Medical Office Building with Pylon
For Sale
$1,900,000
701 N Hercules Avenue CLEARWATER, Clearwater, FL 33765
Multi-tenant medical office building offers on-site parking, a standalone pylon sign, and potential for immediate suite occupancy.
Property Size11,168 SF
Price / SF$182.13
Days on Market49
Property Features for 701 N Hercules Avenue CLEARWATER
General Information
Standard status
Active
Size
11,168 SF
Additional Details
Traffic Count
22,052 vehicles/day
Office Units
5
Taxes and HOA fees
Annual Taxes
$15,158
Amenities
1
true
1.0547
160 x 287
1.05
false
Paved
Block
County Road
11168
Building Details
Building Size
11,168 SF
Year Built
1985
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
(904) 569-5862
Listed By:
Garrett Allen
(904) 569-5862
Source:
Movetojacksonville
Added: Jul 6
Changed: Aug 22
Last Checked: Aug 22 at 3:44AM
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 Garrett Allen
Investment Insights
Based on property information with market context.
This 10,400-square-foot medical office building is designed for a professional multi-tenant medical environment and currently serves five tenants. The property offers several established medical tenants, and one or more suites are currently vacant and ready for immediate occupancy, which can support a smooth owner-occupant transition.
Located at 701 N Hercules Avenue in North Clearwater, the building is positioned directly across from Clearwater Air Park. The offering includes high visibility with reported traffic of 22,052 cars per day, along with a large site with abundant parking. A prominent stand-alone pylon sign provides additional building identification, and the property is described as having low flood risk in Flood Zone X.
For a medical practitioner or small group looking to own rather than lease, the building’s configuration supports either occupancy of available space or use alongside existing tenants. Staggered lease expirations are in place, offering flexibility for future planning and renewal opportunities based on tenant turnover timing. For investors or owner-users, the presence of existing tenants may help offset ownership costs while vacancies provide the option to tailor space use as needed.
Located at 701 N Hercules Avenue in North Clearwater, the building is positioned directly across from Clearwater Air Park. The offering includes high visibility with reported traffic of 22,052 cars per day, along with a large site with abundant parking. A prominent stand-alone pylon sign provides additional building identification, and the property is described as having low flood risk in Flood Zone X.
For a medical practitioner or small group looking to own rather than lease, the building’s configuration supports either occupancy of available space or use alongside existing tenants. Staggered lease expirations are in place, offering flexibility for future planning and renewal opportunities based on tenant turnover timing. For investors or owner-users, the presence of existing tenants may help offset ownership costs while vacancies provide the option to tailor space use as needed.
Key Highlights
- 10,400 SF medical office building with 1 story (built in 1985) and air conditioning
- 1.05‑acre lot (160 x 287) with paved county road frontage and road surface type: paved
- Five‑tenant setup with one or more suites currently vacant for immediate occupancy
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
$137,452
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
7.23%
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%
$2,749,040
$2.7M
Cap Rate 7%
$1,963,600
$2.0M
Cap Rate 9%
$1,527,244
$1.5M
Market Conditions
NOI Build-Up for 10,432 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
$250.4K $24.00/SF
− Vacancy
−$21.3K −$2.04/SF
EGI
$229.1K $21.96/SF
− OpEx
−$91.6K −$8.78/SF
NOI
$137.5K $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%
$2,749,040
Cap Rate 7%
$1,963,600
Cap Rate 9%
$1,527,244
Alternative Uses
Best Use
Office B
$2.69M
$2.35M – $3.13M
NOI $188,049 @ 7.0% cap · market cap 9.90%
Second Best
Healthcare Medical
$1.96M
$1.72M – $2.29M
NOI $137,452 @ 7.0% cap · market cap 7.23%
Theoretical Best
Office A
$2.93M
$2.56M – $3.41M
NOI $204,875 @ 7.0% cap · market cap 10.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Office units
22,052 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,572
Businesses Nearby
Balanced
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- ANIMAL HOSPITAL — Clearwater, FL 33765
- Spay & Neuter Clinic — 2118 Drew St # A, Clearwater, FL 33765
- Bell Jennifer DVM — 1961 drew st, clearwater, fl 33765
- Animal Health Care Clinic — 2118 Drew St, Clearwater, FL 33765
- IAC Urgent Care — 764 N Belcher Rd., Clearwater, FL 33765
Frequently Asked Questions
What type of property is this?
Medical Office Space - Multi-tenant medical office building offers on-site parking, a standalone pylon sign, and potential for immediate suite occupancy.
Where is this medical office space located?
The property is located at 701 N Hercules Avenue CLEARWATER 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: 10,400 SF medical office building with 1 story (built in 1985) and air conditioning; 1.05‑acre lot (160 x 287) with paved county road frontage and road surface type: paved; Five‑tenant setup with one or more suites currently vacant for immediate occupancy
