Shops at Midway-Opportunity Zone

3 Retail Properties Offered at $22,588,000 in Largo, FL

INVESTMENT HIGHLIGHTS

  • 3 tenants have investment grade credit ratings from Moody’s and Standard and Poor’s
  • Four of the six tenants have been there for 8 years or longer
  • Missouri Avenue has an AADT of 30,000, 3-Mile Demos Population : 105,584 HH Income: $8,546
  • Credit rated tenants and/or national tenants account for 97.3% of the GLA
  • Corner location at Missouri Avenue (US 19 Alternate) and Jasper Street, a signalized intersection

EXECUTIVE SUMMARY

RIPCO Real Estate is pleased to offer for sale Shops at Midway, a ±119,694 SF Power Center 100% occupied by six tenants. 48.87% of the Gross Leasable Area of the center has investment grade credit ratings: Ross Stores Inc. (A2, BBB+), Dollar Tree (Baa3, BBB-), and TJ Maxx (A2, A). The weighted average lease term remaining (WALT) at the center is 4.61 years. All of the tenants have at least one 5-year option remaining and have increases during each option period.
The Shops at Midway are located at the southwest corner of the signalized intersection of N Missouri Avenue (30,000 AADT) and Jasper Street. There are two points of ingress/egress along Missouri Avenue and one point on Jasper Street, giving the property excellent access and exposure. Missouri Avenue is part of US Highway 19 – Alternate, one of the primary north to south thoroughfares in Pinellas County running from Saint Petersburg, FL to Holiday, FL. Other nearby retailers along N Missouri Avenue include Old Time Pottery, Walmart Supercenter, ALDI, Rent-A-Center, Goodwill, and Office Depot.
This asset provides investors with an opportunity to acquire a fully stabilized cash flowing opportunity with strong national tenants and the ability to increase cash flow through option periods.

PROPERTY FACTS

Price $22,588,000
Price / SF $173.22 / SF
Cap Rate 6.75%
Sale Type Investment NNN
Status Active
Number of Properties 3
Individually For Sale 0
Total Building Size 130,398 SF
Total Land Area 12.93 AC

PROPERTIES

PROPERTY NAME / ADDRESS PROPERTY TYPE SIZE YEAR BUILT INDIVIDUAL PRICE
1581 Missouri Ave, Largo, FL 33770 Retail 3,200 SF 2015 -
L.A. Fitness
1229 Missouri Ave N, Largo, FL 33770
Retail 45,000 SF 2014 -
1229-1551 Missouri Ave N, Largo, FL 33770 Retail 82,198 SF 1958 -
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  • Listing ID: 28666978

  • Date on Market: 6/5/2023

  • Last Updated:

  • Address: Shops at Midway-Opportunity Zone, Largo, FL