617 ISLEBAY DRIVE
About This Property
617 Islebay Drive is a one-level, custom-built Sabal Home offering over 3,050 square feet of waterfront living in the gated Grande Isle area of MiraBay. From the moment you step inside, you are greeted with views of the deep-water canal with quick, no-bridge access to Tampa Bay and the Gulf.
This Old Florida–Key West style home blends comfort and function with soaring tray ceilings, wide-open living spaces, tall door frames and oversized rooms throughout. The flexible layout includes a large executive office/den (also ideal as a media room or another bedroom), a grand combined living and dining room with pass-through to the kitchen and family room, plus a split-bedroom design for privacy. The Primary suite opens to the lanai and features dual walk-in custom closets, separate his-and-her vanities, Roman shower, garden tub, and private water closet. A secondary en-suite bedroom with double sinks and walk-in closet serves well as a guest suite or mother-in-law retreat, while additional rooms include private bath access.
The office has french door with built in sound proofing, built in storage, cabinetry and desk.
The chef's kitchen centers on a custom 9x7 granite island with wine storage, breakfast bar seating, dual convection ovens, 42" solid wood cabinetry, walk-in pantry, and all newer appliances. Custom-built shelving in the pantry, laundry, office, and closets provides organized storage.
Outdoor living flows seamlessly with 8-foot pocket sliders opening to a screened lanai with travertine tile, dining and grilling space, and a sunken seating area with fire feature overlooking the canal. A private dock with 10,000 lb lift makes boating effortless. Mature palms and tropical landscaping surround the oversized lot with privacy from side neighbors and minimal grass to maintain.
Upgrades include new A/C and ductwork (2021 with assumable warranty), luxury vinyl flooring, designer light fixtures, Granite counters, continuous Newer hot water, sprinkler system, and security system. The oversized 2.5-car garage provides abundant storage for vehicles, golf carts, and water toys.
Homeowner has an assumable flood insurance policy.
Community Amenities: MiraBay is a premier, gated waterfront neighborhood offering a junior Olympic-sized pool with lap lanes, a leisure pool with 110-ft waterslide, splash zone, and poolside cafe/bar. The community features a 24-hour fitness center, tennis, pickleball, basketball, and multipurpose courts, plus playgrounds, pocket parks, and miles of walking and biking trails. Kayaking, fishing lagoons, nature preserves, and year-round community groups and events make MiraBay one of Tampa Bay's most desirable addresses.
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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%.
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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.
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Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Dec 2, 2025 | Sold | ||
| Sold | |||
| Oct 25, 2025 | In contract | - | |
| In contract | |||
| Aug 31, 2025 | Listed by 27NORTH REALTY | $940,000 | |
| Listed by 27NORTH REALTY | |||
| Jun 18, 2025 | Price Decreased |
$990,000
↓ $5K
(0.5%) | |
| Price Decreased | |||
| Jun 7, 2025 | Price Decreased |
$995,000
↓ $5K
(0.5%) | |
| Price Decreased | |||
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Phone: 425-283-2930
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