Permit-Ready Commercial
For Sale
$499,000
1007 Michigan Ave, Palm Harbor, FL 34683
Existing office improvements support immediate occupancy while an approved townhome plan provides a path for redevelopment.
Property Size1,008 SF
Price / SF$495.04
Days on Market41
Property Features for 1007 Michigan Ave
General Information
Standard status
Active
Size
1,008 SF
Building Details
Year Built
1951
Listing Agency:
PALM LIFE REALTY
(888) 877-4040
Listed By:
Walter Penachio · License #3043989
Source:
Flflourish
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 29 at 2:30PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of PALM LIFE REALTY
Investment Insights
Based on property information with market context.
This Commercial land offering includes an existing 1,008-square-foot structure built in 1951 that is positioned for professional office use with minimal renovation. The property also carries an approved plan for three townhome residences of approximately 2,000 square feet each. Historic department approval is complete, the project is ready for building permits, and impact fees have been paid.
The site is located at 1007 Michigan Ave in Palm Harbor, one parcel from Alternate 19, providing access to a major north–south corridor without direct highway frontage. The property is designated AC-N under the Downtown Palm Harbor Activity Center framework and is zoned DPH-FBC. The district supports a broad range of neighborhood-serving commercial uses, while multifamily residential is allowed as part of qualifying retail mixed-use development. The site is also in Flood Zone X and sits near waterfront areas, trails, downtown Palm Harbor, and Dunedin.
The site is located at 1007 Michigan Ave in Palm Harbor, one parcel from Alternate 19, providing access to a major north–south corridor without direct highway frontage. The property is designated AC-N under the Downtown Palm Harbor Activity Center framework and is zoned DPH-FBC. The district supports a broad range of neighborhood-serving commercial uses, while multifamily residential is allowed as part of qualifying retail mixed-use development. The site is also in Flood Zone X and sits near waterfront areas, trails, downtown Palm Harbor, and Dunedin.
Key Highlights
- Approved three‑residence townhome plan with approximately 2,000 square feet per home
- Existing 1,008‑square‑foot structure built in 1951 for professional office use
- Historic department approval completed; project ready for building permits
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
3.14%
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 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$262.2K
$229.4K – $305.9K
NOI $18,353 @ 7.0% cap · market cap 3.68%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - Existing office improvements support immediate occupancy while an approved townhome plan provides a path for redevelopment.
Where is this commercial land located?
The property is located at 1007 Michigan Ave 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: Approved three‑residence townhome plan with approximately 2,000 square feet per home; Existing 1,008‑square‑foot structure built in 1951 for professional office use; Historic department approval completed; project ready for building permits
