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 Market99
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: Oct 29
Last Checked: Oct 28 at 6:53AM
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
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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 / Yr
$16,995
Cap Rate
3.96%
Suggested Prices Based on Cap Rates
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
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
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 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
$378.7K
$331.4K – $441.8K
NOI $26,510 @ 7.0% cap · market cap 6.17%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
1,170
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
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
