Permit-Ready Commercial
For Sale
$489,000
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
Days on Market269
Property Features for 1007 MICHIGAN AVE
General Information
Standard status
Active
Size
1,008 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$3,125
Building Details
Building Size
1,008 SF
Year Built
1951
Listing Agency:
PALM LIFE REALTY
Listed By:
Walter Penachio · License #3043989
(888) 877-4040
Source:
Judibeck
Added: Jan 19
Changed: Oct 2
Last Checked: Oct 15 at 6:41AM
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 / Yr
$15,651
Cap Rate
3.20%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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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
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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 - 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 $489,000.
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
