Fenced
New
For Sale
$450,000
2217 NORMAN Drive, Clearwater, FL 33765
Residential Income, CLEARWATER, FL
Property Size1,442 SF
Lot Size0.17 Acres
Price / SF$312.07
Days on Market3
Property Features for 2217 NORMAN Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-4
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 2, Bedroom 1
Exterior features
Fence
Fencing
Fenced
Subdivision
TEMPLE TERRACE 1ST ADD
Directions
BELCHER RD TO NORMAN GO EAST TO ADDRESS
Standard status
Active
APN
07-29-16-90126-004-0030
Size
1,442 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
TEMPLE TERRACE 1ST ADD BLK D, LOT 3
Tax Annual Amount
3812
Legal Description
TEMPLE TERRACE 1ST ADD BLK D, LOT 3
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Attic Fan, Central Air
Water source
Public
Building Details
Year built
1957
Building materials
Block, Concrete, Stucco
Roof type
Shingle
Listing Agency:
RE/MAX ACTION FIRST OF FLORIDA · RE/MAX International
(727) 531-2006
Listed By:
Ryan Repko · License #3368685
(727) 484-2726
Added: Aug 25
Changed: Aug 27
Last Checked: Aug 27 at 6:06PM
MLS# TB8542324
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 duplex at 2217 Norman Drive in Clearwater contains 1,442 square feet on a 0.17-acre parcel. The residence includes four bedrooms and two bathrooms, with block, concrete, and stucco construction. A fenced exterior and sizable rear yard provide defined outdoor space, while newer windows and doors are also noted. The roof is shingle, and the property was built in 1957.
Central heating and central air conditioning serve the building, with an attic fan also present. Public water and public sewer are available, along with cable service. The property is zoned R-4 and is located in Pinellas County, near Belcher Road.
Central heating and central air conditioning serve the building, with an attic fan also present. Public water and public sewer are available, along with cable service. The property is zoned R-4 and is located in Pinellas County, near Belcher Road.
Key Highlights
- Duplex with 1,442 square feet of property size
- Situated on a 0.17‑acre lot in Clearwater
- Four bedrooms and two bathrooms
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
$19,890
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
4.42%
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%
$397,800
$397.8K
Cap Rate 7%
$284,143
$284.1K
Cap Rate 9%
$221,000
$221.0K
Market Conditions
NOI Build-Up for 1,442 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
$30.3K $21.00/SF
− Vacancy
−$1.9K −$1.30/SF
EGI
$28.4K $19.70/SF
− OpEx
−$8.5K −$5.91/SF
NOI
$19.9K $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%
$397,800
Cap Rate 7%
$284,143
Cap Rate 9%
$221,000
Alternative Uses
Best Use
Multifamily LT 5
$284.1K
$248.6K – $331.5K
NOI $19,890 @ 7.0% cap · market cap 4.42%
Second Best
Apartment 5plus
$254.2K
$222.5K – $296.6K
NOI $17,797 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$404.6K
$354.0K – $472.0K
NOI $28,320 @ 7.0% cap · market cap 6.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,508
Businesses Nearby
Explore this area
Business Placement
Demographics for 33765, FL
13,844
Population
6,873
Households
2
Avg Household Size
42
Median Age
29%
College-Educated
85%
High-School Grad
4.2 sq mi
ZIP Area
3,296
Density / Sq Mi
$61,910
Median Household Income
$40,535
Median Earnings
$1,585
Median Rent
$290,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - The property carries R-4 zoning and has public water and sewer service.
Where is this duplex located?
The property is located at 2217 NORMAN Drive Clearwater, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Duplex with 1,442 square feet of property size; Situated on a 0.17‑acre lot in Clearwater; Four bedrooms and two bathrooms
