Mavryk Capital Management Purchases Office Complex From Clearwater LLC For $4.3M In Clearwater
1243 South Myrtle Avenue
$4,300,000
$111/SF
Building Size
38,492 SF
Asset Type
Office
Closing
Mar 27, 2026
About this deal
AI
A three-building, 38,492-square-foot office complex located at 1225-1243 South Myrtle Avenue in Clearwater sold for $4.3 million. The asset was 97% occupied at the time of the sale and has seen an increase in value from the $3.26 million the seller paid in 2007.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $4,300,000
- Address: 1225-1243 South Myrtle Avenue
- Market: Clearwater
- Square Footage: 38,492
- Price Per Square Foot: $112
- Buyer: Mavryk Capital Management
- Seller: Clearwater LLC
- Brokers: John Gerlach, Jake Gerlach & Cyndi Cushman - Colliers
The buyer, Mavryk Capital Management, is managed by Belleair Bluffs, while the seller is Clearwater LLC. John Gerlach, Jake Gerlach, and Cyndi Cushman from Colliers represented the parties involved in this transaction.
Players
Clearwater Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.69%
Cash-on-Cash
-1.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93