Largo Multifamily Investment
For Sale
$1,200,000
518 6TH Ave SW, Largo, FL 33770
Turnkey multifamily property with five units in downtown Largo.
Property Size4,478 SF
Days on Market106
Property Features for 518 6TH Ave SW
General Information
Standard status
Active
Size
4,478 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$9,426
Building Details
Building Size
4,478 SF
Year Built
1920
Units
5
Listing Agency:
(727) 480-2938
Listed By:
James Endres
(727) 480-2938
Source:
Elliman
Added: Apr 24
Changed: Aug 7
Last Checked: Aug 7 at 4:33AM
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 James Endres
Investment Insights
Based on property information with market context.
This multifamily property features five units, totaling 11 beds and 6 baths, offering an immediate income opportunity. The property includes two units in the front building and three units in the rear building. The buildings are well-maintained, featuring newer roofs and recent paint. All units are currently rented with leases and security deposits in place. The property provides ample parking for tenants and convenient alley access. An income-generating coin laundry room is available for tenant use. Located in downtown Largo, the property is near Ulmer Park, Largo Central Park & Nature Preserve, shops, restaurants, and Liberty Yards. It is also a short drive from the beaches via the Belleair Bridge. The location has a bike score of 51, indicating it is bikeable, a walk score of 61, indicating it is somewhat walkable, and a transit score of 31, indicating some transit options are available. This property offers a cash flow opportunity for investors.
Key Highlights
- Turnkey multi‑family property with 5 units (11 beds, 6 baths) providing immediate income.
- All units are currently rented with leases and security deposits in place.
- Prime downtown Largo location, walkable to parks, shops, and restaurants.
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
$41,185
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
3.43%
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%
$823,700
$823.7K
Cap Rate 7%
$588,357
$588.4K
Cap Rate 9%
$457,611
$457.6K
Market Conditions
NOI Build-Up for 4,478 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
$80.6K $18.00/SF
− Vacancy
−$5.7K −$1.28/SF
EGI
$74.9K $16.72/SF
− OpEx
−$33.7K −$7.52/SF
NOI
$41.2K $9.20/SF
Area
Pinellas County, FL
Vacancy
7.10%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$823,700
Cap Rate 7%
$588,357
Cap Rate 9%
$457,611
Alternative Uses
Best Use
Apartment 5plus
$588.4K
$514.8K – $686.4K
NOI $41,185 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.02M – $1.36M
NOI $81,533 @ 7.0% cap · market cap 6.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,416
Businesses Nearby
Explore this area
Business Placement
Demographics for 33770, FL
25,475
Population
13,417
Households
1.9
Avg Household Size
50
Median Age
26%
College-Educated
90%
High-School Grad
5.2 sq mi
ZIP Area
4,899
Density / Sq Mi
$58,071
Median Household Income
$39,354
Median Earnings
$1,481
Median Rent
$245,200
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?
Apartment building - Turnkey multifamily property with five units in downtown Largo.
Where is this apartment building located?
The property is located at 518 6TH Ave SW Largo, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Turnkey multi‑family property with 5 units (11 beds, 6 baths) providing immediate income.; All units are currently rented with leases and security deposits in place.; Prime downtown Largo location, walkable to parks, shops, and restaurants.
