1194 Cleveland StClearwater, FL 33755

Property Details for 1194 Cleveland St

Year built

1960

Construction

STEEL FRAME

Lot size

0.35 AC

Property size (Sq ft)

300 SF

Property type

Retail properties

Property subtype

Grocery and convenience stores

APN

15-29-15-03060-003-0010

APU

152915030600030010

Description

This exceptional Clearwater, Florida, retail investment presents a compelling opportunity for discerning investors. The property, a Shell-branded gas station and convenience store, boasts a prime location at the intersection of NE Cleveland Street and Drew Street, benefiting from high vehicular traffic and proximity to Downtown Clearwater and Clearwater Beach. The 100% occupied property features four gas pumps and a recently renovated building (2022), including new HVAC, pumps, tanks, canopy, and signage. A strong, long-term lease with Shell is in place, offering an absolute NNN lease structure with a remaining term of 16.7 years, extending to July 17, 2041. The lease includes built-in rent bumps of 10% every five years, providing consistent income growth. The property's current Net Operating Income (NOI) is $120,000, yielding an attractive 7.00% cap rate. Built in 1960, this well-maintained asset offers a stable, predictable income stream in a rapidly growing market, making it an ideal addition to any portfolio. The convenience store component further enhances the property's appeal, diversifying revenue streams and catering to a broader customer base. This turnkey investment opportunity combines a desirable location, a strong tenant, and a secure lease structure, promising both immediate returns and long-term appreciation potential.

• CAP approach

  CAP return

  Valuation

  6%

  $100,206

  6.5%

  $92,498

  7%

  $85,891

• Comparable approach

  Method

  Valuation

  Relative Method

  $83,372

  Geo Method

  $83,372

• Alternative Use

  Use

  Valuation

  Residential

  $78,026

  Hospitality

  $71,471

  Educational

  $59,463

  Medical

  $61,508

  Retail

  $92,498

Location Insight

City

Clearwater

County

Pinellas

State

Florida

Latitude

27.9679

Longitude

-82.7886

CBSA code

45300

CBSA name

TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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