Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    515 Martin Luther King Jr Ave Clearwater, FL 33756-5607

    • Office Properties & Spaces
    • 4,000 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-2824258
    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

    • Office Properties & Spaces

    Property Details for 515 Martin Luther King Jr Ave

    Year built
    1984
    Construction
    WOOD FRAME
    Property size
    4,000 SF
    Property type
    Office Properties & Spaces
    APN
    15-29-15-33500-000-0200
    APU
    152915335000000200

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Clearwater
    County
    Pinellas
    State
    Florida
    Longitude
    -82.7911
    Latitude
    27.9602
    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
    $7,153
    $0.00
    $0.00
    $409,000
    -
    $0.00
    $409,000
    $409,000

    Comparable in this City

    • Value Estimation by Request
      20,831 SF

      455 Pinellas St, Unit 2

      CONDOMINIUM OFFICES • 20,831 SF
      455 Pinellas St, Clearwater, FL 33756-3354
      View Details
    • Value Estimation by Request
      538 SF

      516 Lakeview Rd Ste 4b

      CONDOMINIUM OFFICES • 538 SF
      516 Lakeview Rd Ste 4b, Clearwater, FL 33756-3302
      View Details
    • Value Estimation by Request
      975 SF

      611 Druid Rd E Ste, Unit 709

      CONDOMINIUM OFFICES • 975 SF
      611 Druid Rd E Ste, Clearwater, FL 33756-3947
      View Details
    • Value Estimation by Request
      965 SF

      611 Druid Rd E Ste, Unit 103

      CONDOMINIUM OFFICES • 965 SF
      611 Druid Rd E Ste, Clearwater, FL 33756-3948
      View Details
    • Value Estimation by Request
      920 SF

      1201 Highland Ave Ste, Unit 2

      CONDOMINIUM OFFICES • 920 SF
      1201 Highland Ave Ste, Clearwater, FL 33756-4359
      View Details
    • Value Estimation by Request
      2,770 SF

      1201 Highland Ave Ste, Unit 9

      CONDOMINIUM OFFICES • 2,770 SF
      1201 Highland Ave Ste, Clearwater, FL 33756-4359
      View Details

    Similar Nearby for Sale

    • $280,000
      1,140 SF

      Clearwater Medical Office Condo

      1,140 SF Medical Office, $280,000
      561 Duncan Ave, Clearwater, FL 33756
      View Details
    • $1,069,000
      4,400 SF

      Prime Clearwater Office Building

      High-Yield, Govt-Leased Office Investment
      602 Martin Luther King Jr Ave, Clearwater, FL 33756
      View Details
    • $2,500,000
      4,565 SF

      Class A Office Building, Clearwater

      Prime Office Space, Belleair Area, 4,565 sq ft
      1314 Fort Harrison Ave, Clearwater, FL 33756
      View Details
    • $695,000
      3,500 SF

      Clearwater Redevelopment Opportunity

      Prime 15,000 SF lot, vacant, mixed-use potential.
      409 Madison Ave, Clearwater, FL 33756
      View Details
    • $2,400,000
      5,371 SF

      371 square feet of office space nestled on Belleair Country Club. Enjoy breathtaking golf course vistas from every office

      creating a serene and inspiring work environment. The two-story building features a well-designed layout with 10 private offices
      1346 Fort Harrison Ave, Clearwater, FL 33756
      View Details
    • $1,400,000
      9,360 SF

      Clearwater Office Center Investment

      12-Unit Medical/Executive Office Building, High CAP Rate
      1250 Rogers St, Clearwater, FL 33756
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      9,360 SF

      Prime Clearwater Executive Suites

      Modern Offices, 1500-3000 sqft Available
      1250 Rogers St, Clearwater, FL 33756
      View Details
    • $21 SF/Yr
      22,086 SF

      Belleair Landing Office Suites

      Prime Clearwater Office Space, Flexible Layouts
      1465 Fort Harrison Ave, Clearwater, FL 33756
      View Details
    • $1,500 /Mo
      704 SF

      Freestanding Office Building For Lease

      Freestanding 704 SF office building near Gulf-to-Bay Blvd.
      1240 Rogers St, Clearwater, FL 33756
      View Details
    • $21 SF/Yr
      3,030 SF

      Prime Clearwater Medical Office Space

      Fully built-out, 3,030 SF, Class A.
      612 Druid Rd, Clearwater, FL 33756
      View Details
    • $9 SF/Yr
      4,000 SF

      Clearwater Office Condo For Rent

      4,000 SF office condo available for rent, divisible.
      509 S Martin Luther King Jr Ave, Clearwater, FL 33756
      View Details
    • $6,600 /Mo
      250 SF

      Private Workspace with Fenced Yard

      Private workspace with yard, utilities included in rent.
      1212 South Highland Ave, Clearwater, FL 33756
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    515 Martin Luther King Jr Ave
    Clearwater, FL 33756-5607
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.