Historic Mixed-Use Main Street
For Sale
$3,999,000
454 MAIN ST, Safety Harbor, FL 34695
Charming mixed-use property with retail and residential income potential.
Property Size9,605 SF
Price / SF$416.35
Days on Market485
Property Features for 454 MAIN ST
General Information
Standard status
Active
Size
9,605 SF
Property subtype
Retail
Taxes and HOA fees
Annual Taxes
$26,285
Building Details
Building Size
9,605 SF
Year Built
1918
Listing Agency:
KELLER WILLIAMS TAMPA PROP.
(727) 410-2896
Listed By:
Alexander Lucke · License #3351552
Source:
Judibeck
Added: May 1, 2025
Changed: Aug 25
Last Checked: Aug 26 at 12:59PM
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 TAMPA PROP.
Investment Insights
Based on property information with market context.
Located in the heart of Safety Harbor, this mixed-use property, known as Harbor Inn on Main, is a generational asset. The property has 155 feet of frontage on Main Street, recently ranked among the best in the U.S. The building, constructed in 1918, features 9,605 square feet under roof and 2,599 square feet of balcony space. Zoned Main Street Marketplace (MSM), it supports various uses, including retail, multi-family, office, hospitality, and entertainment. Currently, the property operates as a hybrid LTR/STR Airbnb Superhost, featuring eight turnkey apartment units: six one-bedroom units and two studios, each with full kitchens and baths. There is also an opportunity to expand with a ninth unit or an owner/manager’s suite. The ground-floor retail space, totaling 2,983 square feet, is elevated above street level and benefits from natural light. The retail space is currently rented month to month. Capital improvements include a new roof in 2020 on the primary building and new HVAC with ductwork in 2023 in the retail space. Additional features include 14 private parking spaces and garage/storage space. The property is located in Flood Zone X, near the Safety Harbor Spa, and features two Great Oaks on site, steps away from the Third Friday Street Festival. The property offers charm, versatility, and income potential.
Key Highlights
- Prime Main Street location in a nationally recognized top small town (USA Today ranking).
- Income‑generating property currently operating as a top‑rated Airbnb Superhost with 8 turnkey apartment units.
- Versatile Main Street Marketplace (MSM) zoning allows for a wide variety of uses (retail, multi‑family, office, hospitality, entertainment).
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
$119,294
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
2.98%
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%
$2,385,880
$2.4M
Cap Rate 7%
$1,704,200
$1.7M
Cap Rate 9%
$1,325,489
$1.3M
Market Conditions
NOI Build-Up for 9,605 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
$207.5K $21.60/SF
− Vacancy
−$16.6K −$1.73/SF
EGI
$190.9K $19.87/SF
− OpEx
−$71.6K −$7.45/SF
NOI
$119.3K $12.42/SF
Area
Pinellas County, FL
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$2,385,880
Cap Rate 7%
$1,704,200
Cap Rate 9%
$1,325,489
Alternative Uses
Best Use
Mixed Use
$1.70M
$1.49M – $1.99M
NOI $119,294 @ 7.0% cap · market cap 2.98%
Second Best
Apartment 5plus
$1.26M
$1.10M – $1.47M
NOI $88,338 @ 7.0% cap · market cap 2.21%
Theoretical Best
Office A
$2.50M
$2.19M – $2.91M
NOI $174,884 @ 7.0% cap · market cap 4.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
955
Businesses Nearby
Explore this area
Business Placement
Demographics for 34695, FL
17,927
Population
8,025
Households
2.2
Avg Household Size
52
Median Age
46%
College-Educated
96%
High-School Grad
5.6 sq mi
ZIP Area
3,201
Density / Sq Mi
$96,138
Median Household Income
$53,436
Median Earnings
$1,680
Median Rent
$418,200
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?
Mixed-use property - Charming mixed-use property with retail and residential income potential.
Where is this mixed-use property located?
The property is located at 454 MAIN ST Safety Harbor, FL.
What is the asking price?
The asking price for this property is $3,999,000.
What are key features of this property?
This property features: Prime Main Street location in a nationally recognized top small town (USA Today ranking).; Income‑generating property currently operating as a top‑rated Airbnb Superhost with 8 turnkey apartment units.; Versatile Main Street Marketplace (MSM) zoning allows for a wide variety of uses (retail, multi‑family, office, hospitality, entertainment).
