Leased Duplex with Updated
For Sale
$434,000
1005 LAKE PALMS DRIVE, Largo, FL 33771
Both units offer functional kitchens, dedicated parking, and access to outdoor space.
Property Size1,846 SF
Price / SF$235.10
Days on Market671
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Property Features for 1005 LAKE PALMS DRIVE
General Information
Standard status
Active
Size
1,846 SF
Property subtype
Multi Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$4,015
Building Details
Year Built
1973
Buildings
1
Tenancy
Multi
Listing Agency:
CENTURY 21 RE CHAMPIONS
(727) 398-2774
Listed By:
Kathryn Larkin · License #680392
(727) 709-0378
Source:
Exitrealty
Added: Dec 13, 2024
Changed: Sep 30
Last Checked: Sep 30 at 10:25AM
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 CENTURY 21 RE CHAMPIONS
Investment Insights
Based on property information with market context.
This duplex contains two residential units, each configured with 2 bedrooms and 1 bathroom. Both units are currently leased and feature updated flooring, fresh paint, and functional kitchens. The property was built in 1973 and includes separate parking for each unit, along with additional guest parking.
One unit has access to a large backyard, adding outdoor space to the property. The duplex is located at 1005 Lake Palms Drive in Largo, Florida, within a residential setting near major roadways, shopping, dining, schools, and the Gulf beaches.
One unit has access to a large backyard, adding outdoor space to the property. The duplex is located at 1005 Lake Palms Drive in Largo, Florida, within a residential setting near major roadways, shopping, dining, schools, and the Gulf beaches.
Key Highlights
- Two 2‑bedroom, 1‑bathroom units
- Both units currently leased
- Updated flooring and fresh paint in both units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,547
Cap Rate
4.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$430,940
$430.9K
Cap Rate 7%
$307,814
$307.8K
Cap Rate 9%
$239,411
$239.4K
Market Conditions
NOI Build-Up for 1,846 SF
Gross rent
$33.0K $17.88/SF
− Vacancy
−$2.2K −$1.21/SF
EGI
$30.8K $16.67/SF
− OpEx
−$9.2K −$5.00/SF
NOI
$21.5K $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 Rate 5%
$430,940
Cap Rate 7%
$307,814
Cap Rate 9%
$239,411
Alternative Uses
Best Use
Multifamily LT 5
$307.8K
$269.3K – $359.1K
NOI $21,547 @ 7.0% cap · market cap 4.96%
Second Best
Apartment 5plus
$242.5K
$212.2K – $283.0K
NOI $16,978 @ 7.0% cap · market cap 3.91%
Theoretical Best
Office A
$480.2K
$420.1K – $560.2K
NOI $33,611 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
685
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Both units offer functional kitchens, dedicated parking, and access to outdoor space.
Where is this duplex located?
The property is located at 1005 LAKE PALMS DRIVE Largo, FL.
What is the asking price?
The asking price for this property is $434,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bathroom units; Both units currently leased; Updated flooring and fresh paint in both units
