Downtown Clearwater Redevelopment
For Sale
$4,420,000
1214-1242 CLEVELAND STREET, Clearwater, FL 33755
Rare 2-acre assemblage in Clearwater's urban core.
Property Size18,187 SF
Lot Size1.99 Acres
Price / SF$243.03
Days on Market359
Property Features for 1214-1242 CLEVELAND STREET
General Information
Standard status
Active
Size
18,187 SF
Lot size
1.99 Acres
Property subtype
Land or Vacant Lot
Taxes and HOA fees
Annual Taxes
$10,240
Amenities
Pool
Public Pool
Listing Agency:
KELLER WILLIAMS TAMPA PROP.
(813) 264-7754
Listed By:
ALEXANDER LUCKE · License #3351552
(727) 410-2896
Source:
Corcoran
Added: Sep 11, 2025
Changed: Aug 23
Last Checked: Sep 2 at 2:09AM
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 KELLER WILLIAMS TAMPA PROP.
Investment Insights
Based on property information with market context.
Located at 1214–1242 Cleveland Street, Clearwater, FL 33755, this property presents a redevelopment opportunity in the heart of Downtown Clearwater. The assemblage consists of four parcels totaling nearly 2 acres, encompassing a full city block along Cleveland Street and a stand-alone parking lot to the west. The property is improved with 18,187 square feet of mixed-use retail and restaurant space and multiple parking lots. It features 435 feet of frontage from N Jefferson Ave to N Lincoln Ave. Zoned (D)-Downtown, the site offers scale, flexibility, and redevelopment potential. The property is positioned near the new Clearwater Gardens housing community and major projects such as the Bluff Apartments, Harborview Hotel, new City Hall, and the PSTA Transit Station.
Key Highlights
- Nearly 2‑acre four‑parcel assemblage in Downtown Clearwater.
- Zoned (D)-Downtown, offering redevelopment potential.
- 435 feet of frontage on Cleveland Street** from N Jefferson Ave to N Lincoln Ave.
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
$250,108
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
5.66%
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%
$5,002,160
$5.0M
Cap Rate 7%
$3,572,971
$3.6M
Cap Rate 9%
$2,778,978
$2.8M
Market Conditions
NOI Build-Up for 18,187 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
$349.2K $19.20/SF
− Vacancy
−$15.7K −$0.86/SF
EGI
$333.5K $18.34/SF
− OpEx
−$83.4K −$4.58/SF
NOI
$250.1K $13.75/SF
Area
Clearwater, FL
Vacancy
4.50%
Lease Rate
$19.20 /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%
$5,002,160
Cap Rate 7%
$3,572,971
Cap Rate 9%
$2,778,978
Alternative Uses
Best Use
Specialty Retail
$3.57M
$3.13M – $4.17M
NOI $250,108 @ 7.0% cap · market cap 5.66%
Second Best
Mixed Use
$3.26M
$2.85M – $3.81M
NOI $228,338 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$5.10M
$4.46M – $5.95M
NOI $357,176 @ 7.0% cap · market cap 8.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,378
Businesses Nearby
Explore this area
Business Placement
Demographics for 33755, FL
28,360
Population
11,872
Households
2.4
Avg Household Size
41
Median Age
25%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,156
Density / Sq Mi
$59,613
Median Household Income
$36,206
Median Earnings
$1,340
Median Rent
$300,200
Median Home Value
Market
Vacancy Rate% for Retail 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?
Mixed-use property - Rare 2-acre assemblage in Clearwater's urban core.
Where is this mixed-use property located?
The property is located at 1214-1242 CLEVELAND STREET Clearwater, FL.
What is the asking price?
The asking price for this property is $4,420,000.
What are key features of this property?
This property features: Nearly 2‑acre four‑parcel assemblage in Downtown Clearwater.; Zoned (D)-Downtown, offering redevelopment potential.; 435 feet of frontage on Cleveland Street** from N Jefferson Ave to N Lincoln Ave.
