Downtown Clearwater Freestanding Office
For Sale
$490,000
321 S LINCOLN Ave, Clearwater, FL 33756
Free-standing office building in Downtown Clearwater. Ideal for owner/occupant.
Property Size2,091 SF
Price / SF$234.34
Days on Market106
Property Features for 321 S LINCOLN Ave
General Information
Standard status
Active
Size
2,091 SF
Property subtype
Commercial
Building Details
Year Built
1957
Listing Agency:
Coldwell Banker Commercial NRT Belleair Bluffs
(727) 642-3965
Listed By:
John Skicewicz · License #FL BK370679
(727) 642-3965
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Aug 7 at 3:43AM
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 Coldwell Banker Commercial NRT Belleair Bluffs
Investment Insights
Based on property information with market context.
The subject property is a free-standing office building with 2,059 square feet of heated area and 2,091 square feet under roof, situated on a corner parcel in Downtown Clearwater. Most recently, the building was occupied by a medical practice. The location offers convenient service to the Clearwater community, with good signage and limited visibility from Court Street. There are ten paved parking spaces on-site. Building elements are in excellent repair, including a roof new in 2025, electrical upgrades in 2023, and window replacement in 2014. The interior needs complete renovation and modernizing. Public utilities are in place, including water, fire, sanitary, and storm sewer. The property is located in an X flood zone, an area of minimal flood risk. This property is ideal for an owner/occupant, but could work for a cash-flow investor. The bike score is 66, making it bikeable, the walk score is 76, making it very walkable, and the transit score is 38, indicating some transit options.
Key Highlights
- Rare opportunity to own a free‑standing office building in Downtown Clearwater.
- Excellent repair: new roof (2025), electrical upgrades (2023), window replacement (2014).
- Located on a corner parcel with good signage and limited visibility from Court Street.
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
$37,693
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
7.69%
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%
$753,860
$753.9K
Cap Rate 7%
$538,471
$538.5K
Cap Rate 9%
$418,811
$418.8K
Market Conditions
NOI Build-Up for 2,091 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
$54.4K $26.04/SF
− Vacancy
−$4.2K −$2.01/SF
EGI
$50.3K $24.03/SF
− OpEx
−$12.6K −$6.01/SF
NOI
$37.7K $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%
$753,860
Cap Rate 7%
$538,471
Cap Rate 9%
$418,811
Alternative Uses
Best Use
Office B
$538.5K
$471.2K – $628.2K
NOI $37,693 @ 7.0% cap · market cap 7.69%
Second Best
Healthcare Medical
$393.6K
$344.4K – $459.2K
NOI $27,551 @ 7.0% cap · market cap 5.62%
Theoretical Best
Office A
$586.6K
$513.3K – $684.4K
NOI $41,065 @ 7.0% cap · market cap 8.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,663
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Office building - Free-standing office building in Downtown Clearwater. Ideal for owner/occupant.
Where is this office building located?
The property is located at 321 S LINCOLN Ave Clearwater, FL.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: Rare opportunity to own a free‑standing office building in Downtown Clearwater.; Excellent repair: **new roof (2025), electrical upgrades (2023), window replacement (2014).**; Located on a corner parcel with good signage and limited visibility from Court Street.
