Residential Development Land With
For Sale
$799,900
1200 8th Ave SW Unit 1, Largo, FL 33770
Two parcels totaling a legally non-conforming pizza restaurant within a development site requiring rezoning for full conformity.
Property Size3,951 SF
Price / SF$202.46
Days on Market48
Property Features for 1200 8th Ave SW Unit 1
General Information
Standard status
Active
Size
3,951 SF
Additional Details
Multifamily Units
15
Building Details
Year Built
1959
Listing Agency:
REK REALTY
Listed By:
Adam Kimbrell · License #3312343
(727) 239-6751
Source:
Flflourish
Added: Jul 23
Changed: Sep 8
Last Checked: Sep 7 at 8:08AM
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 REK REALTY
Investment Insights
Based on property information with market context.
This sale presents a 15-unit residential development opportunity comprising two parcels. One parcel currently supports a pizza restaurant operated under a legally non-conforming use tied to a Commercial Condo designation. Zoning and land-use designations vary by parcel, with one parcel listed as Recreational and the other as Medium Residential per the City of Largo.
According to the City’s Planning Department, achieving a fully conforming use across both parcels would require rezoning the parcel currently designated Recreational to Medium Residential. Once fully rezoned, the property may support multifamily residential density of up to 15 units per acre and development potential of up to four stories (buyer to verify).
Development possibilities may include townhomes, apartments, condos, or smaller multifamily configurations such as duplexes, triplexes, and fourplexes. The listing includes both parcels at this address, and the site is described as being near Taylor Park, alongside redevelopment of a former golf course behind the property that the City of Largo is converting into a water management district with plans for a walking park/greenspace (buyer to verify).
According to the City’s Planning Department, achieving a fully conforming use across both parcels would require rezoning the parcel currently designated Recreational to Medium Residential. Once fully rezoned, the property may support multifamily residential density of up to 15 units per acre and development potential of up to four stories (buyer to verify).
Development possibilities may include townhomes, apartments, condos, or smaller multifamily configurations such as duplexes, triplexes, and fourplexes. The listing includes both parcels at this address, and the site is described as being near Taylor Park, alongside redevelopment of a former golf course behind the property that the City of Largo is converting into a water management district with plans for a walking park/greenspace (buyer to verify).
Key Highlights
- 15‑unit residential development opportunity with two parcels included in the sale
- Existing legally non‑conforming property operates as a pizza restaurant under a Commercial Condo designation
- City of Largo zoning/land use: one parcel is Recreational and the other is Medium Residential
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
$43,915
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
5.49%
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%
$878,300
$878.3K
Cap Rate 7%
$627,357
$627.4K
Cap Rate 9%
$487,944
$487.9K
Market Conditions
NOI Build-Up for 3,951 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
$61.6K $15.60/SF
− Vacancy
−$3.1K −$0.78/SF
EGI
$58.6K $14.82/SF
− OpEx
−$14.6K −$3.70/SF
NOI
$43.9K $11.11/SF
Area
Pinellas County, FL
Vacancy
5.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
25.00%
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%
$878,300
Cap Rate 7%
$627,357
Cap Rate 9%
$487,944
Alternative Uses
Best Use
Specialty Retail
$627.4K
$548.9K – $731.9K
NOI $43,915 @ 7.0% cap · market cap 5.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$899.2K – $1.20M
NOI $71,938 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
544
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 Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential land & home lot - Two parcels totaling a legally non-conforming pizza restaurant within a development site requiring rezoning for full conformity.
Where is this residential land & home lot located?
The property is located at 1200 8th Ave SW Unit 1 Largo, FL.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 15‑unit residential development opportunity with two parcels included in the sale; Existing legally non‑conforming property operates as a pizza restaurant under a Commercial Condo designation; City of Largo zoning/land use: one parcel is Recreational and the other is Medium Residential
