Drive-Through Retail
For Sale
$4,056,993
1899 N Highland Ave, Clearwater, FL 33755
Retail outparcel with an existing drive-thru window and minimal landlord responsibilities limited to exterior and plumbing.
Property Size13,103 SF
Days on Market31
Property Features for 1899 N Highland Ave
General Information
Standard status
Active
Size
13,103 SF
Property subtype
Commercial
Lease Term
±8 Yrs
Building Details
Building Size
13,103 SF
Year Built
2008
Listing Agency:
Matthews
(813) 725-2182
Listed By:
Princeton Douglass · License #SL3632851 (FL)
(813) 725-2182
Source:
Matthews
Added: Jul 24
Changed: Aug 16
Last Checked: Aug 23 at 2:23AM
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 Matthews
Investment Insights
Based on property information with market context.
This retail outparcel features an existing drive-thru window and layout. The lease structure calls for minimal landlord responsibilities, limited to exterior and plumbing.
The property sits on a large lot with a prominent corner location. It is positioned as an outparcel to an anchored center with Planet Fitness, within a retail hub alongside national tenants.
The asset is located in Florida, a no-income-tax state, which may be a consideration for certain individual and institutional investors seeking tax-efficient investments.
The property sits on a large lot with a prominent corner location. It is positioned as an outparcel to an anchored center with Planet Fitness, within a retail hub alongside national tenants.
The asset is located in Florida, a no-income-tax state, which may be a consideration for certain individual and institutional investors seeking tax-efficient investments.
Key Highlights
- Year built 2008 retail outparcel with an existing drive‑thru window
- Lease features minimal landlord responsibilities, limited to exterior and plumbing
- Located on a large lot in a prominent corner position
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
$156,843
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
3.87%
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%
$3,136,860
$3.1M
Cap Rate 7%
$2,240,614
$2.2M
Cap Rate 9%
$1,742,700
$1.7M
Market Conditions
NOI Build-Up for 13,103 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
$235.9K $18.00/SF
− Vacancy
−$11.8K −$0.90/SF
EGI
$224.1K $17.10/SF
− OpEx
−$67.2K −$5.13/SF
NOI
$156.8K $11.97/SF
Area
Clearwater, FL
Vacancy
5.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$3,136,860
Cap Rate 7%
$2,240,614
Cap Rate 9%
$1,742,700
Alternative Uses
Best Use
Retail
$2.24M
$1.96M – $2.61M
NOI $156,843 @ 7.0% cap · market cap 3.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.68M
$3.22M – $4.29M
NOI $257,331 @ 7.0% cap · market cap 6.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
470
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
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Frequently Asked Questions
What type of property is this?
Retail space - Retail outparcel with an existing drive-thru window and minimal landlord responsibilities limited to exterior and plumbing.
Where is this retail space located?
The property is located at 1899 N Highland Ave Clearwater, FL.
What is the asking price?
The asking price for this property is $4,056,993.
What are key features of this property?
This property features: Year built 2008 retail outparcel with an existing drive‑thru window; Lease features minimal landlord responsibilities, limited to exterior and plumbing; Located on a large lot in a prominent corner position
