2401 W Bay Dr - Office FOR SALE


Largo, FL 33770- Harbor Bluffs
$6,900,000 USD
2401 W Bay Dr, Largo, FL for Sale
$6,900,000 USD
Office - FOR SALE
1/4
null | 4.82% Cap Rate

2401 W Bay Dr
Largo, FL 33770
Harbor Bluffs


HIGHLIGHTS

  • 4.2 Acres of Land with 450+ feet of frontage along West Bay Drive in Largo, Florida Population 82,485 and Fourth Largest City in the Tampa Bay Area
  • Tremendous Upside by Converting all Short-Term, Below Market, Gross Leases to Net Leases by Passing Through CAM, Taxes and Insurance

OVERVIEW

Marcus & Millichap is pleased to present for sale this Raymond James Office Park located at 2401 West Bay Drive in Large, Florida. This offering consists of six office buildings comprised of a total of 48,035 square feet on a large 4.2-acre parcel with over 450 feet of frontage along West Bay Drive. The offering allows for a new investor to acquire a 100 percent occupied Office Complex with tremendous opportunity to greatly improve the income stream by converting all the short-term, Gross Leases to Net Leases by passing through the CAM, Taxes and Insurance. The leases are currently at an average of $14.84 SF. By keeping the leases at the current rental amount and simply passing the operating expenses through to the tenants can potentially add close to 40 percent greater Net Operating Income. Largo is the third largest city in Pinellas County, Florida as well as the fourth largest city in the Tampa Bay Area with a population of 82,485. Top employers in the Largo Area include HCA Hospital (455 Beds), Tech Data, Largo Medical Center, Florida Suncoast Hospice, SCC Soft Computer, Inc., City of Largo, Palms of Largo and Publix Super Markets, Inc. Numerous apartment complexes surround this Raymond James Office Park including 158 Ridge Luxury Apartment Homes, Grand Oak Apartments, The Rosery Apartments, Bayside Court Apartments, Fountains of Largo, Oak Ridge Apartments, Brittany Bay Apartments, Whispering Palms, The Boulevard and Waterchase Apartments.

FOR SALE DETAILS

PRICE

$6,900,000 USD

PRICE/SF

$1,320 USD /SF

CAP RATE

4.82%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Building 200

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

C

YEAR BUILT

1925

SPRINKLERS

-

PARKING SPACES

180

LAND DETAILS

LAND ACRES

4.23 AC

LAND SF

184,259 SF

ZONING

-

APN/PARCEL ID

32-29-15-00000-410-0100

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