1280 Missouri AveLargo, FL 33770

Property Details for 1280 Missouri Ave

Year built

1965

Lot size

4.26 AC

Property size (Sq ft)

47,653 SF

Property type

Retail properties

Property subtype

Lifestyle centers

Description

Central Park Plaza, a 47,653-square-foot shopping center in Largo, Florida, presents a compelling value-add investment opportunity. Located on a 4.26-acre lot at 1280 Missouri Avenue N (33770), this single-story, 1965-built property boasts a 95% occupancy rate with 10 tenants across 11 units. The property is zoned CG and features a strong national tenant mix including NAPA Auto Parts, Rent-A-Center, and AMA Medical Group (Humana). Its prime location within the Tampa MSA, minutes from popular beaches and near major retailers like Publix, Walmart, Ross, TJ Maxx, and ALDI, ensures high visibility and strong foot traffic. The property offers significant value creation potential due to a vacant 2,400-square-foot unit, below-market in-place rents, and a weighted average lease term of 4.03 years remaining. This allows for immediate lease-up opportunities and rental rate increases, generating substantial additional value. Furthermore, the acquisition price is below replacement cost and offers an attractive price per square foot. Projected growth metrics indicate a strong Compound Annual Growth Rate (CAGR) of 7.64% and a cumulative Net Operating Income (NOI) growth of 94.04% over a 10-year period. The property's location within an Opportunity Zone provides investors with potential tax benefits. The thriving Tampa-St. Petersburg-Clearwater metro area, the second largest in Florida, experienced significant population growth, making this a highly attractive investment in a booming market. The property's strong tenant mix, location, and value-add potential make it an exceptional investment opportunity.

Location Insight

City

Largo

County

Pinellas

State

Florida

Latitude

27.929

Longitude

-82.7867

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