2600 Bay DrLargo, FL 33771

Property Details for 2600 Bay Dr

Year built

1975

Construction

CONCRETE BLOCKS

Lot size

1.76 AC

Property size (Sq ft)

17,404 SF

Property type

Retail properties

Property subtype

Banks

APN

36-29-15-92743-000-0010

APU

362915927430000010

Description

This exceptional mixed-use property, located at 2600 E Bay Dr in Largo, Florida (Pinellas County, zip code 33771), presents a compelling value-add investment opportunity. The 14,824 square foot, two-story building sits on a 2.76-acre lot and boasts a prominent Bank of America branch as its anchor tenant, occupying the entire first floor (8,213 square feet). Bank of America recently renewed its lease, extending its term through September 2029, with fifteen additional five-year renewal options and 10% rent bumps. The second floor (6,611 square feet) comprises five office suites and a storage area, currently leased to a mix of financial services and medical tenants on below-market gross leases. The property's strong location on East Bay Drive (60,093 ADT) offers excellent visibility and accessibility. Built in 1975 and renovated in 2000, the Class B property features a well-appointed lobby with a tenant directory and private elevator. The current occupancy rate is 86%, generating a Net Operating Income (NOI) of $118,147. A significant value-add opportunity exists through lease renewals on the second floor, projected to increase the Pro-Forma NOI to $158,321, representing a 25% growth in year two. The asking price is $1,800,000, reflecting a cap rate of 6.56% and a price per square foot of $121.42. The property is offered fee simple and features a triple net (NNN) lease structure. This investment offers a rare chance to acquire a value-add asset in the Tampa Bay MSA with a strong anchor tenant and significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $4,987,526

  6.5%

  $4,603,870

  7%

  $4,275,022

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,836,669

  Geo Method

  $4,836,669

• Alternative Use

  Use

  Valuation

  Residential

  $3,883,536

  Hospitality

  $3,557,298

  Educational

  $2,959,630

  Medical

  $3,061,417

  Retail

  $4,603,870

Location Insight

City

Largo

County

Pinellas

State

Florida

Latitude

27.9172

Longitude

-82.7602

CBSA code

45300

CBSA name

TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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