223 Bath Street Tarpon Springs, FL 34689

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.