Downtown Clearwater Redevelopment
1214-1242 CLEVELAND STREET Clearwater, FL 33755
1214-1242 CLEVELAND STREET, Clearwater, FL, 33755
$4,420,000
For Sale
$4,420,000
Rare 2-acre assemblage in Clearwater's urban core.
Property Size18,187 SF
Lot Size1.99 Acres
Price / SF$243.03
Days on Market313
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
Listing Agency
KELLER WILLIAMS TAMPA PROP.
(813) 264-7754
Listed by
ALEXANDER LUCKE · License #3351552
Source
Corcoran
Added: Sep 11, 2025 Updated: Jul 10 at 12:58 pm Checked: Jul 20 at 4:06 am
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.
Local Financial Insights For Specialty Retail
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 | $349.2k | $19.20 |
| − Vacancy | −$15.7k | −$0.86 |
| EGI | $333.5k | $18.34 |
| − OpEx | −$83.4k | −$4.58 |
| NOI | $250.1k | $13.75 |
18,187 SF · lease $19.20/SF/yr · vacancy 4.50% · expense 25.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Retail space
Similar For Sale Nearby
FAQs
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.
