Updated 6-Unit Apartment
For Sale
$1,200,000
400 S METEOR Avenue, Clearwater, FL 33765
Residential Income, CLEARWATER, FL
Property Size4,098 SF
Lot Size0.25 Acres
Price / SF$292.83
Days on Market206
Property Features for 400 S METEOR Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Dining Room, Family Room
Interior features
Ceiling Fans(s), Kitchen/Family Room Combo, Living Room/Dining Room Combo, Solid Surface Counters, Solid Wood Cabinets
Exterior features
Fence, Garden, Private Entrance, Private Mailbox, Sidewalk
Fencing
Fenced
Subdivision
SKYCREST
Directions
US 19 to West on Gulf to Bay to right on S. Meteor Ave to address on left.
Standard status
Active
APN
13-29-15-82620-002-0070
Size
4,098 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SKYCREST UNIT D BLK B, LOT 7
Tax Annual Amount
18853
Legal Description
SKYCREST UNIT D BLK B, LOT 7
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Amenities
laundry room
Building Details
Year built
1969
Number of units
6
Building materials
Block
Roof type
Shingle
Listing Agency:
CHARLES RUTENBERG REALTY INC
(727) 538-9200
Listed By:
Gail Johnston · License #599968
(727) 422-5505
Added: Feb 9
Changed: Aug 28
Last Checked: Sep 3 at 8:06AM
MLS# TB8472934
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 6-unit apartment property in Clearwater contains one 2-bedroom, 2-bathroom residence, one 1-bedroom, 2-bathroom residence, and four 1-bedroom, 1-bathroom residences. The units have been updated, and the 4,098-square-foot building was constructed in 1969 with concrete block materials. Interior features include solid wood cabinets, solid surface counters, ceiling fans, and combined living and dining areas. Central air conditioning and electric heating serve the building.
Set on 0.25 acres at 400 S Meteor Avenue, the property has fenced grounds, private entrances, private mailboxes, sidewalks, a garden, and a shingle roof. The laundry room includes washers and dryers operated through a mobile application, while electric service is separately metered. Public water and public sewer serve the property. US-19 provides access to Tampa and St. Pete, with Downtown Clearwater, The Sound at Coachman Park, Clearwater Beach, dining, shopping, and Morton Plant Hospital nearby.
Set on 0.25 acres at 400 S Meteor Avenue, the property has fenced grounds, private entrances, private mailboxes, sidewalks, a garden, and a shingle roof. The laundry room includes washers and dryers operated through a mobile application, while electric service is separately metered. Public water and public sewer serve the property. US-19 provides access to Tampa and St. Pete, with Downtown Clearwater, The Sound at Coachman Park, Clearwater Beach, dining, shopping, and Morton Plant Hospital nearby.
Key Highlights
- 6‑unit apartment building with one 2‑bedroom/2‑bath unit, one 1‑bedroom/2‑bath unit, and four 1‑bedroom/1‑bath units
- 4,098 square feet on a 0.25‑acre parcel at 400 S Meteor Avenue, Clearwater, FL 33765
- All units have been updated; concrete block construction dates to 1969
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
$50,578
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
4.21%
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%
$1,011,560
$1.0M
Cap Rate 7%
$722,543
$722.5K
Cap Rate 9%
$561,978
$562.0K
Market Conditions
NOI Build-Up for 4,098 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
$98.4K $24.00/SF
− Vacancy
−$6.4K −$1.56/SF
EGI
$92.0K $22.44/SF
− OpEx
−$41.4K −$10.10/SF
NOI
$50.6K $12.34/SF
Area
Clearwater, FL
Vacancy
6.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,011,560
Cap Rate 7%
$722,543
Cap Rate 9%
$561,978
Alternative Uses
Best Use
Apartment 5plus
$722.5K
$632.2K – $843.0K
NOI $50,578 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,481 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,476
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?
Apartment building - Concrete block construction includes separately metered electric and a shared laundry room with app-operated washers and dryers.
Where is this apartment building located?
The property is located at 400 S METEOR Avenue Clearwater, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 6‑unit apartment building with one 2‑bedroom/2‑bath unit, one 1‑bedroom/2‑bath unit, and four 1‑bedroom/1‑bath units; 4,098 square feet on a 0.25‑acre parcel at 400 S Meteor Avenue, Clearwater, FL 33765; All units have been updated; concrete block construction dates to 1969
