Two-Story Office
For Sale
$5,750,000
1465 S FORT HARRISON AVENUE, Clearwater, FL 33756
CLEARWATER, FL
Property Size22,086 SF
Price / SF$260.35
Days on Market92
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
lobby
sweeping staircase
building signage
pylon sign
landscaping
Building Details
Year built
1989
Listing Agency:
Engel & Volkers Belleair · Engel & Völkers
(727) 461-1000
Listed By:
Kelly Montgomery-Kepler · License #BK3345661
(727) 515-6887
Added: Jun 29
Changed: Aug 19
Last Checked: Sep 28 at 10:06AM
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.
This 22,086-square-foot office property is arranged across two stories with 16 office suites. Built in 1989 with solid concrete construction, the building includes a welcoming lobby, elevator, and sweeping staircase. Recent improvements include a newer roof, exterior painting, a newly paved parking area, and updated landscaping. On-site parking, building signage, and an illuminated pylon sign add practical support and roadside presence.
The property occupies the signalized intersection of S. Fort Harrison Avenue and Belleview Boulevard, across from the Belleair Country Club Golf Course. It is positioned along Fort Harrison Avenue, a major route connecting Largo and Clearwater, with the Pinellas Trail, Pelican Golf Club, and Clearwater Beach nearby. The building also includes Wildflower Cafe and accommodates a mix of local and national businesses.
The property occupies the signalized intersection of S. Fort Harrison Avenue and Belleview Boulevard, across from the Belleair Country Club Golf Course. It is positioned along Fort Harrison Avenue, a major route connecting Largo and Clearwater, with the Pinellas Trail, Pelican Golf Club, and Clearwater Beach nearby. The building also includes Wildflower Cafe and accommodates a mix of local and national businesses.
Key Highlights
- 22,086‑square‑foot office building constructed in 1989
- Two‑story layout with 16 office suites
- Solid concrete construction with elevator and prominent lobby
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
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Current Use
Lease Details
16
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,256
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
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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?
Office building - Concrete construction, refreshed site improvements, and an elevator support a professional office environment.
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‑foot office building constructed in 1989; Two‑story layout with 16 office suites; Solid concrete construction with elevator and prominent lobby
