551 Mehlenbacher Rd - Apartments FOR SALE


Belleair Bluffs, FL 33770
$3,600,000 USD
727-455-2260
551 Mehlenbacher Rd, Belleair Bluffs, FL for Sale
$3,600,000 USD
Apartments - FOR SALE
1/10
null | Request Cap Rate

551 Mehlenbacher Rd
Belleair Bluffs, FL 33770


HIGHLIGHTS

  • 18-Unit Multifamily Portfolio – Two Adjacent Properties
  • Completed Renovation Program (2025–2026)
  • Seller Financing Considered
  • High-Demand Belleair Bluffs Location
  • Lease-Up Opportunity with Immediate Cash-Flow Potential
  • Ideal 1031 Exchange Replacement

OVERVIEW

Offered for sale is an 18-unit multifamily portfolio located in the highly desirable Belleair Bluffs submarket of Pinellas County. The portfolio consists of two adjacent garden-style communities totaling 18 units. The property recently underwent significant post-storm improvements, including new roofs on all buildings, and leasing has just resumed. Eleven of the twelve units at Bluff’s Place were fully renovated in 2026, with the remaining unit occupied and presenting future upside. Tiffany Manor includes three units renovated in 2026 and three additional units renovated in recent years. In-place rents are below market, providing a clear value-add opportunity through stabilization. Seller financing is considered with attractive interest-only terms and no DSCR requirement. Ideal for a local cash buyer or 1031 exchange seeking upside in a premier location. Asking Price: $3,600,000 ($200,000 per unit).

FOR SALE DETAILS

PRICE

$3,600,000 USD

PRICE/SF

$207 USD /SF

# OF UNITS

18

PRICE/UNIT

$200,000

CAP RATE

Request Cap Rate

% LEASED

27%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Bluffs Place & Tiffany Manor Apt

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1973

PARKING SPACES

27

LAND DETAILS

LAND ACRES

0.71 AC

LAND SF

30,928 SF

ZONING

RM, Belleair Bluffs

APN/PARCEL ID

33-29-15-47448-003-0270,33-29-15-47448-003-0280

ASK ABOUT THIS PROPERTY

Mark Tongtracey R BrunettoMore Info
727-455-2260

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Mark Tongtracey R BrunettoMore Info
727-455-2260

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.