2600 Bay Dr, Largo, FL 33771-2487

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.