Clearwater Office Condo For
For Sale
$350,000
611 DRUID E 707 & 708, Clearwater, FL 33756
Office condo in downtown Clearwater, near hospitals and beaches.
Property Size1,935 SF
Price / SF$364.58
Days on Market139
Property Features for 611 DRUID E 707 & 708
General Information
Standard status
Active
Size
1,935 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,911
Building Details
Building Size
1,935 SF
Year Built
1983
Listing Agency:
HOMEFRONT REALTY
Listed By:
DJ Northrop · License #3579962
(727) 612-4220
Source:
Elliman
Added: Apr 24
Changed: Sep 7
Last Checked: Sep 8 at 7:57AM
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 HOMEFRONT REALTY
Investment Insights
Based on property information with market context.
This 960 square foot office condo is located in the downtown Clearwater area, near hospitals, the courthouse, and beaches. The unit is part of a well-maintained, 62-unit complex established in 1983, which hosts many long-term businesses and offers ample parking. Condo fees are $497 per month, covering water, sewer, garbage, exterior maintenance, and landscaping. An adjacent, connecting 950 square foot condo is also available for sale; the units can be purchased separately or together. The location has a bike score of 66, indicating it is bikeable, and a walk score of 76, indicating it is very walkable. The transit score is 38, indicating some transit options are available.
Key Highlights
- Desirable downtown Clearwater location, near hospitals, courthouse, and beaches.
- Opportunity to purchase an adjacent/connecting 950 sq ft condo; units can be sold separately or together.
- Well‑maintained 960 sq ft office condo in an established complex.
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
$17,305
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
4.94%
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%
$346,100
$346.1K
Cap Rate 7%
$247,214
$247.2K
Cap Rate 9%
$192,278
$192.3K
Market Conditions
NOI Build-Up for 960 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
$25.0K $26.04/SF
− Vacancy
−$1.9K −$2.01/SF
EGI
$23.1K $24.03/SF
− OpEx
−$5.8K −$6.01/SF
NOI
$17.3K $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%
$346,100
Cap Rate 7%
$247,214
Cap Rate 9%
$192,278
Alternative Uses
Best Use
Office B
$247.2K
$216.3K – $288.4K
NOI $17,305 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$269.3K
$235.7K – $314.2K
NOI $18,854 @ 7.0% cap · market cap 5.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,009
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Office condo in downtown Clearwater, near hospitals and beaches.
Where is this office units located?
The property is located at 611 DRUID E 707 & 708 Clearwater, FL.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Desirable downtown Clearwater location, near hospitals, courthouse, and beaches.; Opportunity to purchase an adjacent/connecting 950 sq ft condo; units can be sold separately or together.; Well‑maintained 960 sq ft office condo in an established complex.
