Updated Block-Construction
For Sale
$425,000
906/908 LAKE PALMS DRIVE, Largo, FL 33771
Two separately configured residences offer flexible occupancy, fenced outdoor space, and dedicated parking.
Property Size1,846 SF
Price / SF$230.23
Days on Market8
Property Features for 906/908 LAKE PALMS DRIVE
General Information
Standard status
Active
Size
1,846 SF
Property subtype
Duplex
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
ceiling fans
indoor laundry rooms
fully fenced backyard
Building Details
Year Built
1973
Buildings
1
Construction
block
Listing Agency:
COASTAL PROPERTIES GROUP INTERNATIONAL
(727) 493-1555
Listed By:
Gwen Campbell · License #655941
Source:
Dennisrealty
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 30 at 6:28PM
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 COASTAL PROPERTIES GROUP INTERNATIONAL
Investment Insights
Based on property information with market context.
This duplex contains two independent residences totaling 1,846 heated square feet: one three-bedroom, one-bath unit and one two-bedroom, one-bath unit. Tile and luxury vinyl flooring run throughout, while ceiling fans and interior laundry rooms serve both residences. Block construction and a roof installed in February 2026 add to the property’s physical improvements. The grounds include a fully fenced backyard and four or more dedicated parking spaces; there is no garage.
The property is located in Largo’s Whitegates subdivision, near parks, shopping, and dining. Gulf beaches and the broader St. Pete-Clearwater area are also within a short drive, providing access to regional recreation and amenities.
The property is located in Largo’s Whitegates subdivision, near parks, shopping, and dining. Gulf beaches and the broader St. Pete-Clearwater area are also within a short drive, providing access to regional recreation and amenities.
Key Highlights
- Two‑unit layout with 3‑bedroom and 2‑bedroom residences
- 1,846 heated square feet across both units
- New roof installed in February 2026
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
$21,547
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
5.07%
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%
$430,940
$430.9K
Cap Rate 7%
$307,814
$307.8K
Cap Rate 9%
$239,411
$239.4K
Market Conditions
NOI Build-Up for 1,846 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
$33.0K $17.88/SF
− Vacancy
−$2.2K −$1.21/SF
EGI
$30.8K $16.67/SF
− OpEx
−$9.2K −$5.00/SF
NOI
$21.5K $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%
$430,940
Cap Rate 7%
$307,814
Cap Rate 9%
$239,411
Alternative Uses
Best Use
Multifamily LT 5
$307.8K
$269.3K – $359.1K
NOI $21,547 @ 7.0% cap · market cap 5.07%
Second Best
Apartment 5plus
$242.5K
$212.2K – $283.0K
NOI $16,978 @ 7.0% cap · market cap 3.99%
Theoretical Best
Office A
$480.2K
$420.1K – $560.2K
NOI $33,611 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
568
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?
Duplex - Two separately configured residences offer flexible occupancy, fenced outdoor space, and dedicated parking.
Where is this duplex located?
The property is located at 906/908 LAKE PALMS DRIVE Largo, FL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two‑unit layout with 3‑bedroom and 2‑bedroom residences; 1,846 heated square feet across both units; New roof installed in February 2026
