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Sherry Shaheen

sherry.shaheen@engelvoelkers.com +1(352) 455-0712

$ 3,200,000

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Active

351 W BAY DR Largo, FL 33770

10,889 SqFt

UPDATED:

Key Details

Property Type Commercial

Sub Type Retail

Listing Status Active

Purchase Type For Sale

Square Footage 10,889 sqft

Price per Sqft $293

Subdivision Whitehursts & Others Add

MLS Listing ID S5143423

HOA Y/N No

Year Built 2004

Annual Tax Amount $23,449

Lot Size 0.540 Acres

Acres 0.54

Property Sub-Type Retail

Source Stellar MLS

Property Description

351 W Bay Dr offers investors a stabilized, income-producing retail asset with embedded upside and mixed-use redevelopment potential in the core of Downtown Largo. The property consists of five fully leased suites, delivering immediate in-place cash flow with a diversified tenant mix. Recent capital improvements materially reduce near-term capital expenditure exposure. In 2024, ownership completed a full silicone roof restoration across the entire building at an approximate cost of $34,000. Additionally, several suites have received new HVAC units within the past two years, strengthening the overall mechanical profile of the asset. Beyond stable current income, the property presents a compelling long-term value-add opportunity. The site has received approval from Pinellas Planning & Zoning for the potential addition of up to 16 residential units above the existing commercial structure (buyer to independently verify all zoning, land use, entitlement, and development requirements). This creates a rare opportunity for vertical mixed-use densification in a supply-constrained downtown corridor. Strategically positioned along West Bay Drive with strong frontage and visibility, the plaza is surrounded by significant 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. As Downtown Largo continues to mature, investors may capitalize on potential rent growth, tenant repositioning, and long-term redevelopment optionality. This offering presents an opportunity to acquire a stabilized retail property with near-term capital improvements completed and strategic upside in one of Pinellas County's evolving urban nodes.

Location

State FL

County Pinellas

Community Whitehursts & Others Add

Area 33770 - Largo/Belleair Bluffs

Interior

Heating Central

Cooling Central Air

Exterior

Utilities Available Electricity Available, Phone Available, Water Connected

Building

Story 1

Foundation Slab

Lot Size Range 1/2 to less than 1

Sewer Public Sewer

Water Public

Structure Type Block,Concrete

New Construction false

Others

Ownership Corporation

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Special Listing Condition None

Virtual Tour https://www.propertypanorama.com/instaview/stellar/S5143423

Listed by Muhammad Shaikh KELLY RIGHT REAL ESTATE

NEARBY SCHOOLS & PROPERTIES

MORTGAGE CALCULATOR

Mortgage values are calculated by Lofty and are for illustration purposes only, accuracy is not guaranteed.

Sherry Shaheen

Real Estate Advisor | License ID: SL3517451

+1(352) 455-0712

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