Corner Office Condominium
For Sale
$740,000
13191 Starkey Road Unit 15 & 16, Largo, FL 33773
Two contiguous office condominiums totaling 3,550 SF with corner access from two sides and two separate parking lots.
Property Size3,550 SF
Price / SF$208.45
Days on Market1845
Property Features for 13191 Starkey Road Unit 15 & 16
General Information
Standard status
Active
Size
3,550 SF
Property subtype
Commercial
Building Details
Year Built
1988
Tenancy
Multi
Listing Agency:
BAY STREET COMMERCIAL LLC
Listed By:
Michael Braccia,PA · License #SL3033512
(813) 254-6756
Source:
Realtygroupfl
Added: Aug 31, 2021
Changed: Sep 17
Last Checked: Sep 18 at 9:42AM
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 BAY STREET COMMERCIAL LLC
Investment Insights
Based on property information with market context.
Two adjacent, contiguous office condominiums are available in Crown Point Center. The combined space totals 3,550 SF and is set up as a corner unit accessible from both sides of the building and from two separate parking lots.
Internally, the layout includes a wide-open, light-filled reception area and an open floor workspace for cubicles with surrounding windows. There are three private offices, a dedicated filing/storage area, a large open production or bullpen area, additional restrooms, and a private break-room.
Crown Point Center is described as a well maintained, easily accessible professional office center with multiple medical and professional office users and abundant parking. Association dues are $1,500 per month for the two units and include roof, exterior, common areas, water, sewer, garbage, and exterior insurance.
Internally, the layout includes a wide-open, light-filled reception area and an open floor workspace for cubicles with surrounding windows. There are three private offices, a dedicated filing/storage area, a large open production or bullpen area, additional restrooms, and a private break-room.
Crown Point Center is described as a well maintained, easily accessible professional office center with multiple medical and professional office users and abundant parking. Association dues are $1,500 per month for the two units and include roof, exterior, common areas, water, sewer, garbage, and exterior insurance.
Key Highlights
- Two contiguous office condominiums in Crown Point Center totaling 3,550 SF (Unit 15: 2,080 SF; Unit 16: 1,470 SF).
- Corner unit access from both sides of the building and from two separate parking lots.
- Reception area plus open floor workspace for cubicles surrounded by windows.
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
$55,119
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
7.45%
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%
$1,102,380
$1.1M
Cap Rate 7%
$787,414
$787.4K
Cap Rate 9%
$612,433
$612.4K
Market Conditions
NOI Build-Up for 3,550 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
$92.4K $26.04/SF
− Vacancy
−$19.0K −$5.34/SF
EGI
$73.5K $20.70/SF
− OpEx
−$18.4K −$5.18/SF
NOI
$55.1K $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%
$1,102,380
Cap Rate 7%
$787,414
Cap Rate 9%
$612,433
Alternative Uses
Best Use
Office B
$787.4K
$689.0K – $918.7K
NOI $55,119 @ 7.0% cap · market cap 7.45%
Second Best
Healthcare Medical
$467.7K
$409.3K – $545.7K
NOI $32,742 @ 7.0% cap · market cap 4.42%
Theoretical Best
Office A
$923.4K
$808.0K – $1.08M
NOI $64,637 @ 7.0% cap · market cap 8.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,326
Businesses Nearby
Explore this area
Business Placement
Demographics for 33773, FL
17,494
Population
8,353
Households
2.1
Avg Household Size
48
Median Age
31%
College-Educated
91%
High-School Grad
5.1 sq mi
ZIP Area
3,430
Density / Sq Mi
$74,115
Median Household Income
$46,759
Median Earnings
$1,567
Median Rent
$280,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office units - Two contiguous office condominiums totaling 3,550 SF with corner access from two sides and two separate parking lots.
Where is this office units located?
The property is located at 13191 Starkey Road Unit 15 & 16 Largo, FL.
What is the asking price?
The asking price for this property is $740,000.
What are key features of this property?
This property features: Two contiguous office condominiums in Crown Point Center totaling 3,550 SF (Unit 15: 2,080 SF; Unit 16: 1,470 SF).; Corner unit access from both sides of the building and from two separate parking lots.; Reception area plus open floor workspace for cubicles surrounded by windows.
