Four-Unit Flex
For Sale
Contact for pricing
743 Wesley Avenue, Tarpon Springs, FL 34689
IR-zoned flex property with separate units, rear storage, and established utility connections.
Property Size6,675 SF
Price / SF$142.17
Days on Market116
Property Features for 743 Wesley Avenue
General Information
Standard status
Active
Size
6,675 SF
Property subtype
Industrial
Zoning
IR
Occupancy
80%
Building Details
Buildings
1
Listing Agency:
ACRE Expert LLC
Listed By:
Drew Attias · License #Florida
Source:
Crexi
Added: May 8
Changed: Aug 30
Last Checked: Aug 30 at 4:14AM
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 ACRE Expert LLC
Investment Insights
Based on property information with market context.
This 6,675-square-foot flex warehouse is arranged as four units, with additional storage positioned at the rear. The property includes connected sewer, city water, and electric service, supporting its existing commercial configuration. Road access is established, and the building sits on a 0.47-acre parcel containing 20,373 square feet of land.
The property is located at 743 Wesley Avenue in Tarpon Springs, Florida, within Pinellas County. It carries IR zoning and is identified as being outside a flood zone and free of wetlands.
The property is located at 743 Wesley Avenue in Tarpon Springs, Florida, within Pinellas County. It carries IR zoning and is identified as being outside a flood zone and free of wetlands.
Key Highlights
- 6,675 sqft flex warehouse configured as 4 units
- Additional storage area located at the back of the building
- 0.47‑acre parcel with 20,373 sqft of land
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
$71,850
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
7.57%
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%
$1,437,000
$1.4M
Cap Rate 7%
$1,026,429
$1.0M
Cap Rate 9%
$798,333
$798.3K
Market Conditions
NOI Build-Up for 6,675 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
$120.2K $18.00/SF
− Vacancy
−$9.6K −$1.44/SF
EGI
$110.5K $16.56/SF
− OpEx
−$38.7K −$5.80/SF
NOI
$71.8K $10.76/SF
Area
Pasco County, FL
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,437,000
Cap Rate 7%
$1,026,429
Cap Rate 9%
$798,333
Alternative Uses
Best Use
Flex RnD
$1.03M
$898.1K – $1.20M
NOI $71,850 @ 7.0% cap · market cap 7.57%
Second Best
Warehouse
$929.1K
$812.9K – $1.08M
NOI $65,035 @ 7.0% cap · market cap 6.85%
Theoretical Best
Office A
$1.52M
$1.33M – $1.77M
NOI $106,437 @ 7.0% cap · market cap 11.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
318
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34689, FL
27,436
Population
14,193
Households
1.9
Avg Household Size
53
Median Age
32%
College-Educated
93%
High-School Grad
10.6 sq mi
ZIP Area
2,588
Density / Sq Mi
$66,523
Median Household Income
$45,294
Median Earnings
$1,207
Median Rent
$311,500
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - IR-zoned flex property with separate units, rear storage, and established utility connections.
Where is this flex space located?
The property is located at 743 Wesley Avenue Tarpon Springs, FL.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: 6,675 sqft flex warehouse configured as 4 units; Additional storage area located at the back of the building; 0.47‑acre parcel with 20,373 sqft of land
