Mixed-Use Building with Warehouse
New
For Sale
$1,200,000
2865 E BAY DRIVE, Largo, FL 33771
Two-story concrete block property with retail, office, warehouse, and live/work configurations along East Bay Drive.
Property Size7,442 SF
Price / SF$161.25
Days on Market7
Property Features for 2865 E BAY DRIVE
General Information
Standard status
Active
Size
7,442 SF
Property subtype
Mixed Use
Zoning
CG
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Warehouse Space
1,000 SF
Drive-In Doors
3
Amenities
0.22 acres, Dimensions: 75x130, City Limits, Interior Lot
Membrane
Public Sewer
Additional parcels description:, Parcel Number: 36-29-15-48168-000-0020, Public Survey Range: 15, Public Survey Section: 36, Annual Amount: $9,493.6, Tax Block: 000, Tax Book Number: 31-46, Legal Description: LAKE PALMS SEC 4 LOT 2, Lot: 2, Year: 2025
Carpet, Concrete
Central Air, Mini-Split Unit(s), Wall/Window Unit(s)
Central, Ductless
Listing ID: MFRTB8535497, Standard Status: Active, MLS Status: Active, Property Subtype: Mixed Use, On market as of 2026-08-04, 1 day on market, Special Conditions: None
Display Window(s)
Built in 1958, Living area: 6020, Living area units: Square Feet, 2 stories, Construction Materials: Concrete
Subdivision: LAKE PALMS SEC 4, MLS Area (Major): 33771 - Largo, County/Parish: Pinellas
Electricity Available, 200+ Amp Service, Generator Hookup
Slab
Frontage Type: City Street, Main Throrughfare, Road Responsibility: Public Maintained Road, Road Surface: Asphalt
Security System
Dishwasher, Dryer, Refrigerator, Washer
Building Details
Year Built
1958
Buildings
1
Stories
2
Construction
concrete block
Listing Agency:
ENGEL & VOLKERS BELLEAIR
(727) 461-1000
Listed By:
Kelly Montgomery-Kepler · License #647245
Source:
Miharaandassociates
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 9 at 5:08AM
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 ENGEL & VOLKERS BELLEAIR
Investment Insights
Based on property information with market context.
This two-story concrete block mixed-use property combines retail and office areas with warehouse space and a separate upper-level apartment. The second floor includes an 800 SF, 1-bedroom/1-bath apartment, while garage access connects to an adjacent ±1,000 SF warehouse with two roll-up doors. A fenced, paved yard provides secured parking and storage, with a remote-controlled gate for equipment and trucks. The building also features a glass storefront and an 8' x 9.5' illuminated monument sign.
Located at 2865 E Bay Drive in Largo, the property has 75 feet of frontage on East Bay Drive, just east of Starkey/Keene Road. Approximate ADT is 58,500/day. The site is not in a flood zone and is approximately ±3 miles from US Highway 19, ±4.5 miles from St. Pete/Clearwater Airport (PIE), ±3 miles from the new City of Largo City Hall, and ±5 miles from the Gulf beaches. Commercial General (CG) zoning supports the range of uses identified in the property information, including retail, professional or medical office, personal or home services, and trade contractors.
Located at 2865 E Bay Drive in Largo, the property has 75 feet of frontage on East Bay Drive, just east of Starkey/Keene Road. Approximate ADT is 58,500/day. The site is not in a flood zone and is approximately ±3 miles from US Highway 19, ±4.5 miles from St. Pete/Clearwater Airport (PIE), ±3 miles from the new City of Largo City Hall, and ±5 miles from the Gulf beaches. Commercial General (CG) zoning supports the range of uses identified in the property information, including retail, professional or medical office, personal or home services, and trade contractors.
Key Highlights
- Commercial General (CG) zoning on East Bay Drive in Largo
- 75 feet of frontage with approximately 58,500/day ADT
- 800 SF, 1‑bedroom/1‑bath apartment on the second floor
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
$92,430
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
7.70%
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%
$1,848,600
$1.8M
Cap Rate 7%
$1,320,429
$1.3M
Cap Rate 9%
$1,027,000
$1.0M
Market Conditions
NOI Build-Up for 7,442 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
$160.7K $21.60/SF
− Vacancy
−$12.9K −$1.73/SF
EGI
$147.9K $19.87/SF
− OpEx
−$55.5K −$7.45/SF
NOI
$92.4K $12.42/SF
Area
Pinellas County, FL
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,848,600
Cap Rate 7%
$1,320,429
Cap Rate 9%
$1,027,000
Alternative Uses
Best Use
Office B
$1.65M
$1.44M – $1.93M
NOI $115,547 @ 7.0% cap · market cap 9.63%
Second Best
Mixed Use
$1.32M
$1.16M – $1.54M
NOI $92,430 @ 7.0% cap · market cap 7.70%
Theoretical Best
Office A
$1.94M
$1.69M – $2.26M
NOI $135,501 @ 7.0% cap · market cap 11.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
855
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story concrete block property with retail, office, warehouse, and live/work configurations along East Bay Drive.
Where is this mixed-use property located?
The property is located at 2865 E BAY DRIVE 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: Commercial General (CG) zoning on East Bay Drive in Largo; 75 feet of frontage with approximately 58,500/day ADT; 800 SF, 1‑bedroom/1‑bath apartment on the second floor
