Two-Unit Industrial Flex
For Sale
$1,050,000
Pending
1170 Gould Street CLEARWATER, Clearwater, FL 33756
Two fully leased warehouse units offer office space, controlled-environment interiors, and ample on-site parking.
Property Size4,960 SF
Days on Market49
Property Features for 1170 Gould Street CLEARWATER
General Information
Standard status
Pending
Size
4,960 SF
Total Parking Spaces
20
Occupancy
100%
Additional Details
Clear Height
30 ft
Taxes and HOA fees
Annual Taxes
$12,000
Amenities
Carpet,Concrete,Luxury Vinyl,Other
1
Aluminum Frames
Public Records
true
Mature Landscaping
Public
15259
100 x 150
0.35
false
13 to 18 Spaces,Ground Level
Paved,Asphalt
Slab
Street Paved,City Street
4960
Public Maintained Road
Building Details
Building Size
4,960 SF
Year Built
1988
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
The Real Estate Collection LLC
(407) 656-7814
Listed By:
Matthew Kester · License #SL3533505
(407) 656-7814
Source:
Therealestatecollection
Added: Jul 3
Changed: Aug 15
Last Checked: Aug 20 at 4:22AM
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 The Real Estate Collection LLC
Investment Insights
Based on property information with market context.
This industrial flex warehouse includes two separate leased units. Unit 1 is the larger space and features three private offices, two restrooms, a reception area, and oversized storage leading to a large open warehouse/studio area with approximately 30-foot ceilings. Unit 2 includes a private office, kitchenette, restroom, and an open warehouse footprint suitable for a range of service-based, distribution, or flex industrial uses.
The property provides fully air-conditioned warehouse and office areas and includes approximately 20+ on-site parking spaces. The space has no bay doors, which may make it a better fit for controlled-environment operations such as studios, specialty uses, or showroom-style applications.
Situated at 1170 Gould Street in Clearwater, the building is positioned as a two-tenant income-producing asset with immediate occupancy based on the existing leases.
The property provides fully air-conditioned warehouse and office areas and includes approximately 20+ on-site parking spaces. The space has no bay doors, which may make it a better fit for controlled-environment operations such as studios, specialty uses, or showroom-style applications.
Situated at 1170 Gould Street in Clearwater, the building is positioned as a two-tenant income-producing asset with immediate occupancy based on the existing leases.
Key Highlights
- Two fully leased industrial warehouse units with office and warehouse space; ownership can retain both tenants or deliver the larger unit vacant at closing
- Large unit includes three private offices, two restrooms, reception area, oversized storage, and open warehouse/studio space with ~30‑foot ceilings
- Second unit features a private office, kitchenette, restroom, and open warehouse footprint for service, distribution, or flex industrial use
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
$44,711
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
4.26%
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%
$894,220
$894.2K
Cap Rate 7%
$638,729
$638.7K
Cap Rate 9%
$496,789
$496.8K
Market Conditions
NOI Build-Up for 4,942 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
$72.9K $14.76/SF
− Vacancy
−$4.2K −$0.84/SF
EGI
$68.8K $13.92/SF
− OpEx
−$24.1K −$4.87/SF
NOI
$44.7K $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%
$894,220
Cap Rate 7%
$638,729
Cap Rate 9%
$496,789
Alternative Uses
Best Use
Flex RnD
$638.7K
$558.9K – $745.2K
NOI $44,711 @ 7.0% cap · market cap 4.26%
Second Best
Warehouse
$594.6K
$520.2K – $693.7K
NOI $41,619 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$1.39M
$1.21M – $1.62M
NOI $97,056 @ 7.0% cap · market cap 9.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
30 ft
Clear height
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,503
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33756, FL
31,807
Population
15,474
Households
2.1
Avg Household Size
48
Median Age
30%
College-Educated
91%
High-School Grad
7.2 sq mi
ZIP Area
4,418
Density / Sq Mi
$63,990
Median Household Income
$38,563
Median Earnings
$1,382
Median Rent
$335,800
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Flex space - Two fully leased warehouse units offer office space, controlled-environment interiors, and ample on-site parking.
Where is this flex space located?
The property is located at 1170 Gould Street CLEARWATER Clearwater, FL.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Two fully leased industrial warehouse units with office and warehouse space; ownership can retain both tenants or deliver the larger unit vacant at closing; Large unit includes three private offices, two restrooms, reception area, oversized storage, and open warehouse/studio space with ~30‑foot ceilings; Second unit features a private office, kitchenette, restroom, and open warehouse footprint for service, distribution, or flex industrial use
