Concrete Block Quadplex
For Sale
$699,000
3780 137TH Ave, Largo, FL 33771
Four tenant-occupied 2-bedroom, 1-bath units with tile flooring, dedicated laundry rooms, and individual utility meters.
Property Size2,916 SF
Days on Market65
Property Features for 3780 137TH Ave
General Information
Standard status
Active
Size
2,916 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Business Included
Yes
Fenced Yard
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$10,789
Building Details
Building Size
2,916 SF
Year Built
1975
Tenancy
Multi
Listing Agency:
(727) 504-7014
Listed By:
Christine Tatum · License #3338608
(727) 504-7014
Source:
Elliman
Added: Jun 16
Changed: Aug 17
Last Checked: Aug 18 at 9:46AM
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 Christine Tatum
Investment Insights
Based on property information with market context.
This property consists of two side-by-side solid concrete block duplex buildings on a fenced parcel, providing four tenant-occupied residential units. Each unit offers 2 bedrooms and 1 bathroom, along with a spacious living room and dining area, plus a dedicated laundry room. Tile flooring runs throughout every unit with no carpet, supporting low-maintenance interiors. All four units are individually metered for water and electricity, which can simplify utility management. The property also includes a brand-new asphalt driveway repavement, and one unit features the added benefit of a fully fenced backyard for residents.
The asset is located in the heart of Largo and is situated in a non-flood zone. It is positioned near shopping, dining, parks, and everyday conveniences, with access to major roadways for routine commuting and errands.
For buyers or operators seeking a small multifamily asset, this quadplex offers a straightforward unit mix and a management-friendly setup with separate meters for each unit. The combination of tenant occupancy, consistent 2-bedroom layouts, and durable tile flooring may appeal to those looking to add a residential income property with established in-place rentals to their portfolio.
The asset is located in the heart of Largo and is situated in a non-flood zone. It is positioned near shopping, dining, parks, and everyday conveniences, with access to major roadways for routine commuting and errands.
For buyers or operators seeking a small multifamily asset, this quadplex offers a straightforward unit mix and a management-friendly setup with separate meters for each unit. The combination of tenant occupancy, consistent 2-bedroom layouts, and durable tile flooring may appeal to those looking to add a residential income property with established in-place rentals to their portfolio.
Key Highlights
- Two side‑by‑side concrete block duplex buildings built in 1975 in the heart of Largo
- Four tenant‑occupied units, each with 2 bedrooms and 1 bath, generating established rental income
- Each unit includes a spacious living room, dining area, and a dedicated laundry room
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
$34,037
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
4.87%
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%
$680,740
$680.7K
Cap Rate 7%
$486,243
$486.2K
Cap Rate 9%
$378,189
$378.2K
Market Conditions
NOI Build-Up for 2,916 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
$52.1K $17.88/SF
− Vacancy
−$3.5K −$1.21/SF
EGI
$48.6K $16.67/SF
− OpEx
−$14.6K −$5.00/SF
NOI
$34.0K $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%
$680,740
Cap Rate 7%
$486,243
Cap Rate 9%
$378,189
Alternative Uses
Best Use
Multifamily LT 5
$486.2K
$425.5K – $567.3K
NOI $34,037 @ 7.0% cap · market cap 4.87%
Second Best
Apartment 5plus
$383.1K
$335.2K – $447.0K
NOI $26,819 @ 7.0% cap · market cap 3.84%
Theoretical Best
Office A
$758.5K
$663.7K – $884.9K
NOI $53,093 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,102
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four tenant-occupied 2-bedroom, 1-bath units with tile flooring, dedicated laundry rooms, and individual utility meters.
Where is this quadplex located?
The property is located at 3780 137TH Ave Largo, FL.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Two side‑by‑side concrete block duplex buildings built in 1975 in the heart of Largo; Four tenant‑occupied units, each with 2 bedrooms and 1 bath, generating established rental income; Each unit includes a spacious living room, dining area, and a dedicated laundry room
