For Sale
$22,588,000

1301 Missouri AveLargo, FL 33770

119,694 SF Power Center, 100% Leased

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 119,694 square foot, Class A power center in Largo, Florida, presents a compelling investment opportunity. Boasting a 100% occupancy rate and a strong 6.75% cap rate, this stabilized property generates a substantial net operating income (NOI) of $1,524,677. The property features six tenants, including nationally recognized brands like Dollar Tree, LA Fitness, TJ Maxx, and Ross, ensuring consistent cash flow. Three of these tenants hold investment-grade credit ratings. The center is strategically located at the highly visible corner of Missouri Avenue (US 19 Alternate) and Jasper Street, a signalized intersection with 30,000 AADT. The property comprises three single-story buildings on a 12.23-acre lot, offering ample parking (545 spaces). Built in 2014, the property is zoned C2 and features a weighted average lease term remaining of 4.61 years, with tenants possessing multiple 5-year option periods and rent increases. The asking price is $22,588,000, translating to $188.71 per square foot and $199 per square foot for land value. This fee-simple ownership opportunity provides a stable, high-performing asset with significant upside potential through future lease escalations. The property is situated within a strong demographic area, boasting a 3-mile population of 108,936 and an average household income of $88,721. This prime location, coupled with the strength of its tenants and lease terms, makes this a truly exceptional investment.

Highlights

  • Three tenants possess investment-grade credit ratings from Moody's and Standard & Poor's.
  • National and credit-rated tenants comprise 97.3% of the gross leasable area (GLA).
  • Four of the six tenants have occupied the space for eight or more years; weighted average lease term is 4.61 years.
  • Strong demographics: 108,936 population and $88,721 average household income within a 3-mile radius.
  • 3-mile daytime population is 110,651.
  • Located in an Opportunity Zone, at the signalized intersection of Missouri Avenue (US 19 Alternate) and Jasper Street.

Property Details for 1301 Missouri Ave

Property type
Lifestyle centers, Power centers
Square Feet
119,694 SF
Class
A
Year Built
2014
Buildings
3
Stories
1
Lot Size (sq. ft)
532,739 SF

Location Insight

City
Largo
County
Pinellas
State
Florida
Latitude
27.9298571
Longitude
-82.78830173
1301 Missouri Ave, Largo, Florida

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1301 Missouri Ave
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