Medical Office Duplex with
For Sale
$599,000
2101 INDIAN ROCKS ROAD S, Largo, FL 33774
Duplex medical office property with two private units and ample wrap-around parking for owner-occupancy or leasing.
Property Size2,378 SF
Lot Size0.40 Acres
Price / SF$251.89
Days on Market53
Property Features for 2101 INDIAN ROCKS ROAD S
General Information
Standard status
Active
Size
2,378 SF
Total Parking Spaces
24
Lot size
0.40 Acres
Property subtype
Office
Zoning
Residential/Office-General
Additional Details
Office Units
2
Amenities
0.4 acres, Dimensions: 93x209
Additional parcels description:, Parcel Number: 05-30-15-00000-330-0200, Public Survey Range: 15, Public Survey Section: 05, Annual Amount: $6,265.78, Tax Block: 31, Tax Book Number: 27, Legal Description: PART OF SW 1/4 OF SEC 05-30-15 DESC BEG MOST N'LY COR OF LOT 16, HARBOR HEIGHTS SUB TH S54D35'27"W 61.28FT TH N33D30'30"W 226.87FT TH N56D35'27"E 93.22FT TH S25D24'33"E 226.94FT TO POB, Lot: 16, Year: 2025
Central Air
Listing ID: MFRW7887327, Standard Status: Active, MLS Status: Active, Property Subtype: Office, On market as of 2026-07-03, Special Conditions: None
Built in 1957, Living area: 2660, Living area units: Square Feet, 1 storey, Construction Materials: Block
Subdivision: ACREAGE & UNREC, MLS Area (Major): 33774 - Largo, County/Parish: Pinellas
Slab
Frontage Type: City Street, Road Surface: Asphalt
Building Details
Year Built
1957
Year Renovated
2025
Tenancy
Multi
Listing Agency:
FUTURE HOME REALTY INC
(813) 855-4982
Listed By:
James Bailey · License #3368352
Source:
Miharaandassociates
Added: Jul 3
Changed: Aug 24
Last Checked: Aug 23 at 9:22AM
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 FUTURE HOME REALTY INC
Investment Insights
Based on property information with market context.
This medical office duplex offers two separate, private units suited for owner-occupancy or for leasing out to different uses. The offering includes 2,738 square feet of medical office space on a 0.4-acre parcel, with ample wrap-around parking designed to support patient and staff access. The property also benefits from a new roof installed in 2025, along with additional green space on site.
The property is located on Indian Rocks Road, within 0.2 miles of HCA Largo West Hospital. Two nearly evenly split units are situated off Indian Rocks Road, providing convenient connectivity to major West Pinellas corridors including Alt-19, Walsingham Rd, and Gulf Blvd.
With City of Largo Residential/Office-General zoning, the duplex can support a range of office-oriented uses, making it a practical fit for medical practices looking to be close to a hospital campus, or for buyers who want the flexibility of operating in one unit while leasing the other.
The property is located on Indian Rocks Road, within 0.2 miles of HCA Largo West Hospital. Two nearly evenly split units are situated off Indian Rocks Road, providing convenient connectivity to major West Pinellas corridors including Alt-19, Walsingham Rd, and Gulf Blvd.
With City of Largo Residential/Office-General zoning, the duplex can support a range of office-oriented uses, making it a practical fit for medical practices looking to be close to a hospital campus, or for buyers who want the flexibility of operating in one unit while leasing the other.
Key Highlights
- 2,738 SF medical office duplex built in 1957 with two separate, private units
- 0.4‑acre parcel with ample wrap‑around parking plus 24 parking spaces and additional green space
- New roof installed in 2025
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
$36,922
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
6.16%
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%
$738,440
$738.4K
Cap Rate 7%
$527,457
$527.5K
Cap Rate 9%
$410,244
$410.2K
Market Conditions
NOI Build-Up for 2,378 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
$61.9K $26.04/SF
− Vacancy
−$12.7K −$5.34/SF
EGI
$49.2K $20.70/SF
− OpEx
−$12.3K −$5.18/SF
NOI
$36.9K $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%
$738,440
Cap Rate 7%
$527,457
Cap Rate 9%
$410,244
Alternative Uses
Best Use
Office B
$527.5K
$461.5K – $615.4K
NOI $36,922 @ 7.0% cap · market cap 6.16%
Second Best
Healthcare Medical
$313.3K
$274.2K – $365.6K
NOI $21,933 @ 7.0% cap · market cap 3.66%
Theoretical Best
Office A
$618.5K
$541.2K – $721.6K
NOI $43,298 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
345
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33774, FL
18,145
Population
10,388
Households
1.7
Avg Household Size
51
Median Age
28%
College-Educated
93%
High-School Grad
4.6 sq mi
ZIP Area
3,945
Density / Sq Mi
$76,769
Median Household Income
$41,936
Median Earnings
$1,498
Median Rent
$315,200
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 - Duplex medical office property with two private units and ample wrap-around parking for owner-occupancy or leasing.
Where is this medical office space located?
The property is located at 2101 INDIAN ROCKS ROAD S Largo, FL.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 2,738 SF medical office duplex built in 1957 with two separate, private units; 0.4‑acre parcel with ample wrap‑around parking plus 24 parking spaces and additional green space; New roof installed in 2025
