Waterfront Duplex with Lake
121 BAY Street Tarpon Springs, FL 34689
New
For Sale
$429,500
MULTI_FAMILY - TARPON SPRINGS, FL
Property Size1,456 SF
Lot Size0.12 Acres
Price / SF$294.99
Days on Market6
Property Features for 121 BAY Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Duplex
- Zoning
- RESI
- Bedrooms
- 3
- Bathrooms
- 2
- Rooms
- Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 2, Family Room, Bedroom 3
- 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
- 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
Utilities
- Sewer type
- Public Sewer
- Heating system
- Central, Electric (Heating)
- 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
(407) 725-7180
Listed By:
Maria Lammoglia
(321) 230-2042
Added: Jul 20
Changed: Jul 25
Last Checked: Jul 25 at 5:06PM
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 waterfront duplex is offered as a well-maintained two-unit property with lake views. The layout includes Unit A and Unit B, with Unit A vacant and move-in ready, and Unit B tenant occupied. Total property size is listed at 1,456 square feet, sitting on a 0.12-acre lot.
Located at 121 Bay Street in Tarpon Springs, Florida (Pinellas County), the property is positioned close to the Sponge Docks and downtown Tarpon Springs, with access to shopping, restaurants, parks, beaches, and major roadways noted in the remarks. Zoning is listed as RESI.
The current unit status provides immediate flexibility for an owner-occupant or investor, with one unit ready for occupancy and the other already producing rental income.
Located at 121 Bay Street in Tarpon Springs, Florida (Pinellas County), the property is positioned close to the Sponge Docks and downtown Tarpon Springs, with access to shopping, restaurants, parks, beaches, and major roadways noted in the remarks. Zoning is listed as RESI.
The current unit status provides immediate flexibility for an owner-occupant or investor, with one unit ready for occupancy and the other already producing rental income.
Key Highlights
- Duplex with waterfront setting and lake views in Tarpon Springs
- Unit A is vacant and move‑in ready; Unit B is tenant occupied for immediate rental income
- Interior features include eat‑in kitchen, open floorplan, and kitchen/family room combo
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $26.0k | $17.88 |
| − Vacancy | −$1.8k | −$1.21 |
| EGI | $24.3k | $16.67 |
| − OpEx | −$7.3k | −$5.00 |
| NOI | $17.0k | $11.67 |
1,456 SF · lease $17.88/SF/yr · vacancy 6.74% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Duplex with two units, including a vacant Unit A and tenant-occupied Unit B.
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: Duplex with waterfront setting and lake views in Tarpon Springs; Unit A is vacant and move‑in ready; Unit B is tenant occupied for immediate rental income; Interior features include eat‑in kitchen, open floorplan, and kitchen/family room combo
