Duplex with Lakefront Park
For Sale
$359,000
Pending
397 SW 2ND ST, Largo, FL 33770
Two separately configured units offer inside laundry and flexible owner-occupant or rental use.
Property Size1,462 SF
Days on Market65
Property Features for 397 SW 2ND ST
General Information
Standard status
Pending
Size
1,462 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$5,267
Amenities
inside laundry
Building Details
Building Size
1,462 SF
Year Built
1986
Buildings
1
Tenancy
Multi
Listing Agency:
COLDWELL BANKER REALTY
Listed By:
Brad Bess · License #3232141
(727) 324-3077
Source:
Judibeck
Added: Jul 13
Changed: Sep 8
Last Checked: Sep 14 at 10:32AM
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 COLDWELL BANKER REALTY
Investment Insights
Based on property information with market context.
This duplex includes two 2-bedroom, 1-bath units, each with inside laundry and a functional layout. Built in 1986, the property contains 1,462 square feet and offers flexibility for an owner-occupant, leasing both units, or occupying one side while renting the other.
Situated on a large lot at 397 SW 2ND ST in Largo, the property is directly across the street from a lakefront park with walking paths and open green space. Downtown Largo, additional parks, the skate park, restaurants, shopping, and year-round community events are nearby.
Situated on a large lot at 397 SW 2ND ST in Largo, the property is directly across the street from a lakefront park with walking paths and open green space. Downtown Largo, additional parks, the skate park, restaurants, shopping, and year-round community events are nearby.
Key Highlights
- Two 2‑bedroom, 1‑bath units
- Inside laundry in each unit
- 1,462 square feet built in 1986
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
$17,065
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
4.75%
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%
$341,300
$341.3K
Cap Rate 7%
$243,786
$243.8K
Cap Rate 9%
$189,611
$189.6K
Market Conditions
NOI Build-Up for 1,462 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
$26.1K $17.88/SF
− Vacancy
−$1.8K −$1.21/SF
EGI
$24.4K $16.67/SF
− OpEx
−$7.3K −$5.00/SF
NOI
$17.1K $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%
$341,300
Cap Rate 7%
$243,786
Cap Rate 9%
$189,611
Alternative Uses
Best Use
Multifamily LT 5
$243.8K
$213.3K – $284.4K
NOI $17,065 @ 7.0% cap · market cap 4.75%
Second Best
Apartment 5plus
$192.1K
$168.1K – $224.1K
NOI $13,446 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$380.3K
$332.7K – $443.7K
NOI $26,619 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,317
Businesses Nearby
Explore this area
Business Placement
Demographics for 33770, FL
25,475
Population
13,417
Households
1.9
Avg Household Size
50
Median Age
26%
College-Educated
90%
High-School Grad
5.2 sq mi
ZIP Area
4,899
Density / Sq Mi
$58,071
Median Household Income
$39,354
Median Earnings
$1,481
Median Rent
$245,200
Median Home Value
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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 separately configured units offer inside laundry and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 397 SW 2ND ST Largo, FL.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units; Inside laundry in each unit; 1,462 square feet built in 1986
