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$1,295,000

For Sale - Active
415 Island Way Apt 507, Clearwater, FL 33767
3 Beds
2 Baths
1,715 Square Feet
0.00 Acres Lot
Built in 2023
For Sale - Active
1 Units
Checked: 22 hours ago
Updated: Jul 28, 2025 at 06:02AM

Investment Summary


Monthly Cash Flow
-$3,543
Cap Rate
2.9%
Cash-on-Cash Return
-14.3%
Debt Coverage Ratio
0.47
Internal Rate of Return (5 years)
-9.8%

Property Description


0.00 Acres Lot
Built in 2023
For Sale - Active
1 Units

MOVE IN READY! Welcome to luxury waterfront living at its finest! This stunning newly constructed build offers the perfect blend of modern beach living. When you enter through the front door you will be amazed by the high ceilings and open floor plan. This premium unit is being offered turnkey with high end furnishings included. This top floor unit features 3 spacious bedrooms and 2 full bathrooms. The kitchen is a culinary dream with complete change out of all cabinets and appliances. Bosch appliances with extended warranties, quartz countertops, glass backsplash and pull-out custom cabinet drawers. The custom Built-in Wine Bar with lit Cabinets and 2 independent wine coolers with divided temperature zones are perfect for entertaining guests. Enter the living room and you’ll notice the custom built in fireplace, shelving, lights and cabinets, wall mounted Samsung TV and Soundbar built into entertainment wall. Step out onto your private glass balcony with new high-end epoxy finishing to patio deck. Inside, every detail has been custom upgraded by the seller with care and style. The owner’s suite is a true retreat with windows overlooking the water and motorized window treatments, decorative ceiling fan with light, Samsung wall mounted TV and soundbar, Custom California Closets, and a separate shoe closet. The en suite bathroom includes dual vanities with backlit mirrors above sinks, decorative Serena and Lilly wallpaper, Custom Cabinets added, Kohler sinks and Commode. The two secondary bedrooms share a guest bathroom. The first bedroom is currently set up as an office with Custom built in desk/dresser and corner upper cabinets with quartz finished desktop and a custom-built queen murphy bed, providing comfort and convenience. The second bedroom has decorative Serena and Lilly wallpaper and linens, Samsung wall mounted TV and soundbar, Hunter lighted ceiling fan. The Laundry Room has custom cabinets throughout with pullout drawers, removed water heater and replaced with top-of-the-line Tankless Water Heater, Electrolux Washer and Dryer with lift cabinet drawers and extended warranties. Additional upgrades include Plantation Shutters in guest bedrooms, upgraded light fixtures, tile, and Sherwin Williams paint throughout unit. The resort style amenities include fitness and yoga center, large outdoor pool, hot tub, and an amenity terrace that overlooks the bay. There are 46 total units in the Azure Condominium. Boat slips may become available through other owners. The location cannot be beat. Enjoy easy access to world renowned Clearwater Beach, shopping, dining, and marina. Come and explore coastal elegance on Clearwater Beach!

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Location


Property Details


Parking

  • Description: Assigned, Under Building
  • Details: Assigned, Basement
  • Garage Spaces: 0
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 3

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Total): 2.0

Interior Features

  • # of Rooms: 5
  • # of Stories: 5
  • Fireplace: Yes

Exterior Features

  • Exterior Walls Materials: Concrete
  • Foundation: Slab
  • Roof Material: Built-Up

HOA

  • Has HOA: Yes
  • Association: Condo Management Plus
  • HOA Fee: $702/monthly

Land Information

  • Land Use: Residential
  • Land Use Subtype: Condominium Unit

Lot Information

  • Parcel ID: 082915019950005070
  • Lot Size: 0 sqft

Property Information

  • Property Type: Condominium
  • Year Built: 2023

Tax Information

  • Annual Tax: $7,476

Utilities

  • Water & Sewer: Private
  • Heating: Central
  • Cooling: Central Air

Location

  • County: Pinellas

Listing Details


Listed by:
Matt Brown
CHARLES RUTENBERG REALTY INC
(727) 417-4591

Source:
Stellar MLS
MLS#: TB8396695
Stellar MLS

Investment Summary


Monthly Cash Flow
-$3,543
Cap Rate
2.9%
Cash-on-Cash Return
-14.3%
Debt Coverage Ratio
0.47
Internal Rate of Return (5 years)
-9.8%

Purchase Details

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Purchase price:
$1,295,000
Amount financed:
-$1,036,000
Down payment:
$259,000
Closing costs:
$38,850
Rehab costs:
$0
Initial cash invested:
$297,850
Square feet:
1,715
Cost per square foot:
$755
Monthly rent per square foot:
$3.73

Financing Details

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Loan amount:
$1,036,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$6,634
Property tax:
$623
Insurance:
$448
Private mortgage insurance (PMI):
$0
Monthly payment:
$7,705

Operating Income

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% Rent Monthly Yearly
Gross rent:
$6,400 $76,800
Vacancy loss: (6%)
6% -$384 -$4,608
Operating income:
$6,016 $72,192

Operating Expenses


% Rent Monthly Yearly
Property taxes: (10%)
10%-$623-$7,476
Insurance: (7%)
7%-$448-$5,376
Property management: (8%)
8%-$512-$6,144
Repairs & maintenance: (5%)
5%-$320-$3,840
Capital expenditures: (5%)
5%-$320-$3,840
HOA fees: (11%)
11%-$702-$8,424
Total operating expenses: (46%)
46%-$2,925-$35,100

Cash Flow


Monthly Yearly
Net operating income:
$3,091 $37,092
Mortgage payments:
-$6,634 -$79,608
Cash flow:
-$3,543 -$42,516