IMPROVED PRICE & SUBSTANTIAL IMPROVEMENT (SI) EXEMPT: Historic Structure Designation Avoids 50% Rule Restrictions Power & AC Restored | Prime Tarpon Springs Multi-Unit Income Opportunity This property qualifies as a historic structure under the National Flood Insurance Program (NFIP) and is exempt from Substantial Improvement (SI) requirements (FEMA 50% Rule)a key advantage for investors planning renovations or repositioning. Letter and links in attachments. Located in the high-demand Fruit Bowl neighborhood of Tarpon Springs, this versatile multi-unit property presents a compelling opportunity with $55,000+ projected annual revenue and $25,000+ in net income, with upside for increased returns through value-add improvements or short-term rental conversion. Property Highlights: Three income-producing units o 223 Bath St: 2 Beds | 1 Bath | Washer/Dryer hookup potential o 225 Bath St: 3 Beds | 1 Bath | Generous layout o The Hideaway: 1 Bed | 1 Bath | Recently renovated | Private entrance 2,153 sq. ft. heated | Nearly 3,000 gross sq. ft. Three covered carports | Each unit with designated parking Offered AS IS, providing flexibility for contractor updates (water impact from prior storm event) Why Investors Take Notice: Historic exemptionno FEMA 50% Rule cap Walkable lifestyle appeal in one of Tarpon Springs’ most charming and established neighborhoods Strong rental demand and multiple configurations: long-term income or owner-occupant with rental income, Utilities operationalpower and HVAC have been restored This property combines location, cash flow potential, and long-term value, making it an ideal fit for investors seeking both immediate returns and future appreciation in the high-demand Fruit Bowl neighborhood in Tarpon Springs.
MLS # | TB8322463 |
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Listing Type | For Sale |
Style | Town House |
Sub-Type | For-sale |
Status | Active |
Year | 1925 |
Days On Site | 218 |
Listing Provided By | COLDWELL BANKER REALTY | Peter Ripa |
Bed(s) | 6 |
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Bath(s) | 3 |
SQ Feet | 2,132 |
Car Port | Yes |
Story(s) | 2 |
Units | 3 |
Zoning | R-60 |
Acreage | 0.20 |
Property | 5065 |
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State | FL |
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County | Pinellas |
City | TARPON SPRINGS |
Zip Code | 34689 |
Area | 34689 Tarpon Springs |
Community Name | TARPON SPGS OFFICIAL MAP |
School District | Tarpon Springs High-PN |
Elementary School | Tarpon Springs Elementary-PN |
Middle School | Tarpon Springs Middle-PN |
High School | Tarpon Springs High-PN |