Largo Business Center

STRONG REAL ESTATE FUNDAMENTALS – Pinellas County is the most densely populated county in the State of Florida. With an offering price of just $95/SF, an investor can buy an immediately cash-flowing asset at well-below replacement cost.
STRATEGIC LOCATION – Located in the heart of Largo, FL (Tampa MSA), the property sits in a dense commercial and residential pocket. Average household income is nearing $80k within a 5-mile radius with a population size of over 261k people. Many of the tenants have employees that live local to the area, which creates additional security with the tenant’s long-term commitment.
EXCESS LAND, PLENTY OF PARKING – The building is centrally positioned on a ±3.32 AC lot. Recent improvements have been made to the parking lot and virtually the entire paved lot is able to be utilized for parking.
RECENT CAPITAL IMPROVEMENTS – There have been recent extensive capital improvements to this site. The new security camera system, exterior painting, parking lot and other improvements have been recently completed by ownership. All potential future capital expenditures have been underwritten into the pricing on this deal.
IN-PLACE CASHFLOW – The estimated year one cap rate on this deal is 7.38%, per market assumptions, there is the ability to reach a double-digit unlevered yield by year three of ownership.
HEALTHY VACANCY, IMMEDIATE UPSIDE – Just 5 of the 27 suites currently sit vacant, which allows investors the opportunity to immediately increase the annual yield on this deal while still purchasing the deal at a low basis.
STRONG MARK TO MARKET OPPORTUNITY – This deal has over 45% of the current leases coming due within the next 2 years and in-place rents that are more than 16% below market. There is a clear mark to market opportunity to increase the already leased space to an even higher cash flow in a short period of time.
LONG TERM VALUE POTENTIAL – Pinellas County has virtually no excess land to develop similar assets. Due to the great real estate fundamentals, strong population, industry growth projections, and projected rent growth in this market, there is long-term value potential allowing for a great exit ability after a hold period is completed.

PROPERTY SUMMARY
Address	1301 Seminole Blvd, Largo, FL 33770
Rentable SF	±38,222 SF
Acreage	±3.32 AC
Lot SF	±144,619 SF
Year Built	1974
Year Renovated	2022
In-Place Cap Rate	7.38%
Stabilized Cap Rate	11.79%
Recent Upgrades	Parking Lot, Exterior, Security Cameras
Rent/SF	$12.87
WALT	±1.19 Years
Number of Tenants	22
FINANCING INQUIRIES For financing options reach out to: Brian Brady brian.brady@matthews.com +1 (813) 489-6197

LARGO BUSINESS CENTER

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