Quadplex with Private Fenced
For Sale
Under Contract
$749,000
122 WERTZ Drive, Largo, FL 33771
Residential Income, LARGO, FL
Property Size2,880 SF
Lot Size0.23 Acres
Price / SF$260.07
Days on Market109
Property Features for 122 WERTZ Drive
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 7, Bedroom 1, Bathroom 2, Bedroom 5, Bathroom 4, Bathroom 3, Bedroom 4, Bedroom 2, Bedroom 3, Bedroom 6, Bathroom 1, Bedroom 8
Interior features
Ceiling Fans(s), Eat-in Kitchen
Exterior features
Fence
Fencing
Fenced
Appliances
Electric Water Heater, Range, Refrigerator
Subdivision
WERTZ GARDEN
Lot features
Corner Lot, City Limits, In County, Near Public Transit
Directions
East Bay to Wertz
Standard status
Active Under Contract
APN
35-29-15-96012-000-0010
Size
2,880 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WERTZ GARDEN LOT 1
Tax Annual Amount
11297
Legal Description
WERTZ GARDEN LOT 1
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Ductless (Heating)
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Amenities
in-unit laundry
private fenced backyard
Building Details
Year built
1967
Flooring type
Laminate
Building materials
Block, Stucco
Roof type
Shingle
Listing Agency:
KELLER WILLIAMS GULF BEACHES · Keller Williams Realty
(727) 367-3756
Listed By:
Troy Walseth · License #3261857
(727) 331-5500
Added: May 20
Changed: Aug 21
Last Checked: Sep 5 at 8:06PM
MLS# TB8510339
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This four-unit quadplex comprises two concrete block duplex buildings on a 0.23-acre corner parcel. The 2,880-square-foot property includes four two-bedroom, one-bath residences, each with private laundry and a fenced backyard. Updated bathrooms, laminate flooring, eat-in kitchens, refrigerators, ranges, and individual cooling units serve the apartments. Two residences have dedicated driveways, while the remaining two use a shared four-car parking area with additional on-street guest parking.
Three apartments are leased on annual terms, and the fourth has been painted and equipped with a new refrigerator for occupancy. Separate electric and water meters support tenant-paid utilities. The property is in Flood Zone X, has no HOA, and uses public water and sewer. Morton Plant Hospital, Belleair Beach, and St. Pete-Clearwater Airport are located within a short drive of the property.
Three apartments are leased on annual terms, and the fourth has been painted and equipped with a new refrigerator for occupancy. Separate electric and water meters support tenant-paid utilities. The property is in Flood Zone X, has no HOA, and uses public water and sewer. Morton Plant Hospital, Belleair Beach, and St. Pete-Clearwater Airport are located within a short drive of the property.
Key Highlights
- Four two‑bedroom, one‑bath units totaling 2,880 SF
- 0.23‑acre corner lot with two concrete block duplex buildings
- Each unit includes private laundry and a fenced backyard
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$33,617
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.49%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$672,340
$672.3K
Cap Rate 7%
$480,243
$480.2K
Cap Rate 9%
$373,522
$373.5K
Market Conditions
NOI Build-Up for 2,880 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$51.5K $17.88/SF
− Vacancy
−$3.5K −$1.21/SF
EGI
$48.0K $16.67/SF
− OpEx
−$14.4K −$5.00/SF
NOI
$33.6K $11.67/SF
Area
Pinellas County, FL
Vacancy
6.74%
Lease Rate
$17.88 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$672,340
Cap Rate 7%
$480,243
Cap Rate 9%
$373,522
Alternative Uses
Best Use
Multifamily LT 5
$480.2K
$420.2K – $560.3K
NOI $33,617 @ 7.0% cap · market cap 4.49%
Second Best
Apartment 5plus
$378.4K
$331.1K – $441.5K
NOI $26,488 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$749.1K
$655.5K – $874.0K
NOI $52,438 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
785
Businesses Nearby
Explore this area
Business Placement
Demographics for 33771, FL
29,766
Population
16,898
Households
1.8
Avg Household Size
54
Median Age
25%
College-Educated
90%
High-School Grad
6.0 sq mi
ZIP Area
4,961
Density / Sq Mi
$60,139
Median Household Income
$40,417
Median Earnings
$1,379
Median Rent
$145,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Income-producing four-unit property with individual laundry, updated bathrooms, separate utility meters, and no HOA.
Where is this quadplex located?
The property is located at 122 WERTZ Drive Largo, FL.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Four two‑bedroom, one‑bath units totaling 2,880 SF; 0.23‑acre corner lot with two concrete block duplex buildings; Each unit includes private laundry and a fenced backyard
