Lake View Waterfront
For Sale
$429,500
121 BAY STREET, Tarpon Springs, FL 34689
Well-maintained duplex with lake views; Unit A is vacant and move-in ready and Unit B is tenant occupied.
Property Size1,456 SF
Price / SF$294.99
Days on Market53
Property Features for 121 BAY STREET
General Information
Standard status
Active
Size
1,456 SF
Property subtype
Half Duplex
Building Details
Year Built
1953
Listing Agency:
EXIT GLOBAL REALTY
(407) 725-7180
Listed By:
Maria Lammoglia · License #3511834
(321) 230-2042
Source:
Dennisrealty
Added: Jul 24
Changed: Sep 13
Last Checked: Sep 13 at 9:50AM
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 EXIT GLOBAL REALTY
Investment Insights
Based on property information with market context.
This well-maintained waterfront duplex features lake views and bright, comfortable layouts in each unit. Unit A is vacant and move-in ready, while Unit B is tenant occupied, providing immediate rental income. The property’s duplex configuration supports flexible ownership options, including owner-occupancy with rental income.
Located in the heart of Tarpon Springs, the property is minutes from the Sponge Docks and downtown Tarpon Springs, with access to shopping, restaurants, parks, beaches, and major roadways.
Located in the heart of Tarpon Springs, the property is minutes from the Sponge Docks and downtown Tarpon Springs, with access to shopping, restaurants, parks, beaches, and major roadways.
Key Highlights
- 1953‑built waterfront duplex with lake views
- Unit A is vacant and move‑in ready
- Unit B is tenant occupied, providing immediate rental income
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
$16,995
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
3.96%
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%
$339,900
$339.9K
Cap Rate 7%
$242,786
$242.8K
Cap Rate 9%
$188,833
$188.8K
Market Conditions
NOI Build-Up for 1,456 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
$26.0K $17.88/SF
− Vacancy
−$1.8K −$1.21/SF
EGI
$24.3K $16.67/SF
− OpEx
−$7.3K −$5.00/SF
NOI
$17.0K $11.67/SF
Area
Pasco 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%
$339,900
Cap Rate 7%
$242,786
Cap Rate 9%
$188,833
Alternative Uses
Best Use
Multifamily LT 5
$242.8K
$212.4K – $283.3K
NOI $16,995 @ 7.0% cap · market cap 3.96%
Second Best
Apartment 5plus
$191.3K
$167.4K – $223.2K
NOI $13,391 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$331.7K
$290.2K – $387.0K
NOI $23,217 @ 7.0% cap · market cap 5.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,170
Businesses Nearby
Explore this area
Business Placement
Demographics for 34689, FL
27,436
Population
14,193
Households
1.9
Avg Household Size
53
Median Age
32%
College-Educated
93%
High-School Grad
10.6 sq mi
ZIP Area
2,588
Density / Sq Mi
$66,523
Median Household Income
$45,294
Median Earnings
$1,207
Median Rent
$311,500
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained duplex with lake views; Unit A is vacant and move-in ready and Unit B is tenant occupied.
Where is this duplex located?
The property is located at 121 BAY STREET Tarpon Springs, FL.
What is the asking price?
The asking price for this property is $429,500.
What are key features of this property?
This property features: 1953‑built waterfront duplex with lake views; Unit A is vacant and move‑in ready; Unit B is tenant occupied, providing immediate rental income
