Office Condo with Private
For Sale
$275,000
12b-10225 Ulmerton Rd, Largo, FL 33771
Flexible professional layout with reception, conference space, and natural light.
Property Size1,525 SF
Price / SF$180.33
Days on Market56
Property Features for 12b-10225 Ulmerton Rd
General Information
Standard status
Active
Size
1,525 SF
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,338
Listing Agency:
ALIGN RIGHT REALTY LLC
(812) 606-7832
Listed By:
Levi Blake · License #3611139
(812) 606-7832
Source:
Exprealty
Added: Jun 19
Changed: Aug 11
Last Checked: Aug 12 at 12:17PM
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 ALIGN RIGHT REALTY LLC
Investment Insights
Based on property information with market context.
This 1,525 SF office condo provides a practical setting for professional services, with four private offices, a reception area, and a spacious conference room that can be reconfigured as a fifth office. The multi-story layout includes direct access to the second floor, supporting separation between client-facing and staff areas. Natural light contributes to the interior workspace, while the office condominium complex offers ample parking and a maintained professional environment.
The property is located at 12B-10225 Ulmerton Rd in Largo, with visibility along Ulmerton Road and convenient connections to US-19 and Seminole Boulevard. Retail, dining, and established business corridors are also identified in the surrounding area.
The property is located at 12B-10225 Ulmerton Rd in Largo, with visibility along Ulmerton Road and convenient connections to US-19 and Seminole Boulevard. Retail, dining, and established business corridors are also identified in the surrounding area.
Key Highlights
- 1,525 SF office condo with four private offices
- Conference room can be converted into a fifth office
- Reception area and multi‑story configuration
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
$23,678
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
8.61%
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%
$473,560
$473.6K
Cap Rate 7%
$338,257
$338.3K
Cap Rate 9%
$263,089
$263.1K
Market Conditions
NOI Build-Up for 1,525 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
$39.7K $26.04/SF
− Vacancy
−$8.1K −$5.34/SF
EGI
$31.6K $20.70/SF
− OpEx
−$7.9K −$5.18/SF
NOI
$23.7K $15.53/SF
Area
Pinellas County, FL
Vacancy
20.50%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
25.00%
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%
$473,560
Cap Rate 7%
$338,257
Cap Rate 9%
$263,089
Alternative Uses
Best Use
Office B
$338.3K
$296.0K – $394.6K
NOI $23,678 @ 7.0% cap · market cap 8.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$396.7K
$347.1K – $462.8K
NOI $27,767 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,107
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Flexible professional layout with reception, conference space, and natural light.
Where is this office units located?
The property is located at 12b-10225 Ulmerton Rd Largo, FL.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 1,525 SF office condo with four private offices; Conference room can be converted into a fifth office; Reception area and multi‑story configuration
