1301 Missouri AveLargo, FL 33770

Property Details for 1301 Missouri Ave

Year built

1958

Construction

CONCRETE BLOCKS

Lot size

6.84 AC

Property size (Sq ft)

23,766 SF

Property type

Retail properties

Property subtype

Community centers

APN

27-29-15-57787-000-0020

APU

272915577870000020

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $6,810,706

  6.5%

  $6,286,806

  7%

  $5,837,748

• Comparable approach

  Method

  Valuation

  Relative Method

  $6,604,704

  Geo Method

  $6,604,704

• Alternative Use

  Use

  Valuation

  Residential

  $5,303,156

  Hospitality

  $4,857,662

  Educational

  $4,041,518

  Medical

  $4,180,512

  Retail

  $6,286,806

Location Insight

City

Largo

County

Pinellas

State

Florida

Latitude

27.9305

Longitude

-82.7887

CBSA code

45300

CBSA name

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

Property Tax & Assessments

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