Renovated Two-Unit
For Sale
$375,000
Pending
1186 PALMETTO ST, Clearwater, FL 33755
Vacant duplex with updated systems, separate parking pads, and renovated interiors.
Property Size1,392 SF
Days on Market10
Property Features for 1186 PALMETTO ST
General Information
Standard status
Pending
Size
1,392 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$2,157
Building Details
Building Size
1,392 SF
Year Built
1932
Listing Agency:
REAL BROKER, LLC
(863) 206-5755
Listed By:
D.J. Bryant · License #3415242
Source:
Judibeck
Added: Aug 1
Changed: Aug 8
Last Checked: Aug 9 at 11:47AM
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 REAL BROKER, LLC
Investment Insights
Based on property information with market context.
This traditional duplex contains two separate residences, with one positioned at the front and the other at the rear. Each unit offers 2 bedrooms and 1 bathroom. The property has undergone a comprehensive renovation, including new impact windows, kitchens, bathrooms, flooring, roofing, plumbing, electrical service and rewiring, plus new mini-split systems. A transferable warranty is included, and separate parking pads serve the individual units. The building is being delivered vacant.
The property is located in Clearwater, 10 minutes from Clearwater Beach, 30 minutes from Downtown St. Pete, and 25 minutes from Downtown Tampa and the International Airport. Built in 1932, the duplex combines an established building shell with updated major systems and refreshed interiors.
The property is located in Clearwater, 10 minutes from Clearwater Beach, 30 minutes from Downtown St. Pete, and 25 minutes from Downtown Tampa and the International Airport. Built in 1932, the duplex combines an established building shell with updated major systems and refreshed interiors.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom in each residence
- Comprehensive renovation includes roof, plumbing, electrical rewire, mini splits, kitchens, baths, flooring, and impact windows
- Separate parking pads provided for each unit
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
$19,200
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
5.12%
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%
$384,000
$384.0K
Cap Rate 7%
$274,286
$274.3K
Cap Rate 9%
$213,333
$213.3K
Market Conditions
NOI Build-Up for 1,392 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
$29.2K $21.00/SF
− Vacancy
−$1.8K −$1.30/SF
EGI
$27.4K $19.70/SF
− OpEx
−$8.2K −$5.91/SF
NOI
$19.2K $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%
$384,000
Cap Rate 7%
$274,286
Cap Rate 9%
$213,333
Alternative Uses
Best Use
Multifamily LT 5
$274.3K
$240.0K – $320.0K
NOI $19,200 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$245.4K
$214.8K – $286.3K
NOI $17,180 @ 7.0% cap · market cap 4.58%
Theoretical Best
Office A
$390.5K
$341.7K – $455.6K
NOI $27,338 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
676
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
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Frequently Asked Questions
What type of property is this?
Duplex - Vacant duplex with updated systems, separate parking pads, and renovated interiors.
Where is this duplex located?
The property is located at 1186 PALMETTO ST Clearwater, FL.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom in each residence; Comprehensive renovation includes roof, plumbing, electrical rewire, mini splits, kitchens, baths, flooring, and impact windows; Separate parking pads provided for each unit
