Office Building with Updated
New
For Sale
$1,500,000
200 W BAY Drive, Largo, FL 33770
Commercial Sale, LARGO, FL
Property Size3,456 SF
Lot Size0.23 Acres
Price / SF$434.03
Days on Market7
Property Features for 200 W BAY Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Subdivision
WHITEHURSTS EXT R J
Directions
In the downtown Largo area, parking lot on 1st behind building.
Standard status
Active
APN
34-29-15-97416-004-0060
Size
3,456 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WHITEHURST'S EXT, R.J. BLK 4, LOT 6 TOGETHER WITH BLK 3, LOT 5
Tax Annual Amount
5791
Legal Description
WHITEHURST'S EXT, R.J. BLK 4, LOT 6 TOGETHER WITH BLK 3, LOT 5
Utilities
Cooling system
Central Air
Amenities
break room
conference room
storage/server room
Building Details
Year built
1953
Floors in Building
1
Building materials
Block
Listing Agency:
REALTY EXPERTS
(727) 888-1000
Listed By:
Graham Munce · License #3242854
(727) 902-3394
Added: Sep 15
Changed: Sep 21
Last Checked: Sep 21 at 4:06AM
MLS# TB8548769
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 3,456-square-foot office building in Largo, Florida, was constructed in 1953 and has a block exterior with central air. The interior includes six offices, a conference room, break room, two bathrooms, storage, a server room, and a small attic area. General Office zoning supports the property’s current office configuration and potential owner-user or investment applications, subject to applicable approvals.
The building sits on a 0.23-acre lot measuring approximately 50' x 200'. A rear parking area provides eight marked spaces and one handicap space, with room for three or four additional vehicles. Capital improvements include a roof replacement completed in March 2024, asphalt installed in August 2021, and an updated A/C system added in October 2023. Showings are by appointment only.
The building sits on a 0.23-acre lot measuring approximately 50' x 200'. A rear parking area provides eight marked spaces and one handicap space, with room for three or four additional vehicles. Capital improvements include a roof replacement completed in March 2024, asphalt installed in August 2021, and an updated A/C system added in October 2023. Showings are by appointment only.
Key Highlights
- 3,456 square feet of office space on a 0.23‑acre lot
- Six offices, conference room, break room, two bathrooms, storage, and server room
- General Office 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
$53,659
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
3.58%
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%
$1,073,180
$1.1M
Cap Rate 7%
$766,557
$766.6K
Cap Rate 9%
$596,211
$596.2K
Market Conditions
NOI Build-Up for 3,456 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
$90.0K $26.04/SF
− Vacancy
−$18.4K −$5.34/SF
EGI
$71.5K $20.70/SF
− OpEx
−$17.9K −$5.18/SF
NOI
$53.7K $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%
$1,073,180
Cap Rate 7%
$766,557
Cap Rate 9%
$596,211
Alternative Uses
Best Use
Office B
$766.6K
$670.7K – $894.3K
NOI $53,659 @ 7.0% cap · market cap 3.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$898.9K
$786.6K – $1.05M
NOI $62,925 @ 7.0% cap · market cap 4.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,411
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
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Frequently Asked Questions
What type of property is this?
Office building - General Office zoning supports a practical layout with private offices, conference space, storage, and on-site parking.
Where is this office building located?
The property is located at 200 W BAY Drive Largo, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 3,456 square feet of office space on a 0.23‑acre lot; Six offices, conference room, break room, two bathrooms, storage, and server room; General Office zoning
