Clearwater Multifamily Complex For
For Sale
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1132 Auburn St, Clearwater, FL 33756
Well-maintained 15-unit complex near Missouri Ave Business District.
Property Size14,464 SF
Price / SF$210.87
Days on Market152
Property Features for 1132 Auburn St
General Information
Standard status
Active
Size
14,464 SF
Property subtype
Multifamily
Occupancy
100%
Building Details
Units
15
Listing Agency:
WC Equity Group
Listed By:
Blue Peak Realty · License #FL CQ1053411
Source:
Crexi
Added: Mar 16
Changed: Aug 8
Last Checked: Aug 8 at 2:42PM
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 WC Equity Group
Investment Insights
Based on property information with market context.
This well-maintained 15-unit multifamily complex, known as Auburn Flats, is located in a desirable Clearwater location, minutes from the Missouri Ave Business District, Largo schools, and public transportation. The property consists of nine 1-bedroom and six 2-bedroom apartments situated in one- and two-story concrete block/stucco buildings. There are 24 parking spaces available, along with a guest laundry room. A large rear yard offers value-add potential, with opportunities to generate additional income through boat and RV storage. The property has historically maintained 100% occupancy. Several units have been renovated, including tile flooring upgrades and updated A/C systems. Capital improvements include a new roof installed in 2024 and a new fire alarm system servicing the entire complex. The property size is 14464 square feet.
Key Highlights
- Brand new roof (2024) and new fire alarm system.
- Historically 100% occupied, demonstrating consistent performance.
- Strong unit mix of nine 1‑bedroom and six 2‑bedroom apartments.
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
$178,515
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
5.85%
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%
$3,570,300
$3.6M
Cap Rate 7%
$2,550,214
$2.6M
Cap Rate 9%
$1,983,500
$2.0M
Market Conditions
NOI Build-Up for 14,464 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
$347.1K $24.00/SF
− Vacancy
−$22.6K −$1.56/SF
EGI
$324.6K $22.44/SF
− OpEx
−$146.1K −$10.10/SF
NOI
$178.5K $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%
$3,570,300
Cap Rate 7%
$2,550,214
Cap Rate 9%
$1,983,500
Alternative Uses
Best Use
Apartment 5plus
$2.55M
$2.23M – $2.98M
NOI $178,515 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.06M
$3.55M – $4.73M
NOI $284,060 @ 7.0% cap · market cap 9.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,031
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?
Apartment building - Well-maintained 15-unit complex near Missouri Ave Business District.
Where is this apartment building located?
The property is located at 1132 Auburn St Clearwater, FL.
What is the asking price?
The asking price for this property is $3,050,000.
What are key features of this property?
This property features: Brand new roof (2024) and new fire alarm system.; Historically 100% occupied, demonstrating consistent performance.; Strong unit mix of nine 1‑bedroom and six 2‑bedroom apartments.
