1194 Cleveland St Clearwater, FL 33755-4837

Property Details for 1194 Cleveland St

Year built

1960

Construction

STEEL FRAME

Lot size

0.35 lot acres

Property size

300 SF

Property type

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.