Permit-Ready Commercial
For Sale
$489,000
1007 MICHIGAN Avenue, Palm Harbor, FL 34683
Commercial Sale, PALM HARBOR, FL
Property Size1,008 SF
Lot Size0.20 Acres
Price / SF$485.12
Days on Market242
Property Features for 1007 MICHIGAN Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
OPH-D
Subdivision
SUTHERLAND TOWN OF
Lot features
Oversized Lot
Directions
Take Alt 19 N to East on Michigan Drive. Property on the left.
Standard status
Active
APN
01-28-15-88560-105-1700
Size
1,008 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SUTHERLAND, TOWN OF BLK 105, LOTS 17,18 AND 19 (SEE S02-28-15)
Tax Annual Amount
3125
Legal Description
SUTHERLAND, TOWN OF BLK 105, LOTS 17,18 AND 19 (SEE S02-28-15)
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1951
Floors in Building
1
Building materials
Block
Listing Agency:
PALM LIFE REALTY
(888) 877-4040
Listed By:
Walter Penachio · License #3043989
(727) 688-4040
Added: Jan 19
Changed: Sep 17
Last Checked: Sep 18 at 2:06AM
MLS# TB8466258
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 0.2-acre commercial land offering includes an existing 1008-square-foot block structure built in 1951. The building is configured for professional office use and has central air, central electric heating, public water, and public sewer, with minimal renovation described for activation. The property is also approved by the historic department for a three-unit townhome project with residences of approximately 2,000 square feet each. Paid impact fees are included in the approved redevelopment framework.
Located one parcel from Alternate 19 in Palm Harbor, the site offers access to a primary north-south corridor without direct highway frontage. The surrounding area includes downtown Palm Harbor and Dunedin, waterfront and trail access, dining, retail, breweries, and marinas. The AC-N Activity Center designation supports a broad range of neighborhood-serving commercial uses, including office, retail, medical, dining, fitness, and personal services, subject to applicable code requirements.
Located one parcel from Alternate 19 in Palm Harbor, the site offers access to a primary north-south corridor without direct highway frontage. The surrounding area includes downtown Palm Harbor and Dunedin, waterfront and trail access, dining, retail, breweries, and marinas. The AC-N Activity Center designation supports a broad range of neighborhood-serving commercial uses, including office, retail, medical, dining, fitness, and personal services, subject to applicable code requirements.
Key Highlights
- 0.2‑acre commercial land offering in Palm Harbor
- Existing 1008‑square‑foot block office structure built in 1951
- Approved three‑unit townhome plan with approximately 2,000 square feet per residence
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$15,651
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.20%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$313,020
$313.0K
Cap Rate 7%
$223,586
$223.6K
Cap Rate 9%
$173,900
$173.9K
Market Conditions
NOI Build-Up for 1,008 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$26.2K $26.04/SF
− Vacancy
−$5.4K −$5.34/SF
EGI
$20.9K $20.70/SF
− OpEx
−$5.2K −$5.18/SF
NOI
$15.7K $15.53/SF
Area
Pinellas County, FL
Vacancy
20.50%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$313,020
Cap Rate 7%
$223,586
Cap Rate 9%
$173,900
Alternative Uses
Best Use
Office B
$223.6K
$195.6K – $260.9K
NOI $15,651 @ 7.0% cap · market cap 3.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$262.2K
$229.4K – $305.9K
NOI $18,353 @ 7.0% cap · market cap 3.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
808
Businesses Nearby
Explore this area
Business Placement
Demographics for 34683, FL
33,453
Population
15,686
Households
2.1
Avg Household Size
49
Median Age
43%
College-Educated
95%
High-School Grad
10.3 sq mi
ZIP Area
3,248
Density / Sq Mi
$90,037
Median Household Income
$53,330
Median Earnings
$1,655
Median Rent
$424,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Commercial land - Approved redevelopment plans and an existing office structure support immediate use with future flexibility.
Where is this commercial land located?
The property is located at 1007 MICHIGAN Avenue Palm Harbor, FL.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: 0.2‑acre commercial land offering in Palm Harbor; Existing 1008‑square‑foot block office structure built in 1951; Approved three‑unit townhome plan with approximately 2,000 square feet per residence
