Renovated Duplex with Separate
For Sale
Under Contract
$375,000
1186 PALMETTO Street, Clearwater, FL 33755
MULTI_FAMILY - CLEARWATER, FL
Property Size1,392 SF
Lot Size0.12 Acres
Price / SF$269.40
Days on Market12
Property Features for 1186 PALMETTO Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 1, Bedroom 4, Bedroom 3
Interior features
Open Floorplan
Appliances
Range, Refrigerator
Subdivision
SPRINGFIELD SUB 2
Directions
Turn into Palmetto St; Property is on the right.
Standard status
Active Under Contract
APN
10-29-15-85032-001-0110
Size
1,392 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SPRINGFIELD SUB NO. 2 BLK 1, LOT 11 LESS S 6FT FOR ST
Tax Annual Amount
2157
Legal Description
SPRINGFIELD SUB NO. 2 BLK 1, LOT 11 LESS S 6FT FOR ST
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1932
Flooring type
Vinyl
Building materials
Stucco, Frame
Roof type
Shingle
Listing Agency:
REAL BROKER, LLC
(855) 450-0442
Listed By:
D.J. Bryant · License #3415242
(941) 400-0101
Added: Jul 30
Changed: Aug 7
Last Checked: Aug 10 at 6:06AM
MLS# A4701650
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 duplex contains 1392 square feet arranged as two separate residences, with one positioned toward the front and the other at the rear. Each unit includes two bedrooms, one bathroom, an open floorplan, a kitchen, vinyl flooring, and its own parking pad. The property is being delivered vacant and includes ranges and refrigerators.
Renovation work includes impact windows, updated kitchens and bathrooms, new electrical panels and rewiring, mini-split systems, plumbing improvements, a shingle roof, and a transferable warranty. The building was constructed in 1932 on a 0.12-acre parcel with public water and public sewer.
The property is located in Clearwater, approximately 10 minutes from Clearwater Beach, 30 minutes from Downtown St. Pete, and 25 minutes from Downtown Tampa and the International Airport.
Renovation work includes impact windows, updated kitchens and bathrooms, new electrical panels and rewiring, mini-split systems, plumbing improvements, a shingle roof, and a transferable warranty. The building was constructed in 1932 on a 0.12-acre parcel with public water and public sewer.
The property is located in Clearwater, approximately 10 minutes from Clearwater Beach, 30 minutes from Downtown St. Pete, and 25 minutes from Downtown Tampa and the International Airport.
Key Highlights
- Two‑unit duplex with 2 beds and 1 bath in each unit
- 1392 square feet on a 0.12‑acre parcel
- Renovated with impact windows, kitchens, bathrooms, flooring, roof, electrical, plumbing, and mini splits
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
Property Profile
Current Use
Lease Details
2
Residential units
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 two-unit property with updated systems, modern finishes, and individual parking areas for each residence.
Where is this duplex located?
The property is located at 1186 PALMETTO Street 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 beds and 1 bath in each unit; 1392 square feet on a 0.12‑acre parcel; Renovated with impact windows, kitchens, bathrooms, flooring, roof, electrical, plumbing, and mini splits
