Landmark Office Building For
For Sale
$5,750,000
1465 S FORT HARRISON Ave, Clearwater, FL 33756
Iconic two-story office building in a sought-after location.
Property Size22,086 SF
Days on Market111
Property Features for 1465 S FORT HARRISON Ave
General Information
Standard status
Active
Size
22,086 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$51,380
Building Details
Building Size
22,086 SF
Year Built
1989
Stories
2
Listing Agency:
ENGEL & VOLKERS BELLEAIR
(727) 515-6887
Listed By:
Kelly Montgomery-Kepler · License #647245
(727) 515-6887
Source:
Elliman
Added: Apr 24
Changed: Aug 12
Last Checked: Aug 11 at 10:49AM
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 ENGEL & VOLKERS BELLEAIR
Investment Insights
Based on property information with market context.
Belleair Landing is a landmark two-story office building located at the corner of S. Fort Harrison Avenue and Belleview Boulevard, directly across from the Belleair Country Club Golf Course. The property features 16 office suites and houses a mix of local and national businesses. The building is anchored by the Wildflower Café. Constructed of solid concrete, the property includes on-site parking and has undergone recent capital improvements, including a newer roof, fresh exterior paint, a newly paved parking lot, and updated landscaping. The lobby features an elevator and staircase. Located just outside of Belleair, the property has architecture and a signature blue exterior. Additional features include building signage and a tall, illuminated pylon sign providing exposure along Fort Harrison Avenue. It is located near the Pinellas Trail, Pelican Golf Club, and Clearwater Beach. The property is located in a bikeable area with a score of 66, a very walkable area with a score of 76, and some transit options with a score of 38.
Key Highlights
- Highly visible location at a signalized corner across from Belleair Country Club, in a sought‑after corridor.
- Landmark building with prominent signage and high exposure on Fort Harrison Avenue.
- Anchored by the popular Wildflower Café, a destination for residents and visitors.
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
$398,126
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
6.92%
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%
$7,962,520
$8.0M
Cap Rate 7%
$5,687,514
$5.7M
Cap Rate 9%
$4,423,622
$4.4M
Market Conditions
NOI Build-Up for 22,086 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
$575.1K $26.04/SF
− Vacancy
−$44.3K −$2.01/SF
EGI
$530.8K $24.03/SF
− OpEx
−$132.7K −$6.01/SF
NOI
$398.1K $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%
$7,962,520
Cap Rate 7%
$5,687,514
Cap Rate 9%
$4,423,622
Alternative Uses
Best Use
Office B
$5.69M
$4.98M – $6.64M
NOI $398,126 @ 7.0% cap · market cap 6.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.20M
$5.42M – $7.23M
NOI $433,749 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,173
Businesses Nearby
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?
Office building - Iconic two-story office building in a sought-after location.
Where is this office building located?
The property is located at 1465 S FORT HARRISON Ave Clearwater, FL.
What is the asking price?
The asking price for this property is $5,750,000.
What are key features of this property?
This property features: Highly visible location at a signalized corner across from Belleair Country Club, in a sought‑after corridor.; Landmark building with prominent signage and high exposure on Fort Harrison Avenue.; Anchored by the popular Wildflower Café, a destination for residents and visitors.
