Turn-Key Medical Office
For Sale
$1,250,000
2346 DREW STREET #1F, Clearwater, FL 33765
Move-in ready medical office in central Pinellas County.
Property Size3,796 SF
Lot Size2.18 Acres
Price / SF$329.29
Days on Market180
Property Features for 2346 DREW STREET #1F
General Information
Standard status
Active
Size
3,796 SF
Lot size
2.18 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$10,870
Amenities
Central air
Pool
Public Pool
Central Air Cooling
Building Details
Year Built
2004
Listing Agency:
ASSET AND KEY
(727) 366-2606
Listed By:
BRADLEY MEINCK, PLL · License #3299864
Source:
Corcoran
Added: Feb 17
Changed: Aug 8
Last Checked: Aug 8 at 6:06AM
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 ASSET AND KEY
Investment Insights
Based on property information with market context.
This turn-key medical office space is located in central Pinellas County on Drew Street, a high-traffic thoroughfare. The space features a high-quality medical build-out with neutral colors and a professional style. It includes 8 fully equipped exam rooms, a dedicated procedure room, 4 individual restrooms, an executive office, and a break room. There are separate check-in and check-out areas. The layout and finishes are designed for medical operations, previously occupied by an ophthalmology practice. The property is surrounded by medical users and healthcare providers, with access to public transportation. It provides connectivity to Tampa and Gulf beaches. The property offers high-visibility exposure on a corridor, supporting patient draw and accessibility. The property is suitable for physicians, specialists, or expanding practices seeking a professional space. The property size is 3796 square feet.
Key Highlights
- Turn‑key medical office space ready for immediate occupancy.
- Prime location on high‑traffic Drew Street** with over 27,000 vehicles per day.
- Extensive, high‑quality medical build‑out** including 8 fully equipped exam rooms and a dedicated procedure room.
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,425
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Move-in ready medical office in central Pinellas County.
Where is this medical office space located?
The property is located at 2346 DREW STREET #1F 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: Turn‑key medical office space ready for immediate occupancy.; Prime location on high‑traffic Drew Street** with over 27,000 vehicles per day.; Extensive, high‑quality medical build‑out** including 8 fully equipped exam rooms and a dedicated procedure room.
