Renovated Two-Unit
For Sale
$485,000
Pending
3405 SHERWOOD DRIVE, Largo, FL 33771
Both residences feature three bedrooms, one bathroom, and tenant-paid utilities including water.
Property Size2,166 SF
Days on Market562
Property Features for 3405 SHERWOOD DRIVE
General Information
Standard status
Pending
Size
2,166 SF
Property subtype
Multi Family
Property Condition
Severity
Repairs Needed
Evidence
Minimal work required
Taxes and HOA fees
Annual Taxes
$5,396
Building Details
Year Built
1980
Listing Agency:
STONEBRIDGE REAL ESTATE CO
(727) 455-0221
Listed By:
Ben Magnie · License #3463003
(727) 455-0221
Source:
Exitrealty
Added: Feb 13, 2025
Changed: Aug 29
Last Checked: Aug 29 at 4:29PM
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 STONEBRIDGE REAL ESTATE CO
Investment Insights
Based on property information with market context.
This duplex contains two three-bedroom, one-bathroom residences with more than 1,000 square feet of living space per unit and 2,166 square feet overall. Interior improvements include LVP flooring and updated kitchens, while the property also benefits from replacement windows and a roof installed in 2021.
Located at 3405 Sherwood Drive in Largo, Florida, the property includes a yard serving one of the residences. Tenants are responsible for all utilities, including water, supporting a straightforward operating arrangement. The building was constructed in 1980 and is configured for two separate residential units.
Located at 3405 Sherwood Drive in Largo, Florida, the property includes a yard serving one of the residences. Tenants are responsible for all utilities, including water, supporting a straightforward operating arrangement. The building was constructed in 1980 and is configured for two separate residential units.
Key Highlights
- Duplex with two three‑bedroom, one‑bathroom units
- 2,166 square feet overall; each unit exceeds 1,000 square feet
- Replacement windows and roof installed in 2021
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
$25,282
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
5.21%
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%
$505,640
$505.6K
Cap Rate 7%
$361,171
$361.2K
Cap Rate 9%
$280,911
$280.9K
Market Conditions
NOI Build-Up for 2,166 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
$38.7K $17.88/SF
− Vacancy
−$2.6K −$1.21/SF
EGI
$36.1K $16.67/SF
− OpEx
−$10.8K −$5.00/SF
NOI
$25.3K $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%
$505,640
Cap Rate 7%
$361,171
Cap Rate 9%
$280,911
Alternative Uses
Best Use
Multifamily LT 5
$361.2K
$316.0K – $421.4K
NOI $25,282 @ 7.0% cap · market cap 5.21%
Second Best
Apartment 5plus
$284.6K
$249.0K – $332.0K
NOI $19,921 @ 7.0% cap · market cap 4.11%
Theoretical Best
Office A
$563.4K
$493.0K – $657.3K
NOI $39,438 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
800
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?
Duplex - Both residences feature three bedrooms, one bathroom, and tenant-paid utilities including water.
Where is this duplex located?
The property is located at 3405 SHERWOOD DRIVE Largo, FL.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Duplex with two three‑bedroom, one‑bathroom units; 2,166 square feet overall; each unit exceeds 1,000 square feet; Replacement windows and roof installed in 2021
