Multi-Tenant Warehouse Flex
1603 Sunshine Drive CLEARWATER Clearwater, FL 33765
1603 Sunshine Drive CLEARWATER, Clearwater, FL, 33765
$3,600,000
For Sale
$3,600,000
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
Price / SF$180
Days on Market16
Property Features for 1603 Sunshine Drive CLEARWATER
General Information
- Standard status
- Active
- Size
- 20,000 SF
Building Details
- Year Built
- 1972
Listing agency
(407) 890-1354
Listed by
Julie Sanchez
(407) 890-1354
Source
Therealestatecollection
Added: Jul 7 Updated: Jul 21 at 6:39PM Checked: Jul 21 at 6:39PM
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
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
Local Financial Insights For Flex RnD
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $295.2k | $14.76 |
| − Vacancy | −$16.8k | −$0.84 |
| EGI | $278.4k | $13.92 |
| − OpEx | −$97.4k | −$4.87 |
| NOI | $180.9k | $9.05 |
20,000 SF · lease $14.76/SF/yr · vacancy 5.70% · expense 35.00%
Alternative Uses
Best Use
Flex RnD
$2.58M
$2.26M – $3.02M
NOI $180,943 @ 7.0% cap · market cap 5.03%
Second Best
Warehouse
$2.41M
$2.11M – $2.81M
NOI $168,429 @ 7.0% cap · market cap 4.68%
Theoretical Best
Office A
$5.61M
$4.91M – $6.55M
NOI $392,782 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Risse Brothers School ...
(Bike/Boat/Book/etc) Store
Similar For Sale Nearby
FAQs
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 $3,600,000.
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
