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Palm Harbor Downtown Golf Cart District 1231 Illinois Ave 2 Unit Apartment Building $590,000 ($295,000/Unit) 8% Cap Rate Palm Harbor, FL 34683
Investment Highlights
- Downtown Palm Harbor location within walking distance to retail, dining, and waterfront parks.
- Two 3BR/2BA units with separate garages, providing strong tenant appeal.
- Near Pinellas Trail, marinas, and major road access for regional connectivity.
- Recent roof replacement in 2025 supports low ongoing maintenance costs.
- One fully renovated unit is ready for immediate lease-up at market rates.
- Situated in a sought-after area with steady rental demand and stable tenant base.
Executive Summary
Prime Downtown Palm Harbor Duplex Property: Each unit: 3 beds, 2 full baths, attached garages. Condition Excellent: New roof (2024). new hot water heater (2026) newer A/C 2020 One unit fully updated and vacant — ready for immediate occupancy and rent increase to $2,600+/month. Income potential: Unit A (updated renovated, vacant) — $2,600+ Unit B at this time on month to month at $1,800 month. Parking for 6 cars. Highlights: Walkable or Golfcart downtown location with shops, restaurants, and marina access Strong rental demand in Palm Harbor; popular with professionals and small families Low-maintenance recent roof replacement (2025)plus much more Separate garages and full 3BR / 2 full bath layouts in both units “*Freshly renovated unit — move-in ready” Charming downtown with boutique shops, cafés, and waterfront parks. Close to the Pinellas Trail, local marinas, and easy access to major roads for Tampa/St. Pete commutes. Attracts renters seeking small-town coastal lifestyle with nearby amenities and good schools. *Next door duplex unit also possible available both units sit on 4 lots.*
Property Facts
| Price | $590,000 | Apartment Style | Low-Rise |
| Price Per Unit | $295,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.26 AC |
| Cap Rate | 8% | Building Size | 2,500 SF |
| No. Units | 2 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1985/2026 |
| Property Subtype | Apartment | Parking Ratio | 2.4/1,000 SF |
| Zoning | C-3, County - Multi Family / Single Family | ||
| Price | $590,000 |
| Price Per Unit | $295,000 |
| Sale Type | Investment |
| Cap Rate | 8% |
| No. Units | 2 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 2,500 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1985/2026 |
| Parking Ratio | 2.4/1,000 SF |
| Zoning | C-3, County - Multi Family / Single Family |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Dishwasher
- Disposal
- Microwave
- Storage Space
- Washer/Dryer Hookup
- Ceiling Fans
- Tile Floors
- Eat-in Kitchen
- Kitchen
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Stainless Steel Appliances
- Range
- Tub/Shower
- Sunroom
- Yard
- Family Room
- Island Kitchen
- Lawn
- Linen Closet
- Patio
- Porch
- Vinyl Flooring
- Workshop
- Large Bedrooms
- Quartz Countertops
Site Amenities
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 2 | - | - |
1 1
Moderately walkable
60/100
Moderately drivable
70/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 01-28-15-88560-127-1100 | Improvements Assessment | $410,117 |
| Land Assessment | $189,883 | Total Assessment | $600,000 |
Property Taxes
Parcel Number
01-28-15-88560-127-1100
Land Assessment
$189,883
Improvements Assessment
$410,117
Total Assessment
$600,000
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Palm Harbor Downtown Golf Cart District | 1231 Illinois Ave
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