Central Park at East Bay
Closed301 Seacrest Dr, Largo, FL 33771
Property type
Multifamily
Unit / Space count
111
Price
Subject to Offer
Building size
110,854 sf
Rentable area
110,854 SF
Year built
1973
Year renovated
Occupancy
Zoning code
Lot size
7.47 Acres
Sold/status
Sold · Date unknown
Unit mix
74x
2br
Bedroom count
Property description
Central Park at East Bay is a well-located, 111-unit apartment community in North Pinellas County offering a strong value-add opportunity in a highly desirable submarket. Current ownership has held the property for six years and completed capital improvements at acquisition, but the interiors are ready for the next round of updates. There is also potential to enhance curb appeal and upgrade amenities to further elevate the asset. With occupancy consistently above 95%, investors can immediately benefit from organic rent growth and loss-to-lease recapture. The property features spacious floor plans averaging over 1,000 square feet, including 68% two-bedroom, 1.5-bath units at 1,100 square feet and 32% one-bedroom, one-bath units at 850 square feet. Each apartment includes washer/dryer connections, and 71 units (64%) are equipped with machines, generating additional income through a $45 monthly fee. Residents enjoy a well-rounded amenity package that includes a clubhouse and leasing office, swimming pool, fitness center, dog park, and playground, with the opportunity to convert underused spaces like the former laundry and maintenance rooms into new amenities. The property benefits from a high barrier-to-entry location, with no market-rate multifamily construction within a one-mile radius. The Largo/Seminole submarket is projected to experience 5.4% compound annual rent growth through 2030, reinforcing the long-term potential (RealPage, Largo/Seminole Submarket, 2026-2030). Central Park at East Bay also offers excellent regional connectivity, with convenient access to major employers, two international airports, and a range of nearby retail including Publix, Starbucks, and numerous dining options — all while being just minutes from the Gulf beaches and surrounding affluent neighborhoods.
Property highlights
- Current Ownership has Held the Property for Six Years and Completed Capex on Acquisitions. However, the Interiors are Now Due for the Next Phase of Upgrades, with Additional Opportunity to Enhance Curb Appeal and Amenities — in a Strong Submarket that will Support a Repositioning of the Property
- 111-Unit Apartment Community Located in North Pinellas County
- Spacious Floor Plans Averaging Over 1,000 Sq Ft Including 68% 2-Bedroom 1.5-Bath Units at 1,100 Sq Ft and 32% 1-Bedroom 1-Bath Units at 850 Sq Ft
- Property is Above 95% Occupancy and Organic Rent Growth and Loss to Lease Recapture is Ready to be Captured
- Washer/Dryer Connections in Every Apartment. Owner Supplies the Machines in 71 Units (64%) for Additional $45 Monthly Charge
- Appealing Amenities Including On-Site Clubhouse/Leasing Office, Swimming Pool, Fitness Center, Dog Park, and Playground
- Opportunity to Repurpose Former Laundry Room and Maintenance Room into a New Amenity
- High Barrier-to-Entry Location in Pinellas County, with No Market-Rate Multifamily Properties Under Construction within a 1-Mile Radius (Costar)
- Submarket Projected for 5.4% Compounded Annual Year-Over-Year Rent Growth in the Next Five Years (RealPage, Largo/Seminole Submarket, 2026-2030)
- Excellent Infill Location in Close Proximity to Major Retailers Including Two Publix Supermarkets (0.6 Mi & 1.5 Mi), and Two Starbucks (0.9 Mi & 1.8 Mi), and a Variety of Restaurants Along E Bay Dr
- Centrally-Located Within the Region with Convenient Access to Major Employment Centers Including the Gateway Business District, Westshore Business District, Downtown Tampa, and Downtown St. Petersburg
- Good Connectivity to Domestic and International Destinations via Major Airports Including Tampa International Airport (19.1 Mi) and St Pete-Clearwater International Airport (4.4 Mi)
- Property is Located Just a Short Drive to the World Famous Gulf Beaches and Some of the Areas Most Affluent Neighborhoods like Belleair Beach