Stabilized Retail Asset in
For Sale
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351 W Bay Dr, Largo, FL 33770
Fully occupied retail property with diversified tenants and recent improvements.
Property Size13,195 SF
Price / SF$242.52
Days on Market185
Property Features for 351 W Bay Dr
General Information
Standard status
Active
Size
13,195 SF
Property subtype
Mixed Use, Retail
Zoning
Opportunity Zone
Occupancy
100%
Lease Type
NNN
Net Operating Income
$232,300
Building Details
Year Built
2004
Buildings
1
Stories
1
Units
5
Tenancy
Multi
Listing Agency:
Kelly Right International Inc
Listed By:
Muhammad Shaikh · License #SL3568350
Source:
Crexi
Added: Feb 19
Changed: Aug 8
Last Checked: Aug 21 at 6:16AM
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 Kelly Right International Inc
Investment Insights
Based on property information with market context.
The property at 351 W Bay Dr is a fully occupied retail asset located in Downtown Largo. The property includes five leased suites with a diversified tenant mix, providing immediate cash flow. Recent capital improvements, such as a full silicone roof restoration completed in 2024 and multiple HVAC replacements within the past two years, enhance the asset’s condition. The property is positioned along West Bay Drive, offering frontage, visibility, and accessibility within Largo’s downtown corridor. The plaza is surrounded by public and private investment, including the Horizon West Bay development and the new Largo City Hall complex with ground-floor retail and a 365-space public parking garage. Nearby anchors such as Largo Central Park and Ulmer Park contribute to foot traffic in the area. The property is near major employment centers including HCA Largo Medical Center and continued residential growth throughout the submarket. The property contains 13195 square feet and is intended for retail use.
Key Highlights
- Fully occupied retail asset providing immediate in‑place cash flow.
- Recent capital improvements including a 2024 roof restoration and HVAC replacements.
- Strategic location on West Bay Drive with strong frontage, visibility, and accessibility.
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
$129,542
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
4.05%
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%
$2,590,840
$2.6M
Cap Rate 7%
$1,850,600
$1.9M
Cap Rate 9%
$1,439,356
$1.4M
Market Conditions
NOI Build-Up for 13,195 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
$197.9K $15.00/SF
− Vacancy
−$12.9K −$0.98/SF
EGI
$185.1K $14.03/SF
− OpEx
−$55.5K −$4.21/SF
NOI
$129.5K $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%
$2,590,840
Cap Rate 7%
$1,850,600
Cap Rate 9%
$1,439,356
Alternative Uses
Best Use
Retail
$1.85M
$1.62M – $2.16M
NOI $129,542 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.43M
$3.00M – $4.00M
NOI $240,249 @ 7.0% cap · market cap 7.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,411
Businesses Nearby
Balanced
Demand for This Use
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?
Shopping center - Fully occupied retail property with diversified tenants and recent improvements.
Where is this shopping center located?
The property is located at 351 W Bay Dr Largo, FL.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Fully occupied retail asset providing immediate in‑place cash flow.; Recent capital improvements including a 2024 roof restoration and HVAC replacements.; Strategic location on West Bay Drive with strong frontage, visibility, and accessibility.
