Two-Story Building on East
For Sale
Contact for pricing
Pending
2700 E Bay Dr, Largo, FL 33771
Two-story building on a corner lot with ample parking.
Property Size20,547 SF
Lot Size0.92 Acres
Days on Market174
Property Features for 2700 E Bay Dr
General Information
Standard status
Pending
Size
20,547 SF
Lot size
0.92 Acres
Property subtype
Office
Zoning
CG
Building Details
Year Built
1975
Buildings
1
Stories
2
Listing Agency:
Smith & Associates Real Estate
Listed By:
Pat Calhoon · License #FL BK259869
Source:
Crexi
Added: Feb 17
Changed: Aug 8
Last Checked: Aug 8 at 3:21PM
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 Smith & Associates Real Estate
Investment Insights
Based on property information with market context.
This two-story block building is situated on busy East Bay Drive, also known as State Road 686, benefiting from high traffic volume. The property features a newer roof and air conditioning systems. It occupies a corner location with a lot size of 200 x 200 feet and provides 74 parking spaces. The property is currently occupied by tenants, and there is potential for increased income upon filling existing vacancies. Detailed rent roll and income/expense information are available with an executed Confidentiality Agreement. The property size is 20547 square feet.
Key Highlights
- High‑traffic corner location on East Bay Dr. (State Road 686)
- Substantial parking with 74 spaces
- Newer roof and air conditioners
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
$319,020
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
8.29%
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%
$6,380,400
$6.4M
Cap Rate 7%
$4,557,429
$4.6M
Cap Rate 9%
$3,544,667
$3.5M
Market Conditions
NOI Build-Up for 20,547 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
$535.0K $26.04/SF
− Vacancy
−$109.7K −$5.34/SF
EGI
$425.4K $20.70/SF
− OpEx
−$106.3K −$5.18/SF
NOI
$319.0K $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%
$6,380,400
Cap Rate 7%
$4,557,429
Cap Rate 9%
$3,544,667
Alternative Uses
Best Use
Office B
$4.56M
$3.99M – $5.32M
NOI $319,020 @ 7.0% cap · market cap 8.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.34M
$4.68M – $6.24M
NOI $374,111 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
851
Businesses Nearby
Explore this area
Business Placement
Demographics for 33771, FL
29,766
Population
16,898
Households
1.8
Avg Household Size
54
Median Age
25%
College-Educated
90%
High-School Grad
6.0 sq mi
ZIP Area
4,961
Density / Sq Mi
$60,139
Median Household Income
$40,417
Median Earnings
$1,379
Median Rent
$145,600
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?
Office building - Two-story building on a corner lot with ample parking.
Where is this office building located?
The property is located at 2700 E Bay Dr Largo, FL.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: High‑traffic corner location on East Bay Dr. (State Road 686); Substantial parking with 74 spaces; Newer roof and air conditioners
