Income-Producing Largo Quadruplex For
For Sale
$749,000
Pending
122 Wertz Drive, Largo, FL 33771
Fully leased quadruplex in Largo with immediate income potential.
Property Size2,880 SF
Days on Market102
Property Features for 122 Wertz Drive
General Information
Standard status
Pending
Size
2,880 SF
Property subtype
Residential Income / Quadruplex
Taxes and HOA fees
Annual Taxes
$11,297
Amenities
Wall/Window Unit(s)
Wall Units / Window Unit
Laminate
No
Electric Water Heater, Range, Refrigerator
8
Electric Dryer Hookup, Laundry Room, Washer Hookup
Ceiling Fan(s), Eating Space In Kitchen
Square Feet
Public Records
Shingle
Shed(s)
Fenced
Slab
Block, Stucco
Building Details
Year Built
1967
Listing Agency:
KELLER WILLIAMS GULF BEACHES
(727) 331-5500
Listed By:
Troy Walseth · License #3261857
(727) 331-5500
Source:
Compass
Added: May 20
Changed: Aug 25
Last Checked: Aug 29 at 3:41PM
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 KELLER WILLIAMS GULF BEACHES
Investment Insights
Based on property information with market context.
This is a fully income-producing quadruplex located in Largo. The property features documented cash flow and long-term tenants. One vacant unit has been freshly prepared for immediate occupancy. The property consists of two concrete block duplexes situated on a corner lot. There are a total of eight bedrooms and four bathrooms, divided into four two-bedroom, one-bath units. Each unit includes its own laundry facilities and a private fenced backyard. The property generates $79,920 in annual gross income and $69,381 net. Tenants are responsible for electric and water, which are separately metered. Three units are leased annually. The fourth unit has been freshly painted and includes a new refrigerator. Updated bathrooms are present across all four units. Two units have private driveways, while the other two share a four-car lot. On-street guest parking is also available. The property features block and stucco construction and is located in Flood Zone X, eliminating the need for flood insurance. There is no HOA. Morton Plant Hospital, Belleair Beach, and St. Pete-Clearwater Airport are all within a short drive. This location supports reliable long-term tenant demand in the Pinellas County rental market.
Key Highlights
- Fully income‑producing quadruplex with documented cash flow ($79,920 annual gross, $69,381 net).
- Long‑term tenants in place with three units leased annually and one vacant unit ready for immediate occupancy.
- Each unit features two bedrooms, one bath, private laundry, and a private fenced backyard.
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
$33,617
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
4.49%
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%
$672,340
$672.3K
Cap Rate 7%
$480,243
$480.2K
Cap Rate 9%
$373,522
$373.5K
Market Conditions
NOI Build-Up for 2,880 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
$51.5K $17.88/SF
− Vacancy
−$3.5K −$1.21/SF
EGI
$48.0K $16.67/SF
− OpEx
−$14.4K −$5.00/SF
NOI
$33.6K $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 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%
$672,340
Cap Rate 7%
$480,243
Cap Rate 9%
$373,522
Alternative Uses
Best Use
Multifamily LT 5
$480.2K
$420.2K – $560.3K
NOI $33,617 @ 7.0% cap · market cap 4.49%
Second Best
Apartment 5plus
$378.4K
$331.1K – $441.5K
NOI $26,488 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$749.1K
$655.5K – $874.0K
NOI $52,438 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
785
Businesses Nearby
Explore this area
Business Placement
Demographics for 33771, FL
29,766
Population
16,898
Households
1.8
Avg Household Size
54
Median Age
25%
College-Educated
90%
High-School Grad
6.0 sq mi
ZIP Area
4,961
Density / Sq Mi
$60,139
Median Household Income
$40,417
Median Earnings
$1,379
Median Rent
$145,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully leased quadruplex in Largo with immediate income potential.
Where is this quadplex located?
The property is located at 122 Wertz Drive Largo, FL.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Fully income‑producing quadruplex with documented cash flow ($79,920 annual gross, $69,381 net).; Long‑term tenants in place with three units leased annually and one vacant unit ready for immediate occupancy.; Each unit features two bedrooms, one bath, private laundry, and a private fenced backyard.
