Multi-Tenant Warehouse Flex
For Sale
$3,600,000
1603 Sunshine Drive CLEARWATER, Clearwater, FL 33765
Remodeled 20,000 SF warehouse flex building with four equal 5,000 SF units, each 100% sprinklered and equipped with 129 x 109 doors.
Property Size20,000 SF
Price / SF$180
Days on Market45
Property Features for 1603 Sunshine Drive CLEARWATER
General Information
Standard status
Active
Size
20,000 SF
Total Parking Spaces
30
Zoning
E-1
Occupancy
100%
Additional Details
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$23,059
Amenities
Concrete,Tile,Vinyl
1
true
Trees/Landscaped
Corner Lot
Public
43342
154 x 284
false
Paved
Slab
City Street
20000
Building Details
Building Size
20,000 SF
Year Built
1972
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
(407) 656-7814
Listed By:
Julie Sanchez
(407) 656-7814
Source:
Therealestatecollection
Added: Jul 7
Changed: Aug 19
Last Checked: Aug 20 at 4:23AM
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 Julie Sanchez
Investment Insights
Based on property information with market context.
This remodeled multi-tenant warehouse flex building totals 20,000 SF and is divided into four equally sized 5,000 SF units. Each unit is 100% sprinklered and features 129 x 109 overhead doors plus 200 amp electrical power. The building was built in 1972 and has undergone comprehensive updates including a new roof, AC units, front awnings, and asphalt.
The property is located on a corner lot just east of Clearwater Airpark Airport (CLW) between Belcher Rd and Hercules Ave. It includes 30 parking spaces and is zoned E-1 (Pinellas County) for a broad range of light industrial, flex, and office uses.
The offering is for sale and is currently 100% leased with one tenant (Pro Housing), with the tenant scheduled to vacate on 11/30/26, creating an owner-occupant or leasing opportunity.
The property is located on a corner lot just east of Clearwater Airpark Airport (CLW) between Belcher Rd and Hercules Ave. It includes 30 parking spaces and is zoned E-1 (Pinellas County) for a broad range of light industrial, flex, and office uses.
The offering is for sale and is currently 100% leased with one tenant (Pro Housing), with the tenant scheduled to vacate on 11/30/26, creating an owner-occupant or leasing opportunity.
Key Highlights
- Remodeled 20,000 SF warehouse/flex building on a 1‑acre corner lot with 4 equally sized 5,000 SF units
- 100% leased structure: multi‑tenant setup of four units; one tenant (Pro Housing) vacating 11/30/26 for owner‑occupant use
- Each unit includes 12’ x 10’ overhead doors and 200 amp electrical power; building is 100% sprinklered
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
$180,943
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
5.03%
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%
$3,618,860
$3.6M
Cap Rate 7%
$2,584,900
$2.6M
Cap Rate 9%
$2,010,478
$2.0M
Market Conditions
NOI Build-Up for 20,000 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
$295.2K $14.76/SF
− Vacancy
−$16.8K −$0.84/SF
EGI
$278.4K $13.92/SF
− OpEx
−$97.4K −$4.87/SF
NOI
$180.9K $9.05/SF
Area
Clearwater, FL
Vacancy
5.70%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
35.00%
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%
$3,618,860
Cap Rate 7%
$2,584,900
Cap Rate 9%
$2,010,478
Alternative Uses
Best Use
Flex RnD
$2.58M
$2.26M – $3.02M
NOI $180,943 @ 7.0% cap · market cap 5.03%
Second Best
Warehouse
$2.41M
$2.11M – $2.81M
NOI $168,429 @ 7.0% cap · market cap 4.68%
Theoretical Best
Office A
$5.61M
$4.91M – $6.55M
NOI $392,782 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,450
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33765, FL
13,844
Population
6,873
Households
2
Avg Household Size
42
Median Age
29%
College-Educated
85%
High-School Grad
4.2 sq mi
ZIP Area
3,296
Density / Sq Mi
$61,910
Median Household Income
$40,535
Median Earnings
$1,585
Median Rent
$290,700
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Remodeled 20,000 SF warehouse flex building with four equal 5,000 SF units, each 100% sprinklered and equipped with 129 x 109 doors.
Where is this flex space located?
The property is located at 1603 Sunshine Drive CLEARWATER Clearwater, FL.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: Remodeled 20,000 SF warehouse/flex building on a 1‑acre corner lot with 4 equally sized 5,000 SF units; 100% leased structure: multi‑tenant setup of four units; one tenant (Pro Housing) vacating 11/30/26 for owner‑occupant use; Each unit includes 12’ x 10’ overhead doors and 200 amp electrical power; building is 100% sprinklered
