Medical Office Condo
For Sale
$180,000
303-611 Druid Rd E, Clearwater, FL 33756
Medical office condo in a well-maintained 62-unit complex with plenty of parking and condo fees covering utilities and maintenance.
Property Size950 SF
Price / SF$189.47
Days on Market228
Property Features for 303-611 Druid Rd E
General Information
Standard status
Active
Size
950 SF
Taxes and HOA fees
Annual Taxes
$2,060
Listing Agency:
SMITH & ASSOCIATES REAL ESTATE
(727) 282-1788
Listed By:
Chris Calhoon · License #3293399
(727) 542-9933
Source:
Exprealty
Added: Jan 22
Changed: Aug 20
Last Checked: Sep 6 at 12:01PM
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 SMITH & ASSOCIATES REAL ESTATE
Investment Insights
Based on property information with market context.
This for-sale medical office condo suite is located within a well-maintained 62-unit complex established in 1983. The unit is approximately 950 square feet and is part of a managed property where condo fees include water/sewer/garbage, exterior maintenance, and landscaping. The seller also has an adjacent/connecting medical office condo of approximately 960 square feet available for purchase, with the option to buy either unit separately or together.
The property is positioned in downtown Clearwater near hospitals, the courthouse, and beaches, with showings available by appointment only and 24 hours’ notice.
For buyers seeking an office space within a larger, established complex, this suite offers a straightforward condo setup supported by shared exterior and utility-related services.
The property is positioned in downtown Clearwater near hospitals, the courthouse, and beaches, with showings available by appointment only and 24 hours’ notice.
For buyers seeking an office space within a larger, established complex, this suite offers a straightforward condo setup supported by shared exterior and utility-related services.
Key Highlights
- 950 SF medical office condo in a well‑maintained 62‑unit complex established in 1983
- Plenty of parking for the building
- Condo fees are $524/month and include water/sewer/garbage, exterior maintenance, and landscaping
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
$12,517
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
6.95%
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%
$250,340
$250.3K
Cap Rate 7%
$178,814
$178.8K
Cap Rate 9%
$139,078
$139.1K
Market Conditions
NOI Build-Up for 950 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
$22.8K $24.00/SF
− Vacancy
−$1.9K −$2.04/SF
EGI
$20.9K $21.96/SF
− OpEx
−$8.3K −$8.78/SF
NOI
$12.5K $13.18/SF
Area
Clearwater, FL
Vacancy
8.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
40.00%
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%
$250,340
Cap Rate 7%
$178,814
Cap Rate 9%
$139,078
Alternative Uses
Best Use
Office B
$244.6K
$214.1K – $285.4K
NOI $17,125 @ 7.0% cap · market cap 9.51%
Second Best
Healthcare Medical
$178.8K
$156.5K – $208.6K
NOI $12,517 @ 7.0% cap · market cap 6.95%
Theoretical Best
Office A
$266.5K
$233.2K – $311.0K
NOI $18,657 @ 7.0% cap · market cap 10.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,285
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Court Street Animal Hospital — 1000 Court St, Clearwater, FL 33756
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office condo in a well-maintained 62-unit complex with plenty of parking and condo fees covering utilities and maintenance.
Where is this medical office space located?
The property is located at 303-611 Druid Rd E Clearwater, FL.
What is the asking price?
The asking price for this property is $180,000.
What are key features of this property?
This property features: 950 SF medical office condo in a well‑maintained 62‑unit complex established in 1983; Plenty of parking for the building; Condo fees are $524/month and include water/sewer/garbage, exterior maintenance, and landscaping
