Owner-User Warehouse Office
For Sale
$6,249,000
4677 118TH AVENUE, Clearwater, FL 33762
A recently renovated pre-engineered steel warehouse-office with 18,380 SF of office/training space and 6 overhead doors.
Property Size46,233 SF
Price / SF$135.16
Days on Market108
Property Features for 4677 118TH AVENUE
General Information
Standard status
Active
Size
46,233 SF
Total Parking Spaces
138
Property subtype
Business Opportunities
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Clear Height
24 ft
Taxes and HOA fees
Annual Taxes
$40,670
Amenities
backup generator
digital pylon signage
Central Air, A/C - Other
3
Parking.
Paved Driveway, RV Parking.
244x455
County Road, Easement, Asphalt, Curbs & gutters.
Building Details
Year Built
1978
Construction
pre-engineered steel
Listing Agency:
BRODERICK & ASSOCIATES INC
(727) 544-1403
Listed By:
Roger Broderick · License #009863
Source:
Xome
Added: Apr 28
Changed: Aug 12
Last Checked: Aug 12 at 4:17AM
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 BRODERICK & ASSOCIATES INC
Investment Insights
Based on property information with market context.
This owner-occupied warehouse-office facility is a pre-engineered steel building constructed in 1978 and recently renovated. The layout includes approximately 18,380 SF of office, classroom, and training space, with the remainder configured for warehouse or light industrial use. A 13,913 SF mezzanine provides additional office and shop area on the second floor.
The facility features six overhead doors, 24-foot eave height, and an approximate 28.5-foot peak height, with rails for potential crane use. Recent improvements include a new roof, exterior repainting, parking lot resealing and striping, and updated interior finishes such as new paint and carpet in vacant office areas. Site amenities include 138 parking spaces, irrigation supported by a deep well, and a 66.5-ton air conditioning system across multiple units.
For backup power, the property includes a 150 kW diesel generator for full-building support plus a separate generator for the server room. Visibility and access are supported by double-sided digital pylon signage along 118th Avenue.
The facility features six overhead doors, 24-foot eave height, and an approximate 28.5-foot peak height, with rails for potential crane use. Recent improvements include a new roof, exterior repainting, parking lot resealing and striping, and updated interior finishes such as new paint and carpet in vacant office areas. Site amenities include 138 parking spaces, irrigation supported by a deep well, and a 66.5-ton air conditioning system across multiple units.
For backup power, the property includes a 150 kW diesel generator for full-building support plus a separate generator for the server room. Visibility and access are supported by double-sided digital pylon signage along 118th Avenue.
Key Highlights
- 46,233 SF pre‑engineered steel warehouse‑office built in 1978 with approximately 18,380 SF office, classroom, and training space
- Warehouse features 6 overhead doors plus 24‑ft eave height and approx. 28.5‑ft peak height with rails for cranes if needed
- Mezzanine space totals approx. 13,913 SF (combo of office and shop area on the 2nd floor); building footprint 32,320 SF
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
$418,277
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
6.69%
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%
$8,365,540
$8.4M
Cap Rate 7%
$5,975,386
$6.0M
Cap Rate 9%
$4,647,522
$4.6M
Market Conditions
NOI Build-Up for 46,233 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
$682.4K $14.76/SF
− Vacancy
−$38.9K −$0.84/SF
EGI
$643.5K $13.92/SF
− OpEx
−$225.2K −$4.87/SF
NOI
$418.3K $9.05/SF
Area
Clearwater, FL
Vacancy
5.70%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
35.00%
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%
$8,365,540
Cap Rate 7%
$5,975,386
Cap Rate 9%
$4,647,522
Alternative Uses
Best Use
Office B
$11.91M
$10.42M – $13.89M
NOI $833,405 @ 7.0% cap · market cap 13.34%
Second Best
Flex RnD
$5.98M
$5.23M – $6.97M
NOI $418,277 @ 7.0% cap · market cap 6.69%
Theoretical Best
Office A
$12.97M
$11.35M – $15.13M
NOI $907,975 @ 7.0% cap · market cap 14.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24 ft
Clear height
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
965
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33762, FL
5,572
Population
3,117
Households
1.8
Avg Household Size
51
Median Age
52%
College-Educated
97%
High-School Grad
7.1 sq mi
ZIP Area
785
Density / Sq Mi
$91,024
Median Household Income
$51,596
Median Earnings
$1,711
Median Rent
$332,000
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?
Flex space - A recently renovated pre-engineered steel warehouse-office with 18,380 SF of office/training space and 6 overhead doors.
Where is this flex space located?
The property is located at 4677 118TH AVENUE Clearwater, FL.
What is the asking price?
The asking price for this property is $6,249,000.
What are key features of this property?
This property features: 46,233 SF pre‑engineered steel warehouse‑office built in 1978 with approximately 18,380 SF office, classroom, and training space; Warehouse features 6 overhead doors plus 24‑ft eave height and approx. 28.5‑ft peak height with rails for cranes if needed; Mezzanine space totals approx. 13,913 SF (combo of office and shop area on the 2nd floor); building footprint 32,320 SF
