Income Quadplex With
For Sale
$550,000
10598 106th Ave, Largo, FL 33773
Income-producing quadplex with four one-bedroom, one-bath units across two buildings, including two attached one-car garages.
Property Size1,860 SF
Price / SF$295.70
Days on Market38
Property Features for 10598 106th Ave
General Information
Standard status
Active
Size
1,860 SF
Property subtype
Residential Income
Occupancy
75%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$7,791
Building Details
Tenancy
Multi
Listing Agency:
EXP REALTY LLC
(727) 510-0187
Listed By:
Jeffrey Borham, PA · License #3115528
(727) 510-0187
Source:
Exprealty
Added: Jul 23
Changed: Aug 25
Last Checked: Aug 29 at 2:59PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of EXP REALTY LLC
Investment Insights
Based on property information with market context.
This income-producing quadplex includes four one-bedroom, one-bath units across two separate buildings, with two units in each building. Three units are currently rented, and the fourth unit is being renovated. Two of the units feature attached one-car garages.
The property is described as being located in a non-flood zone. Roof updates include a 2024 roof on one building and a 2017 roof on the other.
Positioned for straightforward multifamily operation, the layout supports having multiple units in place while one unit is in renovation. The property is also described as being near Walsingham Park and convenient to shopping, restaurants, and everyday needs.
The property is described as being located in a non-flood zone. Roof updates include a 2024 roof on one building and a 2017 roof on the other.
Positioned for straightforward multifamily operation, the layout supports having multiple units in place while one unit is in renovation. The property is also described as being near Walsingham Park and convenient to shopping, restaurants, and everyday needs.
Key Highlights
- Income‑producing quadplex built in 1957 with four 1‑bedroom, 1‑bath units across two separate buildings
- Non‑flood zone location; three units currently rented and the fourth unit being renovated
- Two units include attached one‑car garages
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
$21,711
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
3.95%
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%
$434,220
$434.2K
Cap Rate 7%
$310,157
$310.2K
Cap Rate 9%
$241,233
$241.2K
Market Conditions
NOI Build-Up for 1,860 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
$33.3K $17.88/SF
− Vacancy
−$2.2K −$1.21/SF
EGI
$31.0K $16.67/SF
− OpEx
−$9.3K −$5.00/SF
NOI
$21.7K $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%
$434,220
Cap Rate 7%
$310,157
Cap Rate 9%
$241,233
Alternative Uses
Best Use
Multifamily LT 5
$310.2K
$271.4K – $361.9K
NOI $21,711 @ 7.0% cap · market cap 3.95%
Second Best
Apartment 5plus
$244.4K
$213.8K – $285.1K
NOI $17,107 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$483.8K
$423.3K – $564.4K
NOI $33,866 @ 7.0% cap · market cap 6.16%
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
Location Intelligence
Trade Area within ½ mile
558
Businesses Nearby
Explore this area
Business Placement
Demographics for 33773, FL
17,494
Population
8,353
Households
2.1
Avg Household Size
48
Median Age
31%
College-Educated
91%
High-School Grad
5.1 sq mi
ZIP Area
3,430
Density / Sq Mi
$74,115
Median Household Income
$46,759
Median Earnings
$1,567
Median Rent
$280,600
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 quadplex with four one-bedroom, one-bath units across two buildings, including two attached one-car garages.
Where is this quadplex located?
The property is located at 10598 106th Ave Largo, FL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Income‑producing quadplex built in 1957 with four 1‑bedroom, 1‑bath units across two separate buildings; Non‑flood zone location; three units currently rented and the fourth unit being renovated; Two units include attached one‑car garages
