Waterfront Duplex with Lake
For Sale
$429,500
121 BAY Street, Tarpon Springs, FL 34689
Residential, TARPON SPRINGS, FL
Property Size1,456 SF
Lot Size0.12 Acres
Price / SF$294.99
Days on Market52
Property Features for 121 BAY Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RESI
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 3, Family Room, Bedroom 2
Pets allowed
Dogs OK, Cats OK
Interior features
Eat-in Kitchen, Kitchen/Family Room Combo, Open Floorplan, Solid Surface Counters, Solid Wood Cabinets
Exterior features
Garden
Appliances
Convection Oven, Cooktop, Dishwasher, Electric Water Heater, Microwave
Subdivision
WELSHS BAYOU ADD
Lot features
Corner Lot
View
Water
Directions
From US-19, head west on Tarpon Avenue. Turn right onto Pinellas Avenue, then left onto Bay Street. Property will be on the left at 121 Bay Street.
Standard status
Active
APN
12-27-15-95940-006-0061
Size
1,456 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WELSH'S BAYOU ADD BLK 6, LOT 6 LESS E 75FT
Tax Annual Amount
3297
Legal Description
WELSH'S BAYOU ADD BLK 6, LOT 6 LESS E 75FT
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1953
Floors in Building
1
Flooring type
Laminate
Building materials
Stucco
Roof type
Shingle
Listing Agency:
EXIT GLOBAL REALTY · EXIT Realty
(407) 725-7180
Listed By:
Maria Lammoglia · License #3511834
(321) 230-2042
Added: Jul 20
Changed: Sep 7
Last Checked: Sep 9 at 1:06PM
MLS# O6426847
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 1,456-square-foot duplex sits on a 0.12-acre lot with a waterfront setting and lake views. Built in 1953, the property includes two residential units with open floorplans, eat-in kitchens, family room combinations, solid surface counters, and solid wood cabinets. Laminate flooring, central air, central electric heat, shingle roofing, stucco construction, and public water and sewer serve the property.
Unit A is vacant and ready for occupancy, while Unit B is tenant occupied. The property is located at 121 Bay Street in Tarpon Springs, near the Sponge Docks, downtown, shopping, restaurants, parks, beaches, and major roadways. RESI zoning applies.
Unit A is vacant and ready for occupancy, while Unit B is tenant occupied. The property is located at 121 Bay Street in Tarpon Springs, near the Sponge Docks, downtown, shopping, restaurants, parks, beaches, and major roadways. RESI zoning applies.
Key Highlights
- Waterfront duplex with lake views
- 1,456 square feet on a 0.12‑acre lot
- Unit A is vacant; Unit B is tenant occupied
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
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Current Use
Lease Details
2
Residential units
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer flexible occupancy, with one vacant and the other 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: Waterfront duplex with lake views; 1,456 square feet on a 0.12‑acre lot; Unit A is vacant; Unit B is tenant occupied
