Renovated 6-Unit Multifamily
For Sale
$1,199,000
Pending
1102 SUNSET POINT Rd, Clearwater, FL 33755
Renovated six-unit building with parking and storage, with five units occupied and one available for showings.
Property Size3,633 SF
Days on Market97
Property Features for 1102 SUNSET POINT Rd
General Information
Standard status
Pending
Size
3,633 SF
Property subtype
Commercial
Occupancy
83%
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$9,998
Building Details
Building Size
3,633 SF
Year Built
1946
Stories
1
Units
6
Tenancy
Multi
Listing Agency:
Engel & Volkers Belleair
Listed By:
Kristin Hallamek · License #3141669
(727) 642-7985
Source:
Elliman
Added: Jun 3
Changed: Aug 8
Last Checked: Jul 23 at 9:56AM
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 Engel & Volkers Belleair
Investment Insights
Based on property information with market context.
This for-sale 6-unit multifamily property offers a straightforward income setup, with five of six units currently occupied and one vacant unit available for easy showings. The units have been renovated, and the property is professionally managed. Improvements also include abundant on-site parking and an owner storage shed on an oversized lot.
The building is located in Clearwater, with quick access described to downtown Dunedin restaurants, breweries, shopping, and waterfront parks. The remarks also note convenient access to Gulf Coast amenities, including Edgewater Drive for sunsets and easy reach to Clearwater Beach. Bike, walk, and transit scores are provided as 71 (very bikeable), 38 (car-dependent), and 32 (some transit).
For tenants and buyers, the combination of renovated interiors, on-site parking, and on-property storage supports day-to-day livability and operational convenience. The asset is presented as turnkey from an ownership and leasing standpoint, with the recorded ownership history indicating no flooding or storm-related issues during ownership.
The building is located in Clearwater, with quick access described to downtown Dunedin restaurants, breweries, shopping, and waterfront parks. The remarks also note convenient access to Gulf Coast amenities, including Edgewater Drive for sunsets and easy reach to Clearwater Beach. Bike, walk, and transit scores are provided as 71 (very bikeable), 38 (car-dependent), and 32 (some transit).
For tenants and buyers, the combination of renovated interiors, on-site parking, and on-property storage supports day-to-day livability and operational convenience. The asset is presented as turnkey from an ownership and leasing standpoint, with the recorded ownership history indicating no flooding or storm-related issues during ownership.
Key Highlights
- Renovated 6‑unit multifamily building on an oversized lot (built in 1946)
- Five of 6 units currently occupied; 1 vacant unit available for easy showings/owner occupancy
- Abundant on‑site parking plus additional owner storage shed
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
$44,838
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
3.74%
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%
$896,760
$896.8K
Cap Rate 7%
$640,543
$640.5K
Cap Rate 9%
$498,200
$498.2K
Market Conditions
NOI Build-Up for 3,633 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
$87.2K $24.00/SF
− Vacancy
−$5.7K −$1.56/SF
EGI
$81.5K $22.44/SF
− OpEx
−$36.7K −$10.10/SF
NOI
$44.8K $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%
$896,760
Cap Rate 7%
$640,543
Cap Rate 9%
$498,200
Alternative Uses
Best Use
Apartment 5plus
$640.5K
$560.5K – $747.3K
NOI $44,838 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.02M
$891.9K – $1.19M
NOI $71,349 @ 7.0% cap · market cap 5.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
83.3%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
409
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?
Apartment building - Renovated six-unit building with parking and storage, with five units occupied and one available for showings.
Where is this apartment building located?
The property is located at 1102 SUNSET POINT Rd Clearwater, FL.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Renovated 6‑unit multifamily building on an oversized lot (built in 1946); Five of 6 units currently occupied; 1 vacant unit available for easy showings/owner occupancy; Abundant on‑site parking plus additional owner storage shed
