Leased NNN Medical Office
For Sale
$2,450,000
609 Indian Rocks Road BELLEAIR, Clearwater, FL 33756
Single-tenant NNN medical/office building with a newly tiled roof and convenient rear parking.
Property Size5,243 SF
Lot Size0.50 Acres
Price / SF$467.29
Days on Market48
Property Features for 609 Indian Rocks Road BELLEAIR
General Information
Standard status
Active
Size
5,243 SF
Lot size
0.50 Acres
Taxes and HOA fees
Annual Taxes
$13,704
Amenities
true
1
Public Records
Corner Lot,Curb and Gutters,Landscaped,Near Golf Course,Near Public Transit,Sidewalk,Street Lights
Public
18975
135 x 141
0.44
false
13 to 18 Spaces
Paved,Asphalt
Slab
Street Lights,Street Paved,City Street
5243
Building Details
Building Size
5,243 SF
Year Built
1971
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
THE REAL ESTATE COLLECTION LLC
(407) 656-7814
Listed By:
Danielle Ramesar · License #3121297
(407) 656-7814
Source:
Therealestatecollection
Added: Jul 7
Changed: Aug 23
Last Checked: Aug 23 at 2:22AM
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 THE REAL ESTATE COLLECTION LLC
Investment Insights
Based on property information with market context.
This NNN medical/office building in Belleair is currently leased to a long-term tenant. The property features a new tile roof and has been updated with new landscaping. The building’s configuration supports medical or office use, and a large rear parking lot provides straightforward access to the business entrance.
The site sits at 609 Indian Rocks Road, Belleair, Florida, and is directly across the street from the Belleair Country Club golf course. The parcel is described as exceptionally large, at almost one-half acre, with a parking area located to the rear of the building designed for easy circulation and entry.
For buyers seeking a leased medical/office asset, this property offers an income-producing setup with an NNN structure and long-term occupancy. The combination of a newly installed tile roof, updated landscaping, and an oversized lot with rear parking can support tenant operations and everyday customer or patient access. The seller notes that the tenant is currently in place, so inspections should be coordinated accordingly.
The site sits at 609 Indian Rocks Road, Belleair, Florida, and is directly across the street from the Belleair Country Club golf course. The parcel is described as exceptionally large, at almost one-half acre, with a parking area located to the rear of the building designed for easy circulation and entry.
For buyers seeking a leased medical/office asset, this property offers an income-producing setup with an NNN structure and long-term occupancy. The combination of a newly installed tile roof, updated landscaping, and an oversized lot with rear parking can support tenant operations and everyday customer or patient access. The seller notes that the tenant is currently in place, so inspections should be coordinated accordingly.
Key Highlights
- Single‑tenant NNN medical/office building in Belleair
- New tile roof; 1‑story building on a 0.44‑acre corner lot
- Total building area of 5,243 SF with slab foundation (built in 1971)
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
$94,511
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
3.86%
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%
$1,890,220
$1.9M
Cap Rate 7%
$1,350,157
$1.4M
Cap Rate 9%
$1,050,122
$1.1M
Market Conditions
NOI Build-Up for 5,243 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
$136.5K $26.04/SF
− Vacancy
−$10.5K −$2.01/SF
EGI
$126.0K $24.03/SF
− OpEx
−$31.5K −$6.01/SF
NOI
$94.5K $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%
$1,890,220
Cap Rate 7%
$1,350,157
Cap Rate 9%
$1,050,122
Alternative Uses
Best Use
Office B
$1.35M
$1.18M – $1.58M
NOI $94,511 @ 7.0% cap · market cap 3.86%
Second Best
Healthcare Medical
$986.9K
$863.5K – $1.15M
NOI $69,082 @ 7.0% cap · market cap 2.82%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $102,968 @ 7.0% cap · market cap 4.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,173
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.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Single-tenant NNN medical/office building with a newly tiled roof and convenient rear parking.
Where is this medical office space located?
The property is located at 609 Indian Rocks Road BELLEAIR Clearwater, FL.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: Single‑tenant NNN medical/office building in Belleair; New tile roof; 1‑story building on a 0.44‑acre corner lot; Total building area of 5,243 SF with slab foundation (built in 1971)
