Medical Office Space with Exam
For Sale
$1,250,000
2346 Drew Street 1f CLEARWATER, Clearwater, FL 33765
Configured healthcare suite with dedicated treatment areas, patient flow zones, and professional finishes for clinical operations.
Property Size3,796 SF
Price / SF$329.29
Days on Market50
Property Features for 2346 Drew Street 1f CLEARWATER
General Information
Standard status
Active
Size
3,796 SF
Zoning
R-3
Site & Location
Highway Access
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$10,869
Amenities
1
Public Records
true
2.1806
2.18
false
Paved
Slab
Main Throrughfare
3796
Building Details
Building Size
3,796 SF
Year Built
2004
Buildings
1
Stories
1
Listing Agency:
(407) 890-1354
Listed By:
Kimberly BeachByerly
(407) 890-1354
Source:
Therealestatecollection
Added: Jul 12
Changed: Aug 30
Last Checked: Aug 30 at 1:13PM
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 Kimberly BeachByerly
Investment Insights
Based on property information with market context.
This 3,796-square-foot medical office space features a specialized healthcare build-out completed in 2004. The layout includes 8 equipped exam rooms, a dedicated procedure room, 4 restrooms, an executive office, staff break room, and separate check-in and check-out areas. Neutral finishes and an operational configuration support immediate use with limited modifications. The property was previously occupied by an ophthalmology practice.
Positioned at 2346 Drew Street in Clearwater, the office fronts Drew Street, identified in the property information as a major corridor with traffic exceeding 27,000 vehicles per day. The surrounding area includes other medical and healthcare providers, with public transportation nearby and access toward Tampa and the Gulf beaches.
Positioned at 2346 Drew Street in Clearwater, the office fronts Drew Street, identified in the property information as a major corridor with traffic exceeding 27,000 vehicles per day. The surrounding area includes other medical and healthcare providers, with public transportation nearby and access toward Tampa and the Gulf beaches.
Key Highlights
- 3,796 SF medical office space built in 2004
- 8 equipped exam rooms and a dedicated procedure room
- 4 restrooms plus separate patient check‑in and check‑out areas
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
$68,427
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
5.47%
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%
$1,368,540
$1.4M
Cap Rate 7%
$977,529
$977.5K
Cap Rate 9%
$760,300
$760.3K
Market Conditions
NOI Build-Up for 3,796 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
$98.8K $26.04/SF
− Vacancy
−$7.6K −$2.01/SF
EGI
$91.2K $24.03/SF
− OpEx
−$22.8K −$6.01/SF
NOI
$68.4K $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%
$1,368,540
Cap Rate 7%
$977,529
Cap Rate 9%
$760,300
Alternative Uses
Best Use
Office B
$977.5K
$855.3K – $1.14M
NOI $68,427 @ 7.0% cap · market cap 5.47%
Second Best
Healthcare Medical
$714.5K
$625.2K – $833.6K
NOI $50,016 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$1.07M
$931.9K – $1.24M
NOI $74,550 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,388
Businesses Nearby
Balanced
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured healthcare suite with dedicated treatment areas, patient flow zones, and professional finishes for clinical operations.
Where is this medical office space located?
The property is located at 2346 Drew Street 1f CLEARWATER Clearwater, FL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 3,796 SF medical office space built in 2004; 8 equipped exam rooms and a dedicated procedure room; 4 restrooms plus separate patient check‑in and check‑out areas
