7465 BAY ISLAND DRIVE S #112

One or more photo(s) has been virtually staged. Bay Island is a beautiful Gated Community situated close to St Pete Beach, and easily accessible to the exclusive Downtown dining and theatre districts. It features a Multimillion-dollar clubhouse with pool tables, table tennis and a ballroom for social events. Six swimming pools heated in the winter months, spas, Tennis Courts and Pickleball, Tiki Huts for cookouts, lush landscaping and resort style living. This community has never flooded before, until recent hurricane Helene, and there is damage to some of the property that is undergoing an extensive refurbishment that will include remodeling of the affected ground floor units, including this unit. The Association has insurance, and a claim has been filed to refurbish this unit and others, including the assigned Contracting firm providing, new drywall, interior and exterior doors, paint, kitchen appliances, lower cabinets and bath vanities. The reconstruction is underway. This unit had less than two inches of water inside, and was cleaned extensively, for the current tenant who will be vacating by December 15th. Never before has this unit sustained flooding. After that, it will be turned over the Association for the repairs which are being paid from the proceeds of the Flood Insurance claim. The unit will not be available for residency until the work is complete, scheduled for 2025. Currently, the owner has been receiving $2000 monthly from an annual lease. During the winter months, this unit leased for higher. Bay Island does not have a minimum lease restriction other than one resident must be at least 55. This is a 55+ community, easy approval process by the Association is required and easily obtained. Buyer can still choose the finishing repairs at this time, including the new lower kitchen cabinets and countertops, appliances, wall color and trim. When all repairs are complete, this unit is expected to feel like a new unit. Assigned covered parking is just steps from the front door. Pictures are of unit prior to Hurricane Helene. There is a patio attached to the unit. Owner is Realtor. As Is Contract only.