Multi-Tenant Warehouse Flex
For Sale
$3,175,000
Pending
1603 Sunshine Drive CLEARWATER, Clearwater, FL 33765
Remodeled 20,000 SF warehouse flex building with four equal 5,000 SF units, each 100% sprinklered and equipped with 129 x 109 doors.
Property Size20,000 SF
Days on Market108
Property Features for 1603 Sunshine Drive CLEARWATER
General Information
Standard status
Pending
Size
20,000 SF
Total Parking Spaces
30
Zoning
E-1
Occupancy
100%
Additional Details
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$23,059
Amenities
Concrete,Tile,Vinyl
1
true
Trees/Landscaped
Corner Lot
Public
43342
154 x 284
false
Paved
Slab
City Street
20000
Building Details
Building Size
20,000 SF
Year Built
1972
Buildings
1
Stories
1
Tenancy
Multi
Listed By:
Julie Sanchez
(407) 656-7814
Source:
Therealestatecollection
Added: Jul 7
Changed: Oct 6
Last Checked: Oct 7 at 9:24AM
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 Julie Sanchez
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Investment Insights
Based on property information with market context.
This remodeled multi-tenant warehouse flex building totals 20,000 SF and is divided into four equally sized 5,000 SF units. Each unit is 100% sprinklered and features 129 x 109 overhead doors plus 200 amp electrical power. The building was built in 1972 and has undergone comprehensive updates including a new roof, AC units, front awnings, and asphalt.
The property is located on a corner lot just east of Clearwater Airpark Airport (CLW) between Belcher Rd and Hercules Ave. It includes 30 parking spaces and is zoned E-1 (Pinellas County) for a broad range of light industrial, flex, and office uses.
The offering is for sale and is currently 100% leased with one tenant (Pro Housing), with the tenant scheduled to vacate on 11/30/26, creating an owner-occupant or leasing opportunity.
The property is located on a corner lot just east of Clearwater Airpark Airport (CLW) between Belcher Rd and Hercules Ave. It includes 30 parking spaces and is zoned E-1 (Pinellas County) for a broad range of light industrial, flex, and office uses.
The offering is for sale and is currently 100% leased with one tenant (Pro Housing), with the tenant scheduled to vacate on 11/30/26, creating an owner-occupant or leasing opportunity.
Key Highlights
- Remodeled 20,000 SF warehouse/flex building on a 1‑acre corner lot with 4 equally sized 5,000 SF units
- 100% leased structure: multi‑tenant setup of four units; one tenant (Pro Housing) vacating 11/30/26 for owner‑occupant use
- Each unit includes 12’ x 10’ overhead doors and 200 amp electrical power; building is 100% sprinklered
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$180,943
Cap Rate
5.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,618,860
$3.6M
Cap Rate 7%
$2,584,900
$2.6M
Cap Rate 9%
$2,010,478
$2.0M
Market Conditions
NOI Build-Up for 20,000 SF
Gross rent
$295.2K $14.76/SF
− Vacancy
−$16.8K −$0.84/SF
EGI
$278.4K $13.92/SF
− OpEx
−$97.4K −$4.87/SF
NOI
$180.9K $9.05/SF
Area
Clearwater, FL
Vacancy
5.70%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,618,860
Cap Rate 7%
$2,584,900
Cap Rate 9%
$2,010,478
Alternative Uses
Best Use
Flex RnD
$2.58M
$2.26M – $3.02M
NOI $180,943 @ 7.0% cap · market cap 5.70%
Second Best
Warehouse
$2.41M
$2.11M – $2.81M
NOI $168,429 @ 7.0% cap · market cap 5.30%
Theoretical Best
Office A
$5.61M
$4.91M – $6.55M
NOI $392,782 @ 7.0% cap · market cap 12.37%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,450
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33765, FL
13,844
Population
6,873
Households
2
Avg Household Size
42
Median Age
29%
College-Educated
85%
High-School Grad
4.2 sq mi
ZIP Area
3,296
Density / Sq Mi
$61,910
Median Household Income
$40,535
Median Earnings
$1,585
Median Rent
$290,700
Median Home Value
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Market
Vacancy Rate% for Industrial in South region
Frequently Asked Questions
What type of property is this?
Flex space - Remodeled 20,000 SF warehouse flex building with four equal 5,000 SF units, each 100% sprinklered and equipped with 129 x 109 doors.
Where is this flex space located?
The property is located at 1603 Sunshine Drive CLEARWATER Clearwater, FL.
What is the asking price?
The asking price for this property is $3,175,000.
What are key features of this property?
This property features: Remodeled 20,000 SF warehouse/flex building on a 1‑acre corner lot with 4 equally sized 5,000 SF units; 100% leased structure: multi‑tenant setup of four units; one tenant (Pro Housing) vacating 11/30/26 for owner‑occupant use; Each unit includes 12’ x 10’ overhead doors and 200 amp electrical power; building is 100% sprinklered
