1401 Missouri Ave Largo, FL 33770

Property Details for 1401 Missouri Ave

Year built

2013

Lot size

7.48 lot acres

Property size

74,694 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional investment opportunity presents the Shops at Midway, a ±74,694 square foot power center in Largo, Florida, boasting 100% occupancy. The property features five tenants, including three with investment-grade credit ratings from Moody's and Standard & Poor's. This two-building, single-story shopping center, built in 2013/2014, sits on a 7.48-acre lot with 308 parking spaces and is zoned C2. The asking price is $11,130,000, representing a $149.01 per square foot price and a 6.75% cap rate. The Net Operating Income (NOI) is $751,187. The weighted average lease term remaining (WALT) is 4.36 years, with all tenants holding at least one 5-year option with rent increases during each option period. Strategically located at the southwest corner of the signalized intersection of North Missouri Avenue (30,000 AADT) and Jasper Street, the property offers excellent visibility and access. Its location on US Highway 19 Alternate, a major north-south thoroughfare in Pinellas County, ensures high traffic volume. Nearby retailers include Old Time Pottery, Walmart, ALDI, and more. This fully stabilized, cash-flowing asset provides a secure investment with strong national tenants and significant potential for future cash flow growth. The property's location within an Opportunity Zone adds further investment appeal. The property's address is 1401 Missouri Ave N, Largo, FL 33770, and the APN is 27-29-15-57787-000-0010 / 27-29-15-57787-000-0020 (OP).

Location Insight

City

Largo

County

Pinellas

State

Florida

Longitude

-82.7886

Latitude

27.9305