Las Palmas Townhomes 11916-11982 133rd Ave 17 Unit Apartment Building $4,800,000 ($282,353/Unit) 7.41% Cap Rate Largo, FL 33778

Largo Legacy Townhomes offers a distinct investment opportunity in Largo, Florida, within the high-density, supply-constrained Pinellas County market. This fully renovated, 17-unit community is comprised of 16 spacious three-bedroom townhomes and a single studio, a rare product mix that caters directly to strong family rental demand. Over $1,037,262 in capital improvements have been completed, delivering a property in like-new condition with upgraded roofing, HVAC systems, electrical and plumbing infrastructure, and premium interior finishes including granite countertops and stainless-steel appliances.
The turnkey nature of this asset eliminates near-term capital expenditure requirements and ensures operational efficiency. Each unit is separately metered, minimizing operating costs while maximizing NOI stability. Strategically positioned with direct access to major employment centers, Gulf Coast beaches, and the broader Tampa Bay region, the location supports sustained rental growth. Currently in final lease-up phase, the property offers immediate cash flow potential and longer-term upside, backed by stabilized rents of $2,500/month and strong comparable data. With a projected five-year IRR of 20.1%, 2.50x equity multiple, and conservative underwriting assumptions, this offering represents a compelling risk-adjusted return for investors seeking multifamily assets in Florida’s most resilient submarkets.