Freestanding Medical Office
For Sale
Contact for pricing
1631 W Bay Dr, Largo, FL 33770
Owner-user or investment property with flexible planning, on-site parking, and Commercial General zoning.
Property Size5,730 SF
Price / SF$209.42
Days on Market85
Property Features for 1631 W Bay Dr
General Information
Standard status
Active
Size
5,730 SF
Total Parking Spaces
18
Property subtype
Office
Zoning
Commercial General (CG)
Lease Type
NNN
Investment Type
Owner/User
Additional Details
Opportunity Zone
Yes
Amenities
flexible floor plan
Building Details
Year Built
1972
Buildings
3
Stories
1
Units
22
Tenancy
Multi
Listing Agency:
MavRealty
Listed By:
Michael Hendzel · License #BK3107993
Source:
Crexi
Added: Jun 8
Changed: Aug 29
Last Checked: Aug 29 at 3:17PM
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 MavRealty
Investment Insights
Based on property information with market context.
This freestanding medical office property contains approximately 5,730 square feet and was constructed in 1972. The building offers a flexible floor plan, on-site parking, and Commercial General (CG) zoning, supporting a range of professional office applications within the stated land-use designation.
The property is positioned near downtown Largo with approximately 18,200 AADT. Its location provides access to beaches, airports, and downtown St. Petersburg, and the building is within Largo’s Opportunity Zone. The combination of freestanding construction, adaptable interior planning, and existing parking accommodates both owner-user and investor-oriented commercial strategies.
The property is positioned near downtown Largo with approximately 18,200 AADT. Its location provides access to beaches, airports, and downtown St. Petersburg, and the building is within Largo’s Opportunity Zone. The combination of freestanding construction, adaptable interior planning, and existing parking accommodates both owner-user and investor-oriented commercial strategies.
Key Highlights
- Approximately 5,730 square feet of medical office space
- Freestanding building constructed in 1972
- Commercial General (CG) zoning
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
7.41%
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 7.41%
Second Best
Healthcare Medical
$755.0K
$660.6K – $880.8K
NOI $52,849 @ 7.0% cap · market cap 4.40%
Theoretical Best
Office A
$1.49M
$1.30M – $1.74M
NOI $104,329 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
785
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Owner-user or investment property with flexible planning, on-site parking, and Commercial General zoning.
Where is this medical office space located?
The property is located at 1631 W Bay Dr Largo, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Approximately 5,730 square feet of medical office space; Freestanding building constructed in 1972; Commercial General (CG) zoning
