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 $20,000+ 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 exemption—no 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 operational—power 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.

Listing courtesy of COLDWELL BANKER REALTY 8589996576



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Last checked: 2025-05-30 02:58 PM EDT