351 W Bay Drive, Belleair Bluffs, FL 33770

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.