Multi-Building Mixed-Use
New
For Sale
$1,099,000
1631-1661 W BAY DR, Largo, FL 33770
Three solid-block buildings combine retail space, service areas, and existing tenant occupancy along West Bay Drive.
Property Size5,730 SF
Lot Size0.52 Acres
Price / SF$191.80
Days on Market4
Property Features for 1631-1661 W BAY DR
General Information
Standard status
Active
Size
5,730 SF
Total Parking Spaces
18
Lot size
0.52 Acres
Property subtype
Office
Zoning
CG
Occupancy
50%
Site & Location
Pylon Signage
Yes
Traffic Count
24,000 vehicles/day
Taxes and HOA fees
Annual Taxes
$15,379
Building Details
Building Size
5,730 SF
Year Built
1972
Buildings
3
Construction
solid-block
Tenancy
Multi
Listing Agency:
EXP REALTY LLC
Listed By:
Drew Moser · License #3404374
(727) 314-3942
Source:
Judibeck
Added: Sep 21
Changed: Sep 23
Last Checked: Sep 22 at 2:35PM
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 EXP REALTY LLC
Investment Insights
Based on property information with market context.
This mixed-use commercial property includes three solid-block buildings totaling 5,730± SF on approximately 0.52 acres across two parcels. The improvements include a former veterinary facility with reception and waiting areas, treatment rooms, a surgery room, and kennel areas; a separate building configured for pet grooming; and a third building divided into two retail spaces. The property is 50% occupied with three tenants, and the retail leases expire or come up for renewal at the end of January 2027.
The site provides approximately 200 feet of frontage on West Bay Drive, with an estimated 22,000–24,000 average daily traffic count. Approximately 18 parking spaces serve the buildings, complemented by monument and pylon signage. The property carries a Commercial General (CG) designation and sits between Indian Rocks Road and Clearwater-Largo Road, with access to Largo, Belleair Bluffs, Clearwater, and the surrounding Pinellas County market.
The site provides approximately 200 feet of frontage on West Bay Drive, with an estimated 22,000–24,000 average daily traffic count. Approximately 18 parking spaces serve the buildings, complemented by monument and pylon signage. The property carries a Commercial General (CG) designation and sits between Indian Rocks Road and Clearwater-Largo Road, with access to Largo, Belleair Bluffs, Clearwater, and the surrounding Pinellas County market.
Key Highlights
- Three solid‑block buildings totaling 5,730± SF
- Approximately 0.52 acres across two parcels
- Approximately 200 feet of frontage on West Bay Drive
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
$71,167
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
6.48%
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%
$1,423,340
$1.4M
Cap Rate 7%
$1,016,671
$1.0M
Cap Rate 9%
$790,744
$790.7K
Market Conditions
NOI Build-Up for 5,730 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
$123.8K $21.60/SF
− Vacancy
−$9.9K −$1.73/SF
EGI
$113.9K $19.87/SF
− OpEx
−$42.7K −$7.45/SF
NOI
$71.2K $12.42/SF
Area
Pinellas County, FL
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,423,340
Cap Rate 7%
$1,016,671
Cap Rate 9%
$790,744
Alternative Uses
Best Use
Mixed Use
$1.02M
$889.6K – $1.19M
NOI $71,167 @ 7.0% cap · market cap 6.48%
Second Best
Retail
$803.6K
$703.2K – $937.6K
NOI $56,254 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$1.49M
$1.30M – $1.74M
NOI $104,329 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
24,000 VPD
Traffic count
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
785
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three solid-block buildings combine retail space, service areas, and existing tenant occupancy along West Bay Drive.
Where is this mixed-use property located?
The property is located at 1631-1661 W BAY DR Largo, FL.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: Three solid‑block buildings totaling 5,730± SF; Approximately 0.52 acres across two parcels; Approximately 200 feet of frontage on West Bay Drive
