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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1808 Drew St Clearwater, FL 33765-2916

    • Strip malls
    • 5,368 SF
    • 0.75 lot acres
    OFF-MARKET
    Last Sale
    Mar 05, 2025
    $1,125,000
    Value Estimations
    $1,095,000
    Show details
    Cap Rate Potential
    7.9%
    Strip malls
    Location Intelligence
    Property ID
    US18-5683761
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Eyebrow Shaping / Hair Salon / Nail Salon
    • Nature's Spa / Nail Salon
    • Brazilian Wax Clearwater Florida Day Spa / Alternative Medicine Practice / Spa & Massage Center
    • Nature's Salon and Day Spa / Hair Salon / Nail Salon
    • Waxing Salon in Clearwater / Spa & Massage Center / Skin Care Clinic

    Property Details for 1808 Drew St

    Year built
    1986
    Construction
    CONCRETE BLOCKS
    Lot size
    0.75 lot acres
    Property size
    5,368 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    12-29-15-22482-002-0010
    APU
    122915224820020010

    Description

    This exceptional investment opportunity presents a 100% occupied, seven-tenant retail/office stripmall and storage facility in Clearwater, Florida. The property, built in 1986, boasts 9,505 total square feet, with 8,140 net rentable square feet, and is situated on a 32,866 square foot lot. The asking price is $1,550,000, representing a pro-forma cap rate of 7.22% and a pro-forma NOI of $111,857. The property features two buildings, including ten (10) large, 100% occupied storage units. Seven retail and/or office spaces are available, each under a one-year modified lease. The property enjoys high visibility with over 200 feet of frontage on Drew Street, near the busy intersection of Drew Street and CR-1, experiencing a combined daily traffic count of nearly 57,000 vehicles. Ample parking is provided with 40 spaces. The property is zoned C and offers easy ingress and egress. Owner financing is available at attractive rates. This presents a rare opportunity to acquire a highly profitable, well-located commercial property with significant upside potential in a thriving Clearwater business district.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $935,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,230,000
      6.5%
      $1,135,000
      7%
      $1,055,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,041,000
      Market price range: $465k - $1.44M
      AI Estimate
      $1,041,000
      Market price range: $465k - $1.44M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $945,000
      Current use
      RETAIL STORES
      $1,115,000
      Change: +18% Conversion: Easy
      WAREHOUSE, STORAGE
      $1,075,000
      Change: +14% Conversion: Difficult
      OFFICE BUILDING
      $1,015,000
      Change: +7% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $885,000
      Change: -6% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Clearwater
    County
    Pinellas
    State
    Florida
    Longitude
    -82.7623
    Latitude
    27.9684
    CBSA code
    45300
    CBSA name
    TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $14,843
    $0.00
    $0.00
    $770,000
    -
    $371,798
    $398,202
    $770,000

    Comparable in this City

    • Value Estimation
      $790,000
      6,285 SF

      1865 Gulf To Bay Blvd

      SHOPPING CENTER, STRIP CENTER • 6,285 SF
      1865 Gulf To Bay Blvd, Clearwater, FL 33765-3415
      View Details
    • Value Estimation
      $1,380,000
      10,500 SF

      1884 Drew St

      SHOPPING CENTER, STRIP CENTER • 10,500 SF
      1884 Drew St, Clearwater, FL 33765-2915
      View Details
    • Value Estimation
      $930,000
      3,600 SF

      2246 Gulf To Bay Blvd

      SHOPPING CENTER, STRIP CENTER • 3,600 SF
      2246 Gulf To Bay Blvd, Clearwater, FL 33765-4000
      View Details
    • Value Estimation by Request
      3,300 SF

      2152 Drew St

      SHOPPING CENTER, STRIP CENTER • 3,300 SF
      2152 Drew St, Clearwater, FL 33765-3214
      View Details
    • Value Estimation
      $770,000
      4,087 SF

      2006 Drew St

      SHOPPING CENTER, STRIP CENTER • 4,087 SF
      2006 Drew St, Clearwater, FL 33765-3115
      View Details
    • Value Estimation
      $880,000
      8,352 SF

      1897 Drew St

      SHOPPING CENTER, STRIP CENTER • 8,352 SF
      1897 Drew St, Clearwater, FL 33765-2914
      View Details

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      Retail space available in Clearwater's busy shopping destination.
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    Clearwater, FL 33765-2916
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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