Clearwater Office Building For
For Sale
Contact for pricing
701 N Hercules Ave, Clearwater, FL 33765
Five-tenant office building with medical users in north Clearwater.
Property Size11,168 SF
Price / SF$170.13
Days on Market201
Property Features for 701 N Hercules Ave
General Information
Standard status
Active
Size
11,168 SF
Property subtype
Office
Building Details
Year Built
1985
Units
5
Listing Agency:
Asset and Key
(727) 625-1100
Listed By:
Bradley Meinck · License #BK 3299864
Source:
Crexi
Added: Jan 28
Changed: Aug 8
Last Checked: Aug 8 at 6:36AM
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 Asset and Key
Investment Insights
Based on property information with market context.
This five-tenant office building is available for sale, featuring a majority of medical tenants. The property's staggered lease expirations offer flexibility and potential for future rent increases and net operating income growth. The building is situated in north Clearwater, across from Clearwater Air Park, benefiting from a daily traffic count of 22,052. This presents a stabilized investment opportunity with consistent income and long-term growth potential. The property size is 11168 square feet.
Key Highlights
- Stabilized investment opportunity delivering consistent income and long‑term growth.
- Majority of tenants are medical users.
- Staggered lease expirations provide flexibility and upside through future rent increases and NOI growth.
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
$147,150
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
7.74%
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%
$2,943,000
$2.9M
Cap Rate 7%
$2,102,143
$2.1M
Cap Rate 9%
$1,635,000
$1.6M
Market Conditions
NOI Build-Up for 11,168 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
$268.0K $24.00/SF
− Vacancy
−$22.8K −$2.04/SF
EGI
$245.2K $21.96/SF
− OpEx
−$98.1K −$8.78/SF
NOI
$147.1K $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%
$2,943,000
Cap Rate 7%
$2,102,143
Cap Rate 9%
$1,635,000
Alternative Uses
Best Use
Office B
$2.88M
$2.52M – $3.36M
NOI $201,316 @ 7.0% cap · market cap 10.60%
Second Best
Healthcare Medical
$2.10M
$1.84M – $2.45M
NOI $147,150 @ 7.0% cap · market cap 7.74%
Theoretical Best
Office A
$3.13M
$2.74M – $3.66M
NOI $219,330 @ 7.0% cap · market cap 11.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,352
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33765, FL
13,844
Population
6,873
Households
2
Avg Household Size
42
Median Age
29%
College-Educated
85%
High-School Grad
4.2 sq mi
ZIP Area
3,296
Density / Sq Mi
$61,910
Median Household Income
$40,535
Median Earnings
$1,585
Median Rent
$290,700
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 - Five-tenant office building with medical users in north Clearwater.
Where is this medical office space located?
The property is located at 701 N Hercules Ave Clearwater, FL.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Stabilized investment opportunity delivering consistent income and long‑term growth.; Majority of tenants are medical users.; Staggered lease expirations provide flexibility and upside through future rent increases and NOI growth.
