Renovated Flex Property with
For Sale
$2,499,000
1453 S MARTIN LUTHER KING JR Avenue, Clearwater, FL 33756
Commercial Sale, CLEARWATER, FL
Property Size11,000 SF
Lot Size0.71 Acres
Price / SF$227.18
Days on Market341
Property Features for 1453 S MARTIN LUTHER KING JR Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMERCIAL
Parking features
Secured
Security features
Security System
Subdivision
DUNCANS A H RESUB
Directions
Heading north on S Martin Luther King Jr. Ave, the property is located on the right side of the road between Kingsley Street and Woodlawn Street.
Standard status
Active
APN
22-29-15-22986-000-0100
Size
11,000 SF
Lot size
0.71 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
DUNCAN'S, A. H. RESUB S 99FT OF LOT 10
Tax Annual Amount
14087
Legal Description
DUNCAN'S, A. H. RESUB S 99FT OF LOT 10
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
electronic gate system
updated security
skylights
Building Details
Year built
1986
Floors in Building
2
Building materials
Metal Siding
Roof type
Metal
Listing Agency:
KELLER WILLIAMS TAMPA PROP. · Keller Williams Realty
(813) 264-7754
Listed By:
Alexander Lucke · License #3351552
(727) 410-2896
Added: Sep 22, 2025
Changed: Aug 24
Last Checked: Aug 28 at 7:06PM
MLS# TB8430101
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex property comprises approximately 11,000 SF across three buildings on approximately 0.71 acres. The primary structure contains approximately 5,000 SF, including approximately 2,400 SF of warehouse area and approximately 2,600 SF of renovated two-story office space. Warehouse features include 18-foot clear heights, a 12' x 10' grade-level door, epoxy flooring, upgraded electrical service, insulation liner, and skylights. The office component provides reception, five private offices, four to five cubicle workstations, a large conference room, break room, and multiple access points.
Two rear buildings add approximately 6,000 SF with 43 self-storage units in varying sizes. Completed improvements in 2026 include interior and exterior painting, storage-door replacement, roof sealing and coating, site cleanup, landscaping, updated security, and a new electronic gate system. The property is fully fenced, secured, freshly paved and striped, and provides approximately 17+ parking spaces. Zoning is COMMERCIAL; permitted uses should be verified with the City of Clearwater.
Two rear buildings add approximately 6,000 SF with 43 self-storage units in varying sizes. Completed improvements in 2026 include interior and exterior painting, storage-door replacement, roof sealing and coating, site cleanup, landscaping, updated security, and a new electronic gate system. The property is fully fenced, secured, freshly paved and striped, and provides approximately 17+ parking spaces. Zoning is COMMERCIAL; permitted uses should be verified with the City of Clearwater.
Key Highlights
- Approximately 11,000 SF across three buildings on approximately 0.71 acres
- Main building includes approximately 2,400 SF warehouse and approximately 2,600 SF two‑story office space
- Rear buildings contain approximately 6,000 SF and 43 self‑storage units
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
7.93%
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 7.93%
Second Best
Flex RnD
$1.42M
$1.24M – $1.66M
NOI $99,519 @ 7.0% cap · market cap 3.98%
Theoretical Best
Office A
$3.09M
$2.70M – $3.60M
NOI $216,030 @ 7.0% cap · market cap 8.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Mixed-use commercial improvements combine office, warehouse, and self-storage functions within a secured, paved site.
Where is this flex space located?
The property is located at 1453 S MARTIN LUTHER KING JR Avenue Clearwater, FL.
What is the asking price?
The asking price for this property is $2,499,000.
What are key features of this property?
This property features: Approximately 11,000 SF across three buildings on approximately 0.71 acres; Main building includes approximately 2,400 SF warehouse and approximately 2,600 SF two‑story office space; Rear buildings contain approximately 6,000 SF and 43 self‑storage units
