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    Property profile & analytics

    5665 Rio Vista Dr Clearwater, FL 33760

    • Office buildings
    • 40,000 SF
    • 3.26 lot acres
    For Lease
    View listing
    Last Sale
    Sep 09, 2022
    $18,000,000
    Value Estimations
    $16,805,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-2694250
    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 buildings

    Property Details for 5665 Rio Vista Dr

    Year built
    1997
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    3.26 lot acres
    Property size
    40,000 SF
    Property type
    Office buildings
    APN
    33-29-16-05550-000-0020
    APU
    332916055500000020

    Description

    This exceptional Clearwater, Florida office property, Bay Vista Gardens II, offers two buildings with a total of two suites available. The buildings are single-story structures located at 5665 Rio Vista Dr, Clearwater, FL 33760, in Pinellas County. Each suite provides ample space, ranging from 4,220 to 4,570 square feet, perfect for businesses seeking traditional office environments. The property's convenient location offers easy access to major transportation arteries, including Roosevelt Blvd, Bayside Bridge, US Highway 19, Courtney Campbell Causeway, I-275, and Gandy Boulevard. This prime location also provides convenient access to St. Petersburg, Clearwater, and Tampa, enhancing accessibility for employees and clients. Furthermore, the property is situated just two miles from the St. Pete/Clearwater International Airport, making travel both domestically and internationally exceptionally convenient. This is a rare opportunity to secure well-located, spacious office space in a thriving area of Florida. The property is ideal for businesses seeking a functional and accessible location to support their operations. Contact us today to learn more about this outstanding opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $19,380,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $12,820,000
      6.5%
      $11,835,000
      7%
      $10,985,000

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $23,495,000
      RESTAURANT
      $20,500,000
      INDUSTRIAL (GENERAL)
      $18,165,000
      WAREHOUSE, STORAGE
      $12,995,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Clearwater
    County
    Pinellas
    State
    Florida
    Longitude
    -82.712
    Latitude
    27.9204
    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
    $67,135
    $0.00
    $0.00
    $3,550,000
    -
    $940,987
    $2,609,013
    $3,550,000

    Comparable in this City

    • Value Estimation by Request
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    • Value Estimation
      $6,890,000
      27,463 SF

      14100 58th N St

      OFFICE BUILDING (MULTI-STORY) • 27,463 SF
      14100 58th N St, Clearwater, FL 33760-3758
      View Details
    • Value Estimation
      $1,330,000
      5,571 SF

      14561 58th N St

      OFFICE BUILDING • 5,571 SF
      14561 58th N St, Clearwater, FL 33760-2808
      View Details
    • Value Estimation
      $945,000
      4,094 SF

      6344 Roosevelt Blvd

      OFFICE BUILDING • 4,094 SF
      6344 Roosevelt Blvd, Clearwater, FL 33760-1803
      View Details
    • Value Estimation
      $575,000
      3,300 SF

      5560 Roosevelt Blvd

      OFFICE BUILDING • 3,300 SF
      5560 Roosevelt Blvd, Clearwater, FL 33760-3469
      View Details
    • Value Estimation
      $1,620,000
      10,120 SF

      14440 Myerlake Cir

      OFFICE BUILDING • 10,120 SF
      14440 Myerlake Cir, Clearwater, FL 33760-2813
      View Details

    Similar Nearby for Sale

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      Clearwater Land For Sale

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      Residential Land in Clearwater, FL

      Residential land suitable for building a home near beaches.
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      Clearwater Vacant Land Parcel

      Oversized vacant parcel with development potential in Clearwater, Florida.
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      Clearwater Corner Lot Development Opportunity

      Cleared 0.28-acre corner lot suitable for various commercial and residential uses.
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    Similar Nearby for Lease

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      12,374 SF

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      93,946 SF Class A office in Pinellas County.
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      Class A office building with flexible floor plans for rent.
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      Clearwater Office Buildings For Rent

      Two connected office buildings totaling 134,637 SF available for lease.
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      Clearwater Office Space Solutions

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    • Contact for pricing
      8,790 SF

      Bay Vista Gardens II Office Suites

      Clearwater Office Space, Two Buildings
      5665 Rio Vista Dr, Clearwater, FL 33760
      View Details
    • Contact for pricing
      13,369 SF

      Bay Vista Gardens Office Space

      Three suites, prime Pinellas location.
      5500-5520 Rio Vista Dr, Clearwater, FL 33760
      View Details
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    Clearwater, FL 33760
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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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