Two-Story Office Building with 16
For Sale
$5,750,000
1465 S FORT HARRISON AVENUE, Clearwater, FL 33756
SINGLE_FAMILY - CLEARWATER, FL
Property Size22,086 SF
Price / SF$260.35
Days on Market47
Property Features for 1465 S FORT HARRISON AVENUE
General Information
Property type
Residential
Property subtype
Office
Subdivision
BELLEAIR HIGHLANDS
Standard status
Active
Size
22,086 SF
Amenities
building signage
illuminated pylon sign
landscaping
lobby
sweeping staircase
Building Details
Year built
1989
Listing Agency:
Engel & Volkers Belleair · Engel & Völkers
(727) 461-1000
Listed By:
Kelly Montgomery-Kepler · License #647245
Added: Jun 29
Changed: Aug 13
Last Checked: Aug 14 at 5:06AM
MLS# TB8470224
Copyright © 2026 Engel & Völkers. 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.
Belleair Landing is a 22,086-square-foot office building completed in 1989, with two levels and 16 office suites. The solid-concrete structure includes a lobby with elevator service and a sweeping staircase, along with on-site parking. Recent property improvements include a newer roof, exterior painting, parking lot paving, and refreshed landscaping.
The building occupies the signalized intersection of S. Fort Harrison Avenue and Belleview Boulevard, across from the Belleair Country Club Golf Course. Exterior identification includes building signage and an illuminated pylon sign along Fort Harrison Avenue, a major connection between Largo and Clearwater. The property is also near the Pinellas Trail, Pelican Golf Club, and Clearwater Beach.
The building occupies the signalized intersection of S. Fort Harrison Avenue and Belleview Boulevard, across from the Belleair Country Club Golf Course. Exterior identification includes building signage and an illuminated pylon sign along Fort Harrison Avenue, a major connection between Largo and Clearwater. The property is also near the Pinellas Trail, Pelican Golf Club, and Clearwater Beach.
Key Highlights
- 22,086 square feet across two stories with 16 office suites
- Solid‑concrete construction completed in 1989
- Signalized corner at S. Fort Harrison Avenue and Belleview Boulevard
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
Retail
$3.78M
$3.30M – $4.41M
NOI $264,369 @ 7.0% cap · market cap 4.60%
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
Lease Details
16
Office units
Multi-tenant
Tenancy
Yes
Paved road access
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 - Concrete construction, elevator access, and recent site improvements define this two-story professional property.
Where is this office building located?
The property is located at 1465 S FORT HARRISON AVENUE 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: 22,086 square feet across two stories with 16 office suites; Solid‑concrete construction completed in 1989; Signalized corner at S. Fort Harrison Avenue and Belleview Boulevard
