed at $1.10M.

Deal economics

• At list price, monthly cash flow is $-2k ($-25k/yr) — negative. Per door: $-520/mo.
• To cash-flow at today's rent, offer at most $799k (27.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $753k (31.5% below list).
• Recommended offer: $753k (31.5% below list) — sets the bar for 1% rule.
• Cap rate 4.5% vs local median 0.9% in St. Pete Beach — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• Pinellas (suburban): math 51% / reading 51% proficiency, ranked #31 of 73 in FL (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-0.3%/yr); 610 active listings in the ZIP; solid renter incomes; 2,676 units permitted in Pinellas County in 2024 (1,422 in 5+ unit buildings).
• At $7,532/mo this rent would consume 87% of the median local household income ($104k/yr) (locally 552% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $33k of value loss. Plan a longer hold.
• Pinellas County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 224 days — a 12% lower offer ($968k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $753,200 (31.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 224 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
11. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.68% ✗
• Cap rate: 4.49%
• Cash-on-cash: -6.43%
• DSCR: 0.71
• GRM: 12.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -34.1%
• Equity multiple: -0.08×
• Total profit: $-332,301
• Equity at exit: $164,014

10-year hold

• IRR: -67.4%
• Equity multiple: -0.76×
• Total profit: $-543,570
• Equity at exit: $95,108

Cash invested: $308,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 33706

• Rents YoY: -0.3%
• Active inventory: 610
• Price-to-rent: 46.5×

Monthly cashflow live

• Estimated rent: $7,532 high
• Mortgage (P&I): −$5,769
• Tax est. 1.5%: −$1,375 /mo · $16,500/yr
• Insurance: −$458
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,582
• Net cashflow: $-2,078

Break-even live

Break-even rent $10,163

Max offer price $799,294

Occupancy floor —

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,944
▸ 2× units	1	1	$3,588
Total (4 units)			$7,532

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $275,000
• Closing costs: $33,000
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $1,100,000 Active 224 DOM
2. 2026-06-17
   days on market $1,100,000 Active 223 DOM
3. 2026-06-16
   days on market $1,100,000 Active 222 DOM
4. 2026-06-15
   days on market $1,100,000 Active 221 DOM
5. 2026-06-13
   days on market $1,100,000 Active 219 DOM
6. 2026-06-09
   days on market $1,100,000 Active 215 DOM
7. 2026-06-08
   days on market $1,100,000 Active 214 DOM
8. 2026-06-07
   days on market $1,100,000 Active 213 DOM
9. 2026-06-04
   days on market $1,100,000 Active 210 DOM
10. 2026-06-03
    days on market $1,100,000 Active 209 DOM
11. 2026-06-01
    days on market $1,100,000 Active 207 DOM
12. 2026-05-31
    days on market $1,100,000 Active 206 DOM
13. 2026-05-02
    price $1,100,000
14. 2026-01-18
    price $1,175,000
15. 2025-11-06
    listed $1,250,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 6 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $90,384
• − Mortgage interest: −$61,617
• − Property taxes: −$16,500
• − Insurance: −$10,618
• − Repairs & maintenance: −$7,231
• − Management: −$7,231
• − Depreciation: −$32,000
• Taxable loss: −$44,813
• Est. tax savings @ 24.0%: +$10,755
• After-tax cash flow: $-14,182/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Pinellas
• NCES district ID: 1201560
• Math proficiency: 51% ▼ -5.00%
• Reading proficiency: 51% ▼ -3.00%
• Median HH income: $46,270
• Composite: 43.27/100
• National rank: #3046
• State rank: #31 of 73 in FL

Livability — St. Pete Beach

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: St. Pete Beach, FL
• County: Pinellas County · 939,478 people
• City population: 15,347
• Metro: Tampa-St. Petersburg-Clearwater, FL
• Population (ZIP): 15,298
• Household income: $104,359
• Rent vs Own: 25.5% rent · 74.5% own
• Severe rent burden: 552.0

Population outlook (Pinellas County) Hauer SSP2

• Today (2025): 1,027,532 people
• By 2030: 1,063,586 · +3.5%
• By 2040: 1,125,020 · +9.5%
• By 2050: 1,168,637 · +13.7%
• By 2075: 1,265,188 · +23.1%
• By 2100: 1,260,357 · +22.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Hispanic / Latino 4% Black 2% Asian 1%
• Common ancestry: Lithuanian 4% Romanian 4% Slovak 3%
• Foreign-born: 10% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 3% Russian/Polish/Slavic 1%

Political lean MEDSL · Pinellas

• 2024 margin: Lean R (+5.2) · D 46.9% · R 52.1%
• 2008→2024 swing: -13.5pp toward R · 2008: 8.3pp · 2024: -5.2pp
• All cycles: 2024: R+5.2 2020: D+0.2 2016: R+1.1 2012: D+5.6 2008: D+8.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -600.61%
• Current HPI: 305.8311
• Rent YoY: ▼ -0.28%
• Metro: Tampa-St. Petersburg-Clearwater, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

-12.0% since first listed

3 events — show timeline

• 2026-05-02 Price Changed $1,100,000 Stellar MLS as Distributed by MLS Grid
• 2026-01-18 Price Changed $1,175,000 Stellar MLS as Distributed by MLS Grid
• 2025-11-06 Listed $1,250,000 Stellar MLS as Distributed by MLS Grid