Office Building with Redevelopment
For Sale
$499,000
1007 MICHIGAN Avenue, Palm Harbor, FL 34683
SINGLE_FAMILY - PALM HARBOR, FL
Property Size1,008 SF
Lot Size0.20 Acres
Price / SF$495.04
Days on Market193
Property Features for 1007 MICHIGAN Avenue
General Information
Property type
Residential
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
Electric (Heating), Central
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: Jul 22
Last Checked: Jul 31 at 6:06PM
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 property offers an existing structure that is ready for immediate use as a professional office with minimal renovation required. It is also permit-ready for a three-unit townhome development, with historic department approvals already in place and building permits ready for the next phase. Impact fees have been paid, creating time and cost advantages for an owner looking to move forward with redevelopment.
The site is located in Downtown Palm Harbor’s Activity Center - Neighborhood (AC-N) land use designation and is subject to Downtown Palm Harbor Form-Based Code (DPH-FBC) zoning. It sits one parcel off Alternate 19, providing strong visibility and access without direct highway frontage. The property is in Flood Zone X and is a short distance from the waterfront and nearby trail systems.
In addition to the approved three-unit residential plan, the AC Activity Center District supports a broad set of permitted uses under municipal code, including office and professional services, retail and personal service businesses, medical and dental offices, and a variety of neighborhood-serving commercial uses.
The site is located in Downtown Palm Harbor’s Activity Center - Neighborhood (AC-N) land use designation and is subject to Downtown Palm Harbor Form-Based Code (DPH-FBC) zoning. It sits one parcel off Alternate 19, providing strong visibility and access without direct highway frontage. The property is in Flood Zone X and is a short distance from the waterfront and nearby trail systems.
In addition to the approved three-unit residential plan, the AC Activity Center District supports a broad set of permitted uses under municipal code, including office and professional services, retail and personal service businesses, medical and dental offices, and a variety of neighborhood-serving commercial uses.
Key Highlights
- Permit‑ready redevelopment: approved for three‑unit townhome development with ~2,000 SF per residence (historic department approval).
- All impact fees have been paid, supporting a time and cost advantage for the next owner.
- Existing structure can be used as a professional office immediately, with minimal renovation required.
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $26.2k | $26.04 |
| − Vacancy | −$5.4k | −$5.34 |
| EGI | $20.9k | $20.70 |
| − OpEx | −$5.2k | −$5.18 |
| NOI | $15.7k | $15.53 |
1,008 SF · lease $26.04/SF/yr · vacancy 20.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$223.6K
$195.6K – $260.9K
NOI $15,651 @ 7.0% cap · market cap 3.14%
Second Best
Multifamily LT 5
$168.1K
$147.1K – $196.1K
NOI $11,766 @ 7.0% cap · market cap 2.36%
Theoretical Best
Office A
$262.2K
$229.4K – $305.9K
NOI $18,353 @ 7.0% cap · market cap 3.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Existing office structure with minimal renovation needed, plus permit-ready approval for a three-unit townhome development.
Where is this office units located?
The property is located at 1007 MICHIGAN Avenue Palm Harbor, FL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Permit‑ready redevelopment: approved for three‑unit townhome development with ~2,000 SF per residence (historic department approval).; All impact fees have been paid, supporting a time and cost advantage for the next owner.; Existing structure can be used as a professional office immediately, with minimal renovation required.
