Updated Duplex with Separate Electric
For Sale
Under Contract
$449,000
3223 DRYER Avenue, Largo, FL 33770
MULTI_FAMILY - LARGO, FL
Property Size1,980 SF
Lot Size0.17 Acres
Price / SF$226.77
Days on Market19
Property Features for 3223 DRYER Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 1, Bedroom 4, Bathroom 1
Interior features
Ceiling Fans(s), Primary Bedroom Main Floor, Walk-In Closet(s), Window Treatments
Exterior features
Storage
Subdivision
HARBOR LAKE ESTATES
Directions
Head South on Indian Rocks Rd, turn East at Dryer Ave to Address.
Standard status
Active Under Contract
APN
05-30-15-36180-001-0010
Size
1,980 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HARBOR LAKE ESTATES BLK A, LOT 1
Tax Annual Amount
5283
Legal Description
HARBOR LAKE ESTATES BLK A, LOT 1
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Amenities
new stainless-steel appliances
ceiling fans
mini-split A/C
indoor laundry room
central air conditioning
separate electric meters
private backyard
Building Details
Year built
1970
Floors in Building
1
Number of units
2
Building materials
Block, Stucco
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
COLDWELL BANKER REALTY
(727) 581-9411
Listed By:
Martha Thorn · License #477603
(727) 432-9019
Added: Jul 20
Changed: Aug 3
Last Checked: Aug 7 at 5:06PM
MLS# TB8530064
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.
Updated duplex at 3223 Dryer Avenue, Largo, FL 33770, built in 1970 with block and stucco construction and a shingle roof. The property sits on 0.17 acres and includes 1,980 square feet of living space.
Both units have been refreshed with new interior and exterior paint, updated baths with new vanities and toilets, luxury vinyl flooring, ceiling fans, and new stainless-steel appliances. Unit 3223 includes a completely renovated kitchen, a spacious family room, and an indoor laundry room, with a new mini-split A/C. Unit 3225 features a brand-new central air conditioning system. Separate electric meters support flexible living arrangements.
Additional exterior features include storage, along with a private backyard shaded by a mature tree.
Both units have been refreshed with new interior and exterior paint, updated baths with new vanities and toilets, luxury vinyl flooring, ceiling fans, and new stainless-steel appliances. Unit 3223 includes a completely renovated kitchen, a spacious family room, and an indoor laundry room, with a new mini-split A/C. Unit 3225 features a brand-new central air conditioning system. Separate electric meters support flexible living arrangements.
Additional exterior features include storage, along with a private backyard shaded by a mature tree.
Key Highlights
- 0.17 acres total lot size
- 1,980 SF living space
- Built in 1970 with block and stucco construction
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
$23,111
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
5.15%
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%
$462,220
$462.2K
Cap Rate 7%
$330,157
$330.2K
Cap Rate 9%
$256,789
$256.8K
Market Conditions
NOI Build-Up for 1,980 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
$35.4K $17.88/SF
− Vacancy
−$2.4K −$1.21/SF
EGI
$33.0K $16.67/SF
− OpEx
−$9.9K −$5.00/SF
NOI
$23.1K $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%
$462,220
Cap Rate 7%
$330,157
Cap Rate 9%
$256,789
Alternative Uses
Best Use
Multifamily LT 5
$330.2K
$288.9K – $385.2K
NOI $23,111 @ 7.0% cap · market cap 5.15%
Second Best
Apartment 5plus
$260.1K
$227.6K – $303.5K
NOI $18,210 @ 7.0% cap · market cap 4.06%
Theoretical Best
Office A
$515.0K
$450.6K – $600.9K
NOI $36,051 @ 7.0% cap · market cap 8.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
352
Businesses Nearby
Explore this area
Business Placement
Demographics for 33770, FL
25,475
Population
13,417
Households
1.9
Avg Household Size
50
Median Age
26%
College-Educated
90%
High-School Grad
5.2 sq mi
ZIP Area
4,899
Density / Sq Mi
$58,071
Median Household Income
$39,354
Median Earnings
$1,481
Median Rent
$245,200
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?
Duplex - Updated block duplex with separate electric meters, central air, and refreshed interiors including new appliances and vinyl flooring.
Where is this duplex located?
The property is located at 3223 DRYER Avenue Largo, FL.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 0.17 acres total lot size; 1,980 SF living space; Built in 1970 with block and stucco construction
