Renovated Flex Space With
For Sale
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1453 S MARTIN LUTHER KING JR AVE, Clearwater, FL 33756
Three secured buildings combine office, warehouse, and self-storage components within a commercial-zoned property.
Property Size11,030 SF
Lot Size0.71 Acres
Price / SF$209.09
Days on Market372
Property Features for 1453 S MARTIN LUTHER KING JR AVE
General Information
Standard status
Active
Size
11,030 SF
Total Parking Spaces
17
Lot size
0.71 Acres
Property subtype
Warehouse
Warehouse & Industrial
Clear Height
18 ft
Warehouse Space
2,400 SF
Office Build-Out
2,600 SF
Drive-In Doors
1
Self-Storage Units
43
Additional Details
Fenced Yard
Yes
Taxes and HOA fees
Annual Taxes
$14,087
Amenities
conference room
break room
security system
electronic gate
Building Details
Building Size
11,030 SF
Year Built
1986
Year Renovated
2026
Buildings
3
Listing Agency:
KELLER WILLIAMS TAMPA PROP.
Listed By:
Alexander Lucke · License #3351552
(727) 410-2896
Source:
Thefullerproperties
Added: Sep 22, 2025
Changed: Sep 20
Last Checked: Sep 26 at 12:37PM
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.
This flex property at 1453 S Martin Luther King Jr Avenue comprises approximately 11,000 SF across three buildings on ±0.71 acres. The primary building offers approximately 2,400 SF of warehouse area and approximately 2,600 SF of renovated two-story offices. Warehouse features include 18-foot clear heights, a 12' x 10' grade-level door, epoxy flooring, upgraded electrical, insulation liner, and skylights. The office layout includes reception, five private offices, four to five cubicle workstations, a conference room, break room, and multiple access points.
Two rear buildings add approximately 6,000 SF containing 43 self-storage units of varying sizes. The property is zoned COMMERCIAL and has a full perimeter fence, electronic gate system, updated security, paved and striped parking, and approximately 17+ parking spaces. Improvements completed in 2026 include interior and exterior painting, new storage doors, roof sealing and coating, and site cleanup and landscaping.
Two rear buildings add approximately 6,000 SF containing 43 self-storage units of varying sizes. The property is zoned COMMERCIAL and has a full perimeter fence, electronic gate system, updated security, paved and striped parking, and approximately 17+ parking spaces. Improvements completed in 2026 include interior and exterior painting, new storage doors, roof sealing and coating, and site cleanup and landscaping.
Key Highlights
- Approximately 11,000 SF across three buildings on ±0.71 acres
- Main building includes approximately 2,400 SF warehouse and approximately 2,600 SF renovated two‑story office space
- Warehouse offers 18‑foot clear heights and a 12' x 10' grade‑level door
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
$198,288
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
8.62%
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%
$3,965,760
$4.0M
Cap Rate 7%
$2,832,686
$2.8M
Cap Rate 9%
$2,203,200
$2.2M
Market Conditions
NOI Build-Up for 11,000 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
$286.4K $26.04/SF
− Vacancy
−$22.1K −$2.01/SF
EGI
$264.4K $24.03/SF
− OpEx
−$66.1K −$6.01/SF
NOI
$198.3K $18.03/SF
Area
Clearwater, FL
Vacancy
7.70%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
25.00%
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%
$3,965,760
Cap Rate 7%
$2,832,686
Cap Rate 9%
$2,203,200
Alternative Uses
Best Use
Office B
$2.83M
$2.48M – $3.30M
NOI $198,288 @ 7.0% cap · market cap 8.62%
Second Best
Flex RnD
$1.42M
$1.24M – $1.66M
NOI $99,519 @ 7.0% cap · market cap 4.33%
Theoretical Best
Office A
$3.09M
$2.70M – $3.60M
NOI $216,030 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
18 ft
Clear height
1
Drive-in doors
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,548
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Three secured buildings combine office, warehouse, and self-storage components within a commercial-zoned property.
Where is this flex space located?
The property is located at 1453 S MARTIN LUTHER KING JR AVE Clearwater, FL.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Approximately 11,000 SF across three buildings on ±0.71 acres; Main building includes approximately 2,400 SF warehouse and approximately 2,600 SF renovated two‑story office space; Warehouse offers 18‑foot clear heights and a 12' x 10' grade‑level door
