Landmark Two-Story Office
For Sale
$5,750,000
1465 S Fort Harrison Avenue CLEARWATER, Clearwater, FL 33756
Two-story office building with 16 suites, elevator and sweeping staircase, anchored by Wildflower Café.
Property Size23,841 SF
Price / SF$260.35
Days on Market36
Property Features for 1465 S Fort Harrison Avenue CLEARWATER
General Information
Standard status
Active
Size
23,841 SF
Additional Details
Office Units
16
Taxes and HOA fees
Annual Taxes
$51,380
Building Details
Building Size
23,841 SF
Year Built
1989
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
(904) 447-1321
Listed By:
MeLissa Pellerito
(904) 447-1321
Source:
Yourfhrm
Added: Jul 12
Changed: Aug 15
Last Checked: Aug 15 at 9:43AM
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 MeLissa Pellerito
Investment Insights
Based on property information with market context.
Belleair Landing is a highly recognizable two-story office building constructed of solid concrete and featuring 16 office suites. The property includes a prominent lobby with an elevator and a sweeping staircase, creating an established professional environment. The building is anchored by Wildflower Café. Recent capital improvements include a newer roof, fresh exterior paint, a newly paved parking lot, and updated landscaping.
The property is situated at a signalized corner of S. Fort Harrison Avenue and Belleview Boulevard, directly across from Belleair Country Club Golf Course. The asset also benefits from prominent building signage, along with a tall, illuminated pylon sign providing exposure along Fort Harrison Avenue.
A centrally positioned office asset near the Pinellas Trail and Pelican Golf Club, Belleair Landing is offered for sale as a professional, well-maintained commercial property with abundant on-site parking.
The property is situated at a signalized corner of S. Fort Harrison Avenue and Belleview Boulevard, directly across from Belleair Country Club Golf Course. The asset also benefits from prominent building signage, along with a tall, illuminated pylon sign providing exposure along Fort Harrison Avenue.
A centrally positioned office asset near the Pinellas Trail and Pelican Golf Club, Belleair Landing is offered for sale as a professional, well-maintained commercial property with abundant on-site parking.
Key Highlights
- Two‑story office building built in 1989 with 16 office suites
- Solid concrete construction with abundant on‑site parking
- Recent capital improvements include a newer roof, fresh exterior paint, newly paved parking lot, and updated landscaping
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
Specialty Retail
$4.34M
$3.80M – $5.06M
NOI $303,727 @ 7.0% cap · market cap 5.28%
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
Current Use
Lease Details
16
Office units
Multi-tenant
Tenancy
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 - Two-story office building with 16 suites, elevator and sweeping staircase, anchored by Wildflower Café.
Where is this office building located?
The property is located at 1465 S Fort Harrison Avenue CLEARWATER 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: Two‑story office building built in 1989 with 16 office suites; Solid concrete construction with abundant on‑site parking; Recent capital improvements include a newer roof, fresh exterior paint, newly paved parking lot, and updated landscaping
