Retail Building Leased to LA
For Sale
Contact for pricing
1229 Missouri Ave N, Largo, FL 33770
45,000 SF retail building 100% leased to LA Fitness.
Property Size45,000 SF
Price / SF$286.61
Days on Market195
Property Features for 1229 Missouri Ave N
General Information
Standard status
Active
Size
45,000 SF
Total Parking Spaces
252
Property subtype
Special Purpose
Zoning
C2
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$773,856
Building Details
Year Built
2014
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Ripco Real Estate
Listed By:
Ari Ravi · License #SL- 3210827
(727) 452-6864
Source:
Crexi
Added: Mar 26
Changed: Oct 4
Last Checked: Oct 5 at 6:45PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Ripco Real Estate
Investment Insights
Based on property information with market context.
A 45,000 square foot retail building is available for sale. The property is 100% leased to LA Fitness. The tenant has 5.1 years remaining on their current term, with three five-year options remaining. Constructed in 2014, the building sits adjacent to the Shops at Midway, a 74,694 square foot power center anchored by TJ Maxx and Ross Dress for Less. The center is located at the southwest corner of the signalized intersection of North Missouri Avenue, which sees 30,000 vehicles per day, and Jasper Street. Other nearby retailers along North Missouri Avenue include Old Time Pottery, Walmart Supercenter, Aldi, Rent-A-Center, Goodwill, and Office Depot. This asset provides investors with an opportunity to acquire a fully net-leased single-tenant asset with minimal landlord responsibilities.
Key Highlights
- 100% leased to La Fitness, providing immediate income
- NN lease structure with minimal landlord responsibilities
- La Fitness has 5.1 years remaining on the current lease term
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$441,788
Cap Rate
3.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,835,760
$8.8M
Cap Rate 7%
$6,311,257
$6.3M
Cap Rate 9%
$4,908,756
$4.9M
Market Conditions
NOI Build-Up for 45,000 SF
Gross rent
$675.0K $15.00/SF
− Vacancy
−$43.9K −$0.98/SF
EGI
$631.1K $14.03/SF
− OpEx
−$189.3K −$4.21/SF
NOI
$441.8K $9.82/SF
Area
Pinellas County, FL
Vacancy
6.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,835,760
Cap Rate 7%
$6,311,257
Cap Rate 9%
$4,908,756
Alternative Uses
Best Use
Retail
$6.31M
$5.52M – $7.36M
NOI $441,788 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.70M
$10.24M – $13.66M
NOI $819,340 @ 7.0% cap · market cap 6.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
835
Businesses Nearby
Explore this area
Business Placement
Demographics for 33770, FL
25,475
Population
13,417
Households
1.9
Avg Household Size
50
Median Age
26%
College-Educated
90%
High-School Grad
5.2 sq mi
ZIP Area
4,899
Density / Sq Mi
$58,071
Median Household Income
$39,354
Median Earnings
$1,481
Median Rent
$245,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Retail space - 45,000 SF retail building 100% leased to LA Fitness.
Where is this retail space located?
The property is located at 1229 Missouri Ave N Largo, FL.
What is the asking price?
The asking price for this property is $12,897,600.
What are key features of this property?
This property features: 100% leased to La Fitness, providing immediate income; NN lease structure with minimal landlord responsibilities; La Fitness has 5.1 years remaining on the current lease term
