Stabilized Retail Asset with Redevelopment
For Sale
$3,200,000
351 W BAY DRIVE, Largo, FL 33770
Income-producing retail property with mixed-use redevelopment potential in Downtown Largo.
Property Size10,889 SF
Lot Size0.54 Acres
Price / SF$293.87
Days on Market182
Property Features for 351 W BAY DRIVE
General Information
Standard status
Active
Size
10,889 SF
Lot size
0.54 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$23,449
Amenities
Central air
Pool
Public Pool
Central Air Cooling
Central Heating
Building Details
Year Built
2004
Listing Agency:
KELLY RIGHT REAL ESTATE
(813) 321-2282
Listed By:
MUHAMMAD SHAIKH
Source:
Corcoran
Added: Feb 11
Changed: Aug 8
Last Checked: Aug 8 at 6:12AM
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 REAL ESTATE
Investment Insights
Based on property information with market context.
The property at 351 W Bay Dr is a retail asset located in Downtown Largo. It features five fully leased suites, providing immediate cash flow with a diversified tenant mix. Recent capital improvements include a full silicone roof restoration completed in 2024 at an approximate cost of $34,000, and several suites have received new HVAC units within the past two years. The site has received approval from Pinellas Planning & Zoning for the potential addition of up to 16 residential units above the existing commercial structure. The property is positioned along West Bay Drive with frontage and visibility, surrounded by public and private investment. Nearby developments include the Horizon West Bay project and the new 110,000 SF Largo City Hall complex featuring ground-floor retail and a 365-space public parking garage. The walkable downtown environment, anchored by Largo Central Park and Ulmer Park, supports consistent foot traffic and tenant demand. The asset benefits from proximity to major employment drivers, including HCA Largo Medical Center, and continued residential growth throughout the submarket. The property size is 10889 square feet.
Key Highlights
- Approved for potential addition of up to 16 residential units, offering mixed‑use redevelopment opportunity.
- Stabilized, income‑producing retail asset** with five fully leased suites and diversified tenant mix.
- Recent capital improvements, including a full silicone roof restoration in 2024 and new HVAC units in several suites.
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
$135,241
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
4.23%
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%
$2,704,820
$2.7M
Cap Rate 7%
$1,932,014
$1.9M
Cap Rate 9%
$1,502,678
$1.5M
Market Conditions
NOI Build-Up for 10,889 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
$235.2K $21.60/SF
− Vacancy
−$18.8K −$1.73/SF
EGI
$216.4K $19.87/SF
− OpEx
−$81.1K −$7.45/SF
NOI
$135.2K $12.42/SF
Area
Pinellas County, FL
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$2,704,820
Cap Rate 7%
$1,932,014
Cap Rate 9%
$1,502,678
Alternative Uses
Best Use
Mixed Use
$1.93M
$1.69M – $2.25M
NOI $135,241 @ 7.0% cap · market cap 4.23%
Second Best
Retail
$1.53M
$1.34M – $1.78M
NOI $106,903 @ 7.0% cap · market cap 3.34%
Theoretical Best
Office A
$2.83M
$2.48M – $3.30M
NOI $198,262 @ 7.0% cap · market cap 6.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,963
Businesses Nearby
Under-served
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- West Bay Plaza — 118 W Bay Dr, Largo, FL 33770
- Shoppes of Midway — 1000 Missouri Ave N, Largo, FL 33770
- Royal Plaza — 800 E Bay Dr, Largo, FL 33770
- Pinellas Shopping Center — 863 W Bay Dr, Largo, FL 33770
- The Center at Missouri Avenue — 1111 Missouri Ave N, Largo, FL 33770
Frequently Asked Questions
What type of property is this?
Shopping center - Income-producing retail property with mixed-use redevelopment potential in Downtown Largo.
Where is this shopping center located?
The property is located at 351 W BAY DRIVE 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: Approved for potential addition of up to 16 residential units, offering mixed‑use redevelopment opportunity.; Stabilized, income‑producing retail asset** with five fully leased suites and diversified tenant mix.; Recent capital improvements, including a full silicone roof restoration in 2024 and new HVAC units in several suites.
