Historic Mixed-Use
For Sale
$3,999,000
454 MAIN Street, Safety Harbor, FL 34695
Commercial Sale, SAFETY HARBOR, FL
Property Size9,605 SF
Lot Size0.45 Acres
Price / SF$416.35
Days on Market485
Property Features for 454 MAIN Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
MSM
Subdivision
GREEN SPGS
Lot features
Corner Lot
Directions
Heading east on Main Street, the subject property is located between 5th Ave S and 4th Ave S, and will be on the right side of the road.
Standard status
Active
APN
03-29-16-33372-013-0020
Size
9,605 SF
Lot size
0.45 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
GREEN SPRINGS BLK 13, LOTS 2, 3 & 6 LESS N 10FT OF LOT 2 FOR RD R/W
Tax Annual Amount
26285
Legal Description
GREEN SPRINGS BLK 13, LOTS 2, 3 & 6 LESS N 10FT OF LOT 2 FOR RD R/W
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
balcony
garage/storage
Building Details
Year built
1918
Floors in Building
2
Building materials
Block, Brick, Frame
Roof type
Shingle
Listing Agency:
KELLER WILLIAMS TAMPA PROP. · Keller Williams Realty
(813) 264-7754
Listed By:
Alexander Lucke · License #3351552
(727) 410-2896
Added: May 1, 2025
Changed: Aug 24
Last Checked: Aug 28 at 9:06PM
MLS# TB8381286
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.
Constructed in 1918, this mixed-use property contains 9,605 SF under roof along with 2,599 SF of balcony space. The residential component includes eight apartments—six one-bedroom units and two studios—with full kitchens and bathrooms. An additional ninth unit or owner-manager suite may be added. The elevated retail area covers 2,983 SF and is leased month to month, allowing continued occupancy or future owner use. A garage and storage area complement the building, which has 14 private parking spaces.
Zoned Main Street Marketplace (MSM), the property supports retail, multifamily, office, hospitality, and entertainment uses. Improvements include a roof installed in 2020 on the primary building and retail HVAC with ductwork added in 2023. The site is in Flood Zone X and is located on Main Street in Safety Harbor, within a short distance of the Safety Harbor Spa and the monthly Third Friday Street Festival.
Zoned Main Street Marketplace (MSM), the property supports retail, multifamily, office, hospitality, and entertainment uses. Improvements include a roof installed in 2020 on the primary building and retail HVAC with ductwork added in 2023. The site is in Flood Zone X and is located on Main Street in Safety Harbor, within a short distance of the Safety Harbor Spa and the monthly Third Friday Street Festival.
Key Highlights
- 9,605 SF under roof with 2,599 SF of balcony space
- Eight apartments: six one‑bedrooms and two studios, each with a full kitchen and bath
- 155 feet of frontage on Main Street
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
$119,294
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
2.98%
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%
$2,385,880
$2.4M
Cap Rate 7%
$1,704,200
$1.7M
Cap Rate 9%
$1,325,489
$1.3M
Market Conditions
NOI Build-Up for 9,605 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
$207.5K $21.60/SF
− Vacancy
−$16.6K −$1.73/SF
EGI
$190.9K $19.87/SF
− OpEx
−$71.6K −$7.45/SF
NOI
$119.3K $12.42/SF
Area
Pinellas County, FL
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$2,385,880
Cap Rate 7%
$1,704,200
Cap Rate 9%
$1,325,489
Alternative Uses
Best Use
Mixed Use
$1.70M
$1.49M – $1.99M
NOI $119,294 @ 7.0% cap · market cap 2.98%
Second Best
Retail
$1.35M
$1.18M – $1.57M
NOI $94,297 @ 7.0% cap · market cap 2.36%
Theoretical Best
Office A
$2.50M
$2.19M – $2.91M
NOI $174,884 @ 7.0% cap · market cap 4.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
955
Businesses Nearby
Explore this area
Business Placement
Demographics for 34695, FL
17,927
Population
8,025
Households
2.2
Avg Household Size
52
Median Age
46%
College-Educated
96%
High-School Grad
5.6 sq mi
ZIP Area
3,201
Density / Sq Mi
$96,138
Median Household Income
$53,436
Median Earnings
$1,680
Median Rent
$418,200
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?
Mixed-use property - Main Street frontage combines apartment units with elevated ground-floor retail.
Where is this mixed-use property located?
The property is located at 454 MAIN Street Safety Harbor, FL.
What is the asking price?
The asking price for this property is $3,999,000.
What are key features of this property?
This property features: 9,605 SF under roof with 2,599 SF of balcony space; Eight apartments: six one‑bedrooms and two studios, each with a full kitchen and bath; 155 feet of frontage on Main Street
