Two-Story Duplex with Detached
New
For Sale
$338,800
1216 FRANKLIN CIRCLE, Clearwater, FL 33756
Architect-prepared drawings cover renovation of both units and proposed conversion of the detached structure into another residence.
Property Size2,160 SF
Price / SF$156.85
Days on Market5
Property Features for 1216 FRANKLIN CIRCLE
General Information
Standard status
Active
Size
2,160 SF
Property subtype
Duplex
Property Condition
Severity
Major
Evidence
every other part of the property requires a complete renovation
Additional Details
Multifamily Units
2
Building Details
Year Built
1957
Stories
2
Listing Agency:
HOMECOIN.COM
(888) 400-2513
Listed By:
Jonathan Minerick · License #3477996
Source:
Dennisrealty
Added: Aug 10
Changed: Aug 14
Last Checked: Aug 14 at 6:09AM
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 HOMECOIN.COM
Investment Insights
Based on property information with market context.
This two-story duplex contains two residential units, each approximately 1,080 square feet with 2 bedrooms and 1 bathroom. The detached garage measures approximately 300 square feet. The property totals 2,160 square feet and was built in 1957. The roof was replaced in 2014, while the remaining components require complete renovation.
Preliminary permit preparation is substantially advanced, with architect-prepared drawings covering the existing units and a proposed conversion of the garage into a third residential unit. Interior demolition has removed ceilings, flooring, kitchens, and bathrooms, and exterior work includes backyard clearing, fence repairs, and tree removal and trimming. The proposed design anticipates approximately 2,460 square feet of living space across three units. The property is in downtown Clearwater, has no HOA, and is located in Flood Zone X.
Preliminary permit preparation is substantially advanced, with architect-prepared drawings covering the existing units and a proposed conversion of the garage into a third residential unit. Interior demolition has removed ceilings, flooring, kitchens, and bathrooms, and exterior work includes backyard clearing, fence repairs, and tree removal and trimming. The proposed design anticipates approximately 2,460 square feet of living space across three units. The property is in downtown Clearwater, has no HOA, and is located in Flood Zone X.
Key Highlights
- Two‑story duplex with two 2‑bedroom, 1‑bath units
- PropertySize: 2,160 square feet; built in 1957
- Each unit is approximately 1,080 sq ft
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
$29,793
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
8.79%
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%
$595,860
$595.9K
Cap Rate 7%
$425,614
$425.6K
Cap Rate 9%
$331,033
$331.0K
Market Conditions
NOI Build-Up for 2,160 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
$45.4K $21.00/SF
− Vacancy
−$2.8K −$1.30/SF
EGI
$42.6K $19.70/SF
− OpEx
−$12.8K −$5.91/SF
NOI
$29.8K $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%
$595,860
Cap Rate 7%
$425,614
Cap Rate 9%
$331,033
Alternative Uses
Best Use
Multifamily LT 5
$425.6K
$372.4K – $496.6K
NOI $29,793 @ 7.0% cap · market cap 8.79%
Second Best
Apartment 5plus
$380.8K
$333.2K – $444.3K
NOI $26,659 @ 7.0% cap · market cap 7.87%
Theoretical Best
Office A
$606.0K
$530.3K – $707.0K
NOI $42,420 @ 7.0% cap · market cap 12.52%
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
2,503
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Architect-prepared drawings cover renovation of both units and proposed conversion of the detached structure into another residence.
Where is this duplex located?
The property is located at 1216 FRANKLIN CIRCLE Clearwater, FL.
What is the asking price?
The asking price for this property is $338,800.
What are key features of this property?
This property features: Two‑story duplex with two 2‑bedroom, 1‑bath units; PropertySize: 2,160 square feet; built in 1957; Each unit is approximately 1,080 sq ft
