602 M.l.k. Jr Ave Clearwater, FL 33756
- Office Properties & Spaces
- 4,400 SF
Current Use by Public Records
- Office Properties & Spaces
Property Details for 602 M.l.k. Jr Ave
- Property size
- 4,400 SF
- Property type
- Office Properties & Spaces
Description
This Clearwater, Florida office building presents a compelling investment opportunity. The property, located at 602 S M.L.K. Jr Ave, features 4,400 square feet of space in a single, one-story building, currently 100% occupied by the Department of Corrections under a gross lease. The lease, with a remaining term of 10 years (expiring November 28, 2033), includes two five-year renewal options, providing significant long-term stability. The property boasts a strong 8.65% cap rate and a Net Operating Income (NOI) of $103,414. Recent renovations encompass electrical systems, plumbing, roofing, air conditioning units, ductwork, interior framing, insulation, and fresh paint, minimizing future maintenance expenses. Ample parking is available with 38 spaces. This turnkey investment offers a secure and stable income stream from a government tenant, making it an attractive option for investors seeking minimal management and consistent returns. The property's Class B designation and stabilized investment type further enhance its appeal. The 4,326 square feet of net rentable space is ideal for a single tenant. This is a fully leased, low-maintenance asset ready for immediate ownership.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Clearwater
- County
- Pinellas
- State
- Florida
- Longitude
- -82.792
- Latitude
- 27.9592
