Downtown Clearwater Office
For Sale
$350,000
611 DRUID ROAD E #707 & 708, Clearwater, FL 33756
Professional office condo in downtown Clearwater near courthouse.
Property Size1,935 SF
Lot Size1.16 Acres
Price / SF$180.88
Days on Market185
Property Features for 611 DRUID ROAD E #707 & 708
General Information
Standard status
Active
Size
1,935 SF
Lot size
1.16 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,911
Amenities
Central air
Pool
Public Pool
Central Air Cooling
Common
Laminate Flooring
Luxury Vinyl Flooring
Parking Spaces - 6 to 12
Building Details
Year Built
1983
Listing Agency:
HOMEFRONT REALTY
(727) 641-4444
Listed By:
DWAYNE NORTHROP · License #3579962
Source:
Corcoran
Added: Feb 13
Changed: Aug 16
Last Checked: Aug 16 at 6:24AM
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.
Located in downtown Clearwater near the Courthouse and Morton Plant, this professional office condo offers 1,935 square feet of space. The combined units 707 and 708 feature 5 private offices, a conference room, an additional meeting area, and two bathrooms, one of which includes a shower. A kitchen, lobby, and generously sized storage room, which could serve as a smaller 6th private office, are also included. The property provides ample parking with 4 spaces per 1,000 square feet. Condo fees of $1,181 cover building maintenance, roof, landscaping, sewer, trash, water, management fees and reserves, as well as liability and casualty insurance. The park is well maintained. This property is suitable for a medical or professional office, such as a CPA or lawyer, or an organization's headquarters.
Key Highlights
- Prime Downtown Clearwater location near the Courthouse and Morton Plant Hospital.
- Spacious 1,935 sq/ft combined unit with 5 private offices, conference room, meeting area, and ample storage (potential 6th office).
- Two bathrooms, including one with a shower, and a full kitchen.
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
$25,496
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
7.28%
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%
$509,920
$509.9K
Cap Rate 7%
$364,229
$364.2K
Cap Rate 9%
$283,289
$283.3K
Market Conditions
NOI Build-Up for 1,935 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
$46.4K $24.00/SF
− Vacancy
−$3.9K −$2.04/SF
EGI
$42.5K $21.96/SF
− OpEx
−$17.0K −$8.78/SF
NOI
$25.5K $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%
$509,920
Cap Rate 7%
$364,229
Cap Rate 9%
$283,289
Alternative Uses
Best Use
Office B
$498.3K
$436.0K – $581.4K
NOI $34,881 @ 7.0% cap · market cap 9.97%
Second Best
Healthcare Medical
$364.2K
$318.7K – $424.9K
NOI $25,496 @ 7.0% cap · market cap 7.28%
Theoretical Best
Office A
$542.9K
$475.0K – $633.4K
NOI $38,002 @ 7.0% cap · market cap 10.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,139
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 units - Professional office condo in downtown Clearwater near courthouse.
Where is this office units located?
The property is located at 611 DRUID ROAD 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: Prime Downtown Clearwater location near the Courthouse and Morton Plant Hospital.; Spacious 1,935 sq/ft combined unit with **5 private offices, conference room, meeting area, and ample storage** (potential 6th office).; Two bathrooms, including one with a shower, and a full kitchen.
