Medical Office Condo For
For Sale
$180,000
611 DRUID ROAD E #303, Clearwater, FL 33756
Medical office condo in downtown Clearwater near hospitals and beaches.
Property Size950 SF
Price / SF$189.47
Days on Market206
Property Features for 611 DRUID ROAD E #303
General Information
Standard status
Active
Size
950 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,060
Amenities
Central air
Pool
Public Pool
Central Air Cooling
Building Details
Year Built
1983
Listing Agency:
SMITH & ASSOCIATES REAL ESTATE
(727) 282-1788
Listed By:
CHRIS CALHOON · License #3293399
Source:
Corcoran
Added: Jan 22
Changed: Aug 8
Last Checked: Aug 15 at 9:59AM
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 950 square foot medical office condo is available for purchase in downtown Clearwater, near hospitals, the courthouse, and beaches. The condo 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 $524 per month, covering water, sewer, garbage, exterior maintenance, and landscaping. An adjacent, connecting 960 square foot condo is also for sale; the units can be purchased separately or together. Showings are by appointment only, with 24 hours' notice.
Key Highlights
- Prime location in desirable downtown Clearwater, near hospitals, courthouse, and beaches.
- Opportunity to purchase an adjacent/connecting 960 sq ft condo, allowing for expansion or separate investment.
- Well‑maintained 950 sq ft medical 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
$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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,009
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office condo in downtown Clearwater near hospitals and beaches.
Where is this medical office space located?
The property is located at 611 DRUID ROAD E #303 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: Prime location in desirable downtown Clearwater, near hospitals, courthouse, and beaches.; Opportunity to purchase an adjacent/connecting 960 sq ft condo, allowing for expansion or separate investment.; Well‑maintained 950 sq ft medical office condo in an established complex.
