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$684,500

For Sale - Active
5151 Isla Key Blvd S Apt 220, Saint Petersburg, FL 33715
2 Beds
2 Baths
1,255 Square Feet
0.37 Acres Lot
Built in 1988
For Sale - Active
1 Units
Checked: 23 hours ago
Updated: Aug 23, 2025 at 06:30PM

Investment Summary


Potential Missing Expenses

We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.

Monthly Cash Flow
-$1,804
Cap Rate
3.0%
Cash-on-Cash Return
-13.8%
Debt Coverage Ratio
0.49
Internal Rate of Return (5 years)
-9.3%

Property Description


0.37 Acres Lot
Built in 1988
For Sale - Active
1 Units

NOW IS YOUR TIME TO OWN A PIECE OF PARADISE! This 2 bedroom 2 bath condo plus office boasts the best water views the island has to offer! From your spacious balcony watch dolphins play, manatees meander & seabirds dive. Enjoy morning coffee & afternoon cocktails in an environment of quietude & serenity. Upon arrival your most discriminating buyer will appreciate this masterpiece of upgrades and design. The newly remodeled kitchen makes entertaining a pleasure. Removal of the kitchen walls imbues that "open feel, adds more functional space, & accommodates more Quartz countertops. Kitchen features include all stainless Samsung appliances (2022) Custom wood cabinetry (soft close) under cabinet & multi mode recessed lighting. All serviced by a new updated electrical panel box. The primary suite is located bayside. Wall to wall windows bring the bay to your bedside! The walk in closet was made spacious by augmenting a couple of walls. Only the highest grade materials were used in making the primary bathroom one of the main focal points of this offering. Double vanity sinks with multiple mode lighting & defogging mirrors are a sight for sore eyes! A second bedroom suite was created with the addition of a hallway door, guaranteeing privacy for your guests. Inclusive is a walk in closet as well as an updated bathroom. Some residents have chosen to make the den mutifunctional by adding a Murphy bed or sleeper sofa, while maintaining a smaller footprint of an office. Other features include new luxury vinyl flooring that flows throughout. Inside laundry room. Custom window treatments, base trim, ceiling fans. All of the popcorn ceiling texture has been removed. Newer Hot water heater (2022). Newer A/C system (2022) Outdoor storage. Located just steps from your condo, assigned shaded parking space #77 Isla Key's Resort style pool is heated in the winter and cooled down during the summer months. The Spa is always kept that perfect temperature to soothe those aching muscles after a long day of Golf/Tennis/Pickleball. Enjoy excellent fishing from over 1200' of new seawall & extra wide seawall cap, or try your luck from our beach area located just west of bldg #2 This sandy beach area always welcomes a lounge chair and a good book at sunset! Other amenities include new tennis/pickle ball courts, Bocce' ball court. grill area, bike racks, car wash area, water access for Kayak launching & community social events. Isla Key is Located just 25 minutes from Tampa International Airport, 90 minutes from Disney Orlando, 10 minutes to all the diverse venues, restaurants, & action of Downtown St Petersburg! (Florida's west coast newest hot spot). BUT closest to the fine sugar sands of ST Pete Beach & Ft Desoto Park. Well run Association!

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Location


Property Details


Parking

  • Description: Assigned, Ground Level, Guest
  • Details: Assigned, Guest
  • Garage Spaces: 0
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 2

Bathroom Information

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

Interior Features

  • # of Rooms: 7
  • # of Stories: 4

Exterior Features

  • Exterior Walls Materials: Concrete
  • Foundation: Pillar/Post/Pier
  • Roof Material: Built-Up, Metal
  • Pool: Yes

HOA

  • Association: Resource Property Mgmt/Britt Bates
  • Additional Association: Isla Key Condo Association

Land Information

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

Lot Information

  • Parcel ID: 093216432590002200
  • Lot Size: 16247 sqft

Property Information

  • Property Type: Condominium
  • Style: Contemporary
  • Year Built: 1988

Tax Information

  • Annual Tax: $9,384

Utilities

  • Water & Sewer: Public
  • Heating: Central, Electric
  • Cooling: Central Air

Location

  • County: Pinellas

Listing Details


Listed by:
Patrick Baggiano
RE/MAX METRO
(727) 385-8664

Source:
Stellar MLS
MLS#: TB8405480
Stellar MLS

Investment Summary


Potential Missing Expenses

We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.

Monthly Cash Flow
-$1,804
Cap Rate
3.0%
Cash-on-Cash Return
-13.8%
Debt Coverage Ratio
0.49
Internal Rate of Return (5 years)
-9.3%

Purchase Details

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Purchase price:
$684,500
Amount financed:
-$547,600
Down payment:
$136,900
Closing costs:
$20,535
Rehab costs:
$0
Initial cash invested:
$157,435
Square feet:
1,255
Cost per square foot:
$545
Monthly rent per square foot:
$2.87

Financing Details

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Loan amount:
$547,600
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$3,506
Property tax:
$782
Insurance:
$252
Private mortgage insurance (PMI):
$0
Monthly payment:
$4,540

Operating Income

Find a Property Manager

% Rent Monthly Yearly
Gross rent:
$3,600 $43,200
Vacancy loss: (6%)
6% -$216 -$2,592
Operating income:
$3,384 $40,608

Operating Expenses


% Rent Monthly Yearly
Property taxes: (22%)
22%-$782-$9,385
Insurance: (7%)
7%-$252-$3,024
Property management: (8%)
8%-$288-$3,456
Repairs & maintenance: (5%)
5%-$180-$2,160
Capital expenditures: (5%)
5%-$180-$2,160
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (47%)
47%-$1,682-$20,185

Cash Flow


Monthly Yearly
Net operating income:
$1,702 $20,424
Mortgage payments:
-$3,506 -$42,072
Cash flow:
-$1,804 -$21,648