Please Enter a Description: 615 Islebay Drive | 5 Bedrooms | 3.5
Bathrooms | 3,899 Sq. Ft. | Price improvement - Waterfront Pool
Home in MiraBay. Experience waterfront living at 615 Islebay Drive,
a beautifully updated 5-bedroom, 3.5-bathroom home with salt water
pool and outdoor living area. Located on the main salt water canal,
with a private dock offering direct quick access to Tampa Bay and
no boat size restrictions. Designed for both relaxed coastal living
and exceptional entertaining, this home offers expansive
indoor-outdoor spaces, stunning water views, and unforgettable
sunsets surrounded by the natural beauty of Florida's Gulf Coast -
including frequent dolphin and daily manatee sightings right from
your backyard. The outdoor living experience is truly exceptional,
featuring a private saltwater pool, expansive travertine terraces,
built-in grilling station, granite-topped bars, and multiple
gathering spaces designed for waterfront entertaining. Second-story
balconies provide additional opportunities for outdoor relaxation.
Inside, extensive recent renovations create a fresh, refined
coastal aesthetic throughout the home. The redesigned chef's
kitchen features quartz countertops, designer finishes, new
appliances, and seamless flow into the main living areas.
Wide-plank oak flooring complements the bright, open layout and
updated coastal design. The first-floor primary suite offers a
private retreat with a spa-inspired bath and multiple closets.
Upstairs, a spacious loft with wet bar and balcony access provides
the ideal setting for entertaining, movie nights, gaming, or
additional living space. Five true bedrooms means space for a
dedicated home office(s), fitness room, and guest suite - without
sacrificing a single bedroom. Thoughtfully improved and
meticulously maintained, the home also features a metal roof,
hurricane-impact windows, recent exterior paint, refreshed
landscaping, and numerous upgrades that enhance both style and
peace of mind - creating a truly move-in-ready waterfront retreat.
Beyond the home, MiraBay offers a true resort-style waterfront
lifestyle with a clubhouse, cafe, fitness center, pools, tennis and
pickleball courts, scenic trails, and vibrant year-round community
events.
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Last updated: 3 months ago (Stellar MLS #O6387788)
Price History
Date / Event
Date
Event
Price
Jul 8, 2026
Price Decreased
$1,299,950
↓ $50K
(3.7%)
Price Decreased
Apr 15, 2026
Price Decreased
$1,349,950
↓ $25K
(1.8%)
Price Decreased
Mar 7, 2026
Listed by HOUWZER INC
$1,374,950
Listed by HOUWZER INC
Aug 9, 2025
Price Decreased
$1,399,000
↓ $900
(0.1%)
Price Decreased
Jul 12, 2025
Price Decreased
$1,399,900
↓ $40
(0%)
Price Decreased
Jun 12, 2025
Price Decreased
$1,399,940
↓ $10
(0%)
Price Decreased
May 23, 2025
Price Decreased
$1,399,950
↓ $100K
(6.7%)
Price Decreased
Feb 26, 2025
Listed
$1,499,950
Listed
Newly remodeled, 5 bedroom, waterfront home with private dock and outdoor retreat that includes luxurious outdoor living with saltwater pool, travertine patio and kitchen. Updates include a new 'Cape Cod meets Key West Coastal' kitchen, new flooring, new kitchen appliances, plus more! This incredible home offers 3,900 sq ft of move-in-ready, comfortable coastal living space. Every update and feature of this home has been tastefully selected and is complemented by the natural light pouring in through the large windows! The large main level master suite includes a private bath with double vanities, a luxurious garden soaking tub, a separate standing shower stall, and plenty of storage space with two walk in closets! Upstairs, you are greeted by a massive loft area perfect for entertaining and complete with a convenient wet bar and access to the front balcony! Each upstairs bedroom has high ceilings, large closets, and ample lighting through the large windows with plantation shutters. Three bedrooms even feature direct access to one of the two second-story balconies (front and back). You will fall in love with the gorgeous view of the canal and daily sunsets while manatees frequently pass by. Residents of the Mirabay community enjoy resort-style pools, a café, gym, tennis and basketball courts, pickleball, kayaking and paddleboard rentals (free for residents), playgrounds, walking trails, and vibrant community events and festivals. This is not just a home, it is a lifestyle. Immerse yourself in the coastal charm of this property. Don’t miss this rare opportunity—schedule a showing today and experience waterfront living in Mirabay!
Interior Features: Ceiling Fan(s), Central Vacuum, Coffered Ceiling(s), Crown Molding, High Ceilings, Open Floorplan, Stone Counters, Walk-In Closet(s), Wet Bar, Eating Space In Kitchen, Kitchen/Family Room Combo, Solid Wood Cabinets, Thermostat, Window Treatments
Appliances: Oven, Convection Oven, Cooktop, Dishwasher, Disposal, Exhaust Fan, Gas Water Heater, Microwave, Other, Range Hood, Refrigerator, Water Softener, Wine Refrigerator
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