602 Martin Luther King Jr AveClearwater, FL 33756

Property Details for 602 Martin Luther King Jr Ave

Year built

1964

Construction

CONCRETE BLOCKS

Lot size

0.39 AC

Property size (Sq ft)

4,400 SF

Property type

Office properties

Property subtype

Office buildings

APN

15-29-15-54450-023-0150

APU

152915544500230150

Description

This exceptional 4,400 square foot office building, situated on a 0.39-acre lot at 602 S Martin Luther King Jr Avenue in Clearwater, Florida, presents a compelling investment opportunity. Currently fully leased to a government tenant under a ten-year lease, this property offers unparalleled stability and predictable income. The 7.5% capitalization rate reflects the strong cash flow potential. Recent, extensive renovations have addressed all major systems, minimizing future maintenance expenses. Upgrades include a complete overhaul of the electrical and plumbing systems, a new roof, updated air conditioning units and ductwork, new interior framing and insulation, and fresh paint throughout. This turnkey investment requires minimal ongoing capital expenditure, allowing for immediate positive cash flow. The property's location in Clearwater, Florida, offers convenient access to major transportation routes and amenities. The long-term lease with a government tenant significantly reduces the risk associated with typical commercial real estate investments, making this an ideal addition to any portfolio seeking consistent returns and minimal management demands. Detailed financial information, including rent rolls and lease specifics, is available upon request. This is a rare opportunity to acquire a high-quality, low-maintenance commercial property with exceptional long-term prospects.

• CAP approach

  CAP return

  Valuation

  6%

  $857,771

  6.5%

  $791,789

  7%

  $735,232

• Comparable approach

  Method

  Valuation

  Relative Method

  $485,232

  Geo Method

  $485,232

• Alternative Use

  Use

  Valuation

  Residential

  $981,818

  Hospitality

  $899,340

  Educational

  $748,240

  Medical

  $773,973

  Retail

  $1,163,929

Location Insight

City

Clearwater

County

Pinellas

State

Florida

Latitude

27.9592

Longitude

-82.7919

CBSA code

45300

CBSA name

TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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