Multi-Building Mixed-Use
New
For Sale
$1,099,000
1631-1661 W BAY Drive, Largo, FL 33770
Commercial Sale, LARGO, FL
Property Size5,730 SF
Lot Size0.52 Acres
Price / SF$191.80
Days on Market1
Property Features for 1631-1661 W BAY Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
CG
Subdivision
BILTMORE ESTATES REP
Lot features
City Limits, Landscaped
Directions
From I-275S: Use the left lane to take the exit toward FL-690/Gateway Expy, Follow FL-690/Gateway Expy to US-19 N in Pinellas Park, Continue onto FL-690/Gateway Expy, Keep right to stay on FL-690/Gateway Expy, Follow US-19 N to E Bay Dr in Largo, Merge onto US-19 N, Use the right 2 lanes to take the exit toward FL-686/East Bay Dr/Roosevelt Blvd, Merge onto U.S. 19 Frontage Rd, Use the left 2 lanes to turn left toward FL-686 W/E Bay Dr, use any lane to turn slightly left onto FL-686 W/E Bay Dr, continue to follow E Bay Dr, Destination will be on the left.
Standard status
Active
APN
33-29-15-08874-000-0040
Size
5,730 SF
Lot size
0.52 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BILTMORE ESTATES REPLAT LOT 4 BILTMORE ESTATES REPLAT E 92.53FT OF LOT 5
Tax Annual Amount
15380
Legal Description
BILTMORE ESTATES REPLAT LOT 4 BILTMORE ESTATES REPLAT E 92.53FT OF LOT 5
Utilities
Cooling system
Central Air
Building Details
Year built
1972
Floors in Building
1
Flooring type
Vinyl, Tile
Building materials
Concrete
Roof type
Built-Up
Listing Agency:
EXP REALTY LLC
(888) 883-8509
Listed By:
Drew Moser · License #3404374
(727) 641-0151
Added: Sep 21
Last Checked: Sep 21 at 4:06PM
MLS# TB8549312
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use commercial property includes three concrete buildings totaling approximately 5,730 square feet on 0.52 acres across two parcels. Built in 1972, 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 with two retail spaces. Vinyl and tile flooring, central air, and built-up roofing are present across the property.
The site provides approximately 200 feet of frontage along West Bay Drive, with estimated traffic of 22,000–24,000 vehicles per day and access between Indian Rocks Road and Clearwater-Largo Road. Approximately 18 parking spaces serve the buildings, supplemented by monument and pylon signage. The property is currently 50% occupied by three tenants, and the two retail leases expire or are up for renewal at the end of January 2027. CG zoning supports a range of commercial uses subject to applicable approvals.
The site provides approximately 200 feet of frontage along West Bay Drive, with estimated traffic of 22,000–24,000 vehicles per day and access between Indian Rocks Road and Clearwater-Largo Road. Approximately 18 parking spaces serve the buildings, supplemented by monument and pylon signage. The property is currently 50% occupied by three tenants, and the two retail leases expire or are up for renewal at the end of January 2027. CG zoning supports a range of commercial uses subject to applicable approvals.
Key Highlights
- Three concrete buildings totaling 5,730+/- SF
- 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
$88,966
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
8.10%
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%
$1,779,320
$1.8M
Cap Rate 7%
$1,270,943
$1.3M
Cap Rate 9%
$988,511
$988.5K
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
$149.2K $26.04/SF
− Vacancy
−$30.6K −$5.34/SF
EGI
$118.6K $20.70/SF
− OpEx
−$29.7K −$5.18/SF
NOI
$89.0K $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%
$1,779,320
Cap Rate 7%
$1,270,943
Cap Rate 9%
$988,511
Alternative Uses
Best Use
Office B
$1.27M
$1.11M – $1.48M
NOI $88,966 @ 7.0% cap · market cap 8.10%
Second Best
Mixed Use
$1.02M
$889.6K – $1.19M
NOI $71,167 @ 7.0% cap · market cap 6.48%
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
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,963
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three concrete buildings provide varied commercial configurations under CG zoning.
Where is this mixed-use property located?
The property is located at 1631-1661 W BAY Drive 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 concrete buildings totaling 5,730+/- SF; 0.52 acres across two parcels; Approximately 200 feet of frontage on West Bay Drive
