Free Standing Office
For Sale
$790,000
550 E BAY DRIVE, Largo, FL 33770
3,212 SF office building on a .46 acre lot.
Property Size3,213 SF
Lot Size0.46 Acres
Price / SF$245.88
Days on Market203
Property Features for 550 E BAY DRIVE
General Information
Standard status
Active
Size
3,213 SF
Lot size
0.46 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$6,710
Amenities
Central air
Corner Lot
Pool
Public Pool
Central Air Cooling
Parking Spaces - 6 to 12
Building Details
Year Built
1961
Listing Agency:
ROSS MARKETING GROUP LLC
(727) 639-3800
Listed By:
ELLIOTT ROSS · License #BK416734
Source:
Corcoran
Added: Jan 22
Changed: Aug 8
Last Checked: Aug 10 at 5:13AM
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 ROSS MARKETING GROUP LLC
Investment Insights
Based on property information with market context.
This 3,212 SF free-standing office building is situated on a 0.46-acre corner lot with a median cut, offering 165' ft of frontage on East Bay Drive and a 117' ft depth. The property, formerly home to a long-established insurance company, features 8 private offices, reception and office areas, a kitchen/break room, and 3 restrooms. It includes a billboard on-site that generates income for the property owner. The location provides excellent signage and parking. Zoned CG General Commercial by the City of Largo, the property is identified by Parcel ID 34-29-15-76536-001-0200. Its layout is suitable for general office use, as well as insurance, mortgage, or real estate offices. The property is located near Largo Central Park and has a highly visible location at the corner of East Bay Drive and 6th Street NE.
Key Highlights
- Highly visible corner location on East Bay Drive with high traffic.
- Free‑standing 3,212 SF office building.
- Billboard on site generating income.
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
$49,886
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
6.31%
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%
$997,720
$997.7K
Cap Rate 7%
$712,657
$712.7K
Cap Rate 9%
$554,289
$554.3K
Market Conditions
NOI Build-Up for 3,213 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
$83.7K $26.04/SF
− Vacancy
−$17.2K −$5.34/SF
EGI
$66.5K $20.70/SF
− OpEx
−$16.6K −$5.18/SF
NOI
$49.9K $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%
$997,720
Cap Rate 7%
$712,657
Cap Rate 9%
$554,289
Alternative Uses
Best Use
Office B
$712.7K
$623.6K – $831.4K
NOI $49,886 @ 7.0% cap · market cap 6.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$835.7K
$731.3K – $975.0K
NOI $58,501 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,257
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
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 - 3,212 SF office building on a .46 acre lot.
Where is this office building located?
The property is located at 550 E BAY DRIVE Largo, FL.
What is the asking price?
The asking price for this property is $790,000.
What are key features of this property?
This property features: Highly visible corner location on East Bay Drive with high traffic.; Free‑standing 3,212 SF office building.; Billboard on site generating income.
