Tenant-Occupied
For Sale
$445,000
1379 S MARTIN LUTHER KING JR Avenue, Clearwater, FL 33756
Residential Income, CLEARWATER, FL
Property Size1,603 SF
Lot Size0.12 Acres
Price / SF$277.60
Days on Market84
Property Features for 1379 S MARTIN LUTHER KING JR Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 4, Bedroom 5, Bedroom 1, Bathroom 3, Bedroom 2
Subdivision
LAKEVIEW HEIGHTS
Directions
From S. Missouri Ave. turn west on Lakeview and then S. on S. Martin Luther King Ave. The property is on your left opposite the lake.
Standard status
Active
APN
22-29-15-48978-006-0080
Size
1,603 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LAKEVIEW HEIGHTS BLK F, LOT 8
Tax Annual Amount
7644
Legal Description
LAKEVIEW HEIGHTS BLK F, LOT 8
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Building Details
Year built
1940
Building materials
Frame
Roof type
Shingle
Listing Agency:
MCPEAK REAL ESTATE FIRM
(813) 495-3875
Listed By:
Jim McPeak · License #472936
(813) 495-3875
Added: Jun 7
Changed: Aug 20
Last Checked: Aug 29 at 11:06PM
MLS# TB8516721
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,603-square-foot triplex contains three separate residences: a 3-bedroom, 1-bathroom unit; a 2-bedroom, 1-bathroom unit; and a studio. The 2-bedroom residence has been recently remodeled. All three units are tenant occupied, providing an established residential income configuration. The property sits on a 0.12-acre lot and was built in 1940 with frame construction, a shingle roof, electric heat, public water, and public sewer.
The property is located between downtown Clearwater and Belleair, across from Ross Norton Recreation Center and Ed C. Wright Park. Clearwater, Belleair Beach, and Indian Rocks Beach are within a short drive. Showings require consideration of the current occupants; tenants should not be disturbed.
The property is located between downtown Clearwater and Belleair, across from Ross Norton Recreation Center and Ed C. Wright Park. Clearwater, Belleair Beach, and Indian Rocks Beach are within a short drive. Showings require consideration of the current occupants; tenants should not be disturbed.
Key Highlights
- Three‑unit mix: 3/1, 2/1, and studio
- 1,603 square feet on a 0.12‑acre lot
- All three units are tenant occupied
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$22,110
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.97%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$442,200
$442.2K
Cap Rate 7%
$315,857
$315.9K
Cap Rate 9%
$245,667
$245.7K
Market Conditions
NOI Build-Up for 1,603 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$33.7K $21.00/SF
− Vacancy
−$2.1K −$1.30/SF
EGI
$31.6K $19.70/SF
− OpEx
−$9.5K −$5.91/SF
NOI
$22.1K $13.79/SF
Area
Clearwater, FL
Vacancy
6.17%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$442,200
Cap Rate 7%
$315,857
Cap Rate 9%
$245,667
Alternative Uses
Best Use
Multifamily LT 5
$315.9K
$276.4K – $368.5K
NOI $22,110 @ 7.0% cap · market cap 4.97%
Second Best
Apartment 5plus
$282.6K
$247.3K – $329.7K
NOI $19,784 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$449.7K
$393.5K – $524.7K
NOI $31,481 @ 7.0% cap · market cap 7.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,850
Businesses Nearby
Explore this area
Business Placement
Demographics for 33756, FL
31,807
Population
15,474
Households
2.1
Avg Household Size
48
Median Age
30%
College-Educated
91%
High-School Grad
7.2 sq mi
ZIP Area
4,418
Density / Sq Mi
$63,990
Median Household Income
$38,563
Median Earnings
$1,382
Median Rent
$335,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three leased units include a three-bedroom apartment, a two-bedroom apartment, and a studio.
Where is this triplex located?
The property is located at 1379 S MARTIN LUTHER KING JR Avenue Clearwater, FL.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Three‑unit mix: 3/1, 2/1, and studio; 1,603 square feet on a 0.12‑acre lot; All three units are tenant occupied
