1401 Cleveland StClearwater, FL 33755

Property Details for 1401 Cleveland St

Year built

1958

Lot size

0.97 AC

Property size (Sq ft)

14,352 SF

Property type

Retail properties

Property subtype

Lifestyle centers

Description

This 14,352 square foot shopping center in Clearwater, Florida, presents a compelling investment opportunity. Located at 1401 Cleveland St, 33755, this property boasts 17 individual units, each equipped with separate power and water meters, ensuring efficient management and tenant control. Built in 1958 and situated on a 0.97-acre lot, the center enjoys a prime location in the revitalized Gateway area of downtown Clearwater, directly adjacent to the newly established Marche, a vibrant weekend market hub. Recent upgrades enhance the property's appeal, and with currently 100% occupancy and a projected NOI of $244,000 (8.16% pro-forma cap rate), this asset offers significant potential for growth. The asking price is $2,990,000, translating to $208.33 per square foot. The current NOI is $198,000, with a 6.62% cap rate. This property is an excellent addition to any retail portfolio. One vacancy is expected to be filled shortly.

Location Insight

City

Clearwater

County

Pinellas

State

Florida

Latitude

27.9656

Longitude

-82.7785

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