Two-Unit Duplex Near Lakefront
For Sale
Under Contract
$359,000
397 SW 2ND Street, Largo, FL 33770
Residential Income, LARGO, FL
Property Size1,462 SF
Lot Size0.11 Acres
Price / SF$245.55
Days on Market61
Property Features for 397 SW 2ND Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 1, Family Room, Bedroom 2
Interior features
Kitchen/Family Room Combo
Exterior features
Sidewalk
Appliances
Electric Water Heater, Range, Refrigerator
Subdivision
BARRINGER
View
Park
Elementary school
Mildred Helms Elementary-PN
Middle school
Largo Middle-PN
High school
Largo High-PN
Directions
West Bay Drive to 2nd Street SW. Head south. The duplex is on the right.
Standard status
Active Under Contract
APN
34-29-15-02855-000-0020
Size
1,462 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Barringer Subdivision Lot 2
Tax Annual Amount
5267
Legal Description
Barringer Subdivision Lot 2
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Amenities
inside laundry
Building Details
Year built
1986
Floors in Building
1
Number of units
2
Flooring type
Carpet, Tile
Building materials
Frame
Roof type
Shingle
Listing Agency:
COLDWELL BANKER REALTY
(727) 822-9111
Listed By:
Brad Bess · License #3232141
(727) 324-3077
Added: Jul 13
Changed: Sep 5
Last Checked: Sep 11 at 7:06PM
MLS# TB8527748
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 1,462-square-foot duplex, built in 1986, contains two 2-bedroom, 1-bath units. Each unit includes inside laundry, a kitchen/family room combination, carpet and tile flooring, and individual range and refrigerator appliances. The frame structure has a shingle roof, central air, central electric heating, public water, and public sewer. A sidewalk provides exterior access, and the property sits on a 0.11-acre lot.
Located at 397 SW 2ND Street in Largo, the duplex is directly across from a lakefront park with walking paths and open green space. The property is also near downtown Largo, additional parks, a skate park, restaurants, shopping, and community events. The two-unit configuration supports owner-occupancy with a separate rental unit or leasing both residences.
Located at 397 SW 2ND Street in Largo, the duplex is directly across from a lakefront park with walking paths and open green space. The property is also near downtown Largo, additional parks, a skate park, restaurants, shopping, and community events. The two-unit configuration supports owner-occupancy with a separate rental unit or leasing both residences.
Key Highlights
- Two 2‑bedroom, 1‑bath units
- 1,462 square feet on a 0.11‑acre lot
- Built in 1986 with frame construction and shingle roof
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
$17,065
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
4.75%
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%
$341,300
$341.3K
Cap Rate 7%
$243,786
$243.8K
Cap Rate 9%
$189,611
$189.6K
Market Conditions
NOI Build-Up for 1,462 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
$26.1K $17.88/SF
− Vacancy
−$1.8K −$1.21/SF
EGI
$24.4K $16.67/SF
− OpEx
−$7.3K −$5.00/SF
NOI
$17.1K $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%
$341,300
Cap Rate 7%
$243,786
Cap Rate 9%
$189,611
Alternative Uses
Best Use
Multifamily LT 5
$243.8K
$213.3K – $284.4K
NOI $17,065 @ 7.0% cap · market cap 4.75%
Second Best
Apartment 5plus
$192.1K
$168.1K – $224.1K
NOI $13,446 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$380.3K
$332.7K – $443.7K
NOI $26,619 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,317
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom residences include private laundry areas and access to a shared family-room layout.
Where is this duplex located?
The property is located at 397 SW 2ND Street Largo, FL.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units; 1,462 square feet on a 0.11‑acre lot; Built in 1986 with frame construction and shingle roof
