Fully Rented
For Sale
$415,000
Pending
2293 18th Ave SW, Largo, FL 33774
Two residential units offer three bedrooms, one bathroom, and newer air-conditioning and water-heating equipment.
Property Size1,588 SF
Days on Market9
Property Features for 2293 18th Ave SW
General Information
Standard status
Pending
Size
1,588 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1970
Buildings
1
Listing Agency:
Leslie Wells Realty, Inc.
Listed By:
Client Concierge
(941) 822-0708
Source:
Dwellingwell
Added: Sep 14
Changed: Sep 21
Last Checked: Sep 22 at 5:28PM
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 Leslie Wells Realty, Inc.
Investment Insights
Based on property information with market context.
Built in 1970, this 1,588-square-foot duplex contains two separate 3-bedroom, 1-bath units. Both residences are fully rented and feature newer water heaters and newer A/C units, providing updated core mechanical equipment across the property.
The property is located at 2293 18th Ave SW in Largo, Florida, with shopping, dining, parks, and Gulf beaches nearby. Its two-unit configuration supports residential income use for an owner seeking a compact multifamily asset.
The property is located at 2293 18th Ave SW in Largo, Florida, with shopping, dining, parks, and Gulf beaches nearby. Its two-unit configuration supports residential income use for an owner seeking a compact multifamily asset.
Key Highlights
- Fully rented duplex with two residential units
- Two 3‑bedroom, 1‑bath units
- 1,588 square feet of building area
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
$18,536
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
4.47%
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%
$370,720
$370.7K
Cap Rate 7%
$264,800
$264.8K
Cap Rate 9%
$205,956
$206.0K
Market Conditions
NOI Build-Up for 1,588 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
$28.4K $17.88/SF
− Vacancy
−$1.9K −$1.21/SF
EGI
$26.5K $16.67/SF
− OpEx
−$7.9K −$5.00/SF
NOI
$18.5K $11.67/SF
Area
Pinellas County, FL
Vacancy
6.74%
Lease Rate
$17.88 /SF/Yr
Expense Ratio
30.00%
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%
$370,720
Cap Rate 7%
$264,800
Cap Rate 9%
$205,956
Alternative Uses
Best Use
Multifamily LT 5
$264.8K
$231.7K – $308.9K
NOI $18,536 @ 7.0% cap · market cap 4.47%
Second Best
Apartment 5plus
$208.6K
$182.6K – $243.4K
NOI $14,605 @ 7.0% cap · market cap 3.52%
Theoretical Best
Office A
$413.1K
$361.4K – $481.9K
NOI $28,914 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
201
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer three bedrooms, one bathroom, and newer air-conditioning and water-heating equipment.
Where is this duplex located?
The property is located at 2293 18th Ave SW Largo, FL.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Fully rented duplex with two residential units; Two 3‑bedroom, 1‑bath units; 1,588 square feet of building area
