Two-Unit Block
For Sale
$399,000
118 LAKE Avenue SE, Largo, FL 33771
Residential Income, LARGO, FL
Property Size1,718 SF
Lot Size0.32 Acres
Price / SF$232.25
Days on Market164
Property Features for 118 LAKE Avenue SE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 4, Bedroom 3
Patio and Porch features
Porch
Pets allowed
Cats OK, Dogs OK
Interior features
Eat-in Kitchen
Exterior features
Private Entrance, Private Mailbox
Appliances
Range, Range Hood, Refrigerator
Subdivision
LAKE PALMS SEC 4
Directions
Belcher Rd/ West on East Bay Dr/ Left on Fulton/ Right on Lake Ave SE/ House on the right.
Standard status
Active
APN
36-29-15-48168-000-0240
Size
1,718 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LAKE PALMS SEC 4 LOT 24
Tax Annual Amount
5696
Legal Description
LAKE PALMS SEC 4 LOT 24
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1973
Floors in Building
1
Flooring type
Tile - Ceramic, Laminate
Building materials
Block
Roof type
Shingle
Listing Agency:
CHARLES RUTENBERG REALTY INC
(727) 538-9200
Listed By:
Renny Bryden · License #520469
(727) 492-9502
Added: Apr 22
Changed: Oct 2
Last Checked: Oct 2 at 5:06AM
MLS# TB8499836
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 single-story, block-construction duplex contains 1,718 square feet and dates to 1973. The property includes two separate residences, each with its own water and electric meter, water heater, HVAC system, and washer and dryer hookups. One unit is vacant and has three bedrooms and one bathroom; the other is occupied under a yearly lease that ends in October. The building has central heating and air conditioning, public water and sewer, and a porch.
The parcel spans approximately 0.32 acres, with dimensions of about 70 by 203 feet. Parking is available on site. Separate entrances and mailboxes serve the residences.
The parcel spans approximately 0.32 acres, with dimensions of about 70 by 203 feet. Parking is available on site. Separate entrances and mailboxes serve the residences.
Key Highlights
- Two‑unit duplex with 1,718 square feet
- 0.32‑acre lot measuring approximately 70 by 203 feet
- One vacant residence has 3 bedrooms and 1 bathroom
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
$20,053
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
5.03%
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%
$401,060
$401.1K
Cap Rate 7%
$286,471
$286.5K
Cap Rate 9%
$222,811
$222.8K
Market Conditions
NOI Build-Up for 1,718 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
$30.7K $17.88/SF
− Vacancy
−$2.1K −$1.21/SF
EGI
$28.6K $16.67/SF
− OpEx
−$8.6K −$5.00/SF
NOI
$20.1K $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%
$401,060
Cap Rate 7%
$286,471
Cap Rate 9%
$222,811
Alternative Uses
Best Use
Multifamily LT 5
$286.5K
$250.7K – $334.2K
NOI $20,053 @ 7.0% cap · market cap 5.03%
Second Best
Apartment 5plus
$225.7K
$197.5K – $263.4K
NOI $15,801 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$446.9K
$391.0K – $521.4K
NOI $31,281 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
50%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
934
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Each residence has independent utility meters, water heating, and HVAC equipment.
Where is this duplex located?
The property is located at 118 LAKE Avenue SE Largo, FL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,718 square feet; 0.32‑acre lot measuring approximately 70 by 203 feet; One vacant residence has 3 bedrooms and 1 bathroom
