Clearwater Retail Plaza For
For Sale
Contact for pricing
Pending
1401 Cleveland St, Clearwater, FL 33755
Retail plaza in downtown Clearwater with 17 units.
Property Size14,352 SF
Days on Market1358
Property Features for 1401 Cleveland St
General Information
Standard status
Pending
Size
14,352 SF
Property subtype
Retail
Occupancy
100%
Net Operating Income
$198,000
Building Details
Year Built
1958
Units
17
Listing Agency:
High Point Realty Inc
(727) 466-6697
Listed By:
David Kerr · License #FL BK3235605
Source:
Crexi
Added: Dec 12, 2022
Changed: Aug 28
Last Checked: Aug 29 at 4:36AM
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 High Point Realty Inc
Investment Insights
Based on property information with market context.
This retail plaza is located in the improved Gateway area of downtown Clearwater. The property contains 17 separate units, each equipped with individual power and water meters. Recent upgrades have been completed. The plaza is situated next to the newly created Marche, which hosts weekend markets and events at the corner of Cleveland Street and Gulf to Bay. The property has a total size of 14352 square feet and currently has only one vacancy, which is about to be leased.
Key Highlights
- Prime location in the newly improved Gateway area of downtown Clearwater.
- 17 separate units, each with individual power and water meters.
- High foot traffic due to proximity to the newly created Marche for weekend markets and events.
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
$171,793
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
5.75%
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%
$3,435,860
$3.4M
Cap Rate 7%
$2,454,186
$2.5M
Cap Rate 9%
$1,908,811
$1.9M
Market Conditions
NOI Build-Up for 14,352 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
$258.3K $18.00/SF
− Vacancy
−$12.9K −$0.90/SF
EGI
$245.4K $17.10/SF
− OpEx
−$73.6K −$5.13/SF
NOI
$171.8K $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%
$3,435,860
Cap Rate 7%
$2,454,186
Cap Rate 9%
$1,908,811
Alternative Uses
Best Use
Retail
$2.45M
$2.15M – $2.86M
NOI $171,793 @ 7.0% cap · market cap 5.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.03M
$3.52M – $4.70M
NOI $281,860 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,449
Businesses Nearby
Balanced
Demand for This Use
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?
Shopping center - Retail plaza in downtown Clearwater with 17 units.
Where is this shopping center located?
The property is located at 1401 Cleveland St Clearwater, FL.
What is the asking price?
The asking price for this property is $2,990,000.
What are key features of this property?
This property features: Prime location in the newly improved Gateway area of downtown Clearwater.; 17 separate units, each with individual power and water meters.; High foot traffic due to proximity to the newly created Marche for weekend markets and events.
