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 Market149
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
(727) 452-6864
Listed By:
Ari Ravi · License #SL- 3210827
Source:
Crexi
Added: Mar 26
Changed: Aug 12
Last Checked: Aug 20 at 12:05AM
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$441,788
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.43%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Property Profile
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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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
