Duplex with Redevelopment
For Sale
$598,000
Pending
105 N LADY MARY DRIVE, Clearwater, FL 33755
Level-ground duplex with separate water and electric meters plus an existing outdoor storage building.
Property Size1,833 SF
Days on Market1124
Property Features for 105 N LADY MARY DRIVE
General Information
Standard status
Pending
Size
1,833 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$4,679
Building Details
Year Built
1957
Listing Agency:
RE/MAX ACTION FIRST OF FLORIDA
(727) 871-5853
Listed By:
Luke Palmer · License #3300839
(727) 871-5853
Source:
Exitrealty
Added: Aug 5, 2023
Changed: Aug 31
Last Checked: Aug 31 at 5:18PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX ACTION FIRST OF FLORIDA
Investment Insights
Based on property information with market context.
This duplex sits on level ground and contains 1,833 square feet, with both units currently occupied. Separate water and electric meters serve the property, and an outdoor storage building adds 416 square feet of enclosed utility space. The site also has room for additional boat and trailer storage.
The property occupies over 1/2 acre in Clearwater, near Downtown Clearwater and the redeveloped Cleveland Street Corridor. Zoning allows up to 18 units, while the Downtown Gateway District code provides for 35 units per acre and building heights of up to 45 feet. Built in 1957, the existing duplex offers an operating residential configuration alongside documented redevelopment parameters.
The property occupies over 1/2 acre in Clearwater, near Downtown Clearwater and the redeveloped Cleveland Street Corridor. Zoning allows up to 18 units, while the Downtown Gateway District code provides for 35 units per acre and building heights of up to 45 feet. Built in 1957, the existing duplex offers an operating residential configuration alongside documented redevelopment parameters.
Key Highlights
- Over 1/2 acre in Clearwater
- Zoning allows up to 18 units
- Downtown Gateway District code: 35 units per acre, up to 45 feet high
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
$25,283
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
4.23%
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%
$505,660
$505.7K
Cap Rate 7%
$361,186
$361.2K
Cap Rate 9%
$280,922
$280.9K
Market Conditions
NOI Build-Up for 1,833 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
$38.5K $21.00/SF
− Vacancy
−$2.4K −$1.30/SF
EGI
$36.1K $19.70/SF
− OpEx
−$10.8K −$5.91/SF
NOI
$25.3K $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%
$505,660
Cap Rate 7%
$361,186
Cap Rate 9%
$280,922
Alternative Uses
Best Use
Multifamily LT 5
$361.2K
$316.0K – $421.4K
NOI $25,283 @ 7.0% cap · market cap 4.23%
Second Best
Apartment 5plus
$323.2K
$282.8K – $377.1K
NOI $22,623 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$514.3K
$450.0K – $600.0K
NOI $35,998 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,393
Businesses Nearby
Explore this area
Business Placement
Demographics for 33755, FL
28,360
Population
11,872
Households
2.4
Avg Household Size
41
Median Age
25%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,156
Density / Sq Mi
$59,613
Median Household Income
$36,206
Median Earnings
$1,340
Median Rent
$300,200
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 - Level-ground duplex with separate water and electric meters plus an existing outdoor storage building.
Where is this duplex located?
The property is located at 105 N LADY MARY DRIVE Clearwater, FL.
What is the asking price?
The asking price for this property is $598,000.
What are key features of this property?
This property features: Over 1/2 acre in Clearwater; Zoning allows up to 18 units; Downtown Gateway District code: 35 units per acre, up to 45 feet high
