Two-Story Duplex with Conversion
For Sale
$338,800
1216 FRANKLIN Circle, Clearwater, FL 33756
Residential Income, CLEARWATER, FL
Property Size2,160 SF
Lot Size0.11 Acres
Price / SF$156.85
Days on Market55
Property Features for 1216 FRANKLIN Circle
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 4, Bedroom 2, Laundry Room, Bedroom 3, Bathroom 1, Bedroom 1
Spa
1
Patio and Porch features
Porch
Pets allowed
Yes
Exterior features
Fence, Sidewalk
Fencing
Fenced
Fireplace
1
Subdivision
HIBISCUS GARDENS
Lot features
City Limits, Sidewalk, Paved
View
City
Directions
From S Missouri Ave, turn onto Franklin Circle
Standard status
Active
APN
15-29-15-38574-010-0060
Size
2,160 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
HIBISCUS GARDENS BLK J, LOT 6
Tax Annual Amount
1344
Legal Description
HIBISCUS GARDENS BLK J, LOT 6
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Wall Furnace
Water source
Public
Building Details
Year built
1957
Floors in Building
1
Building materials
Block, Concrete
Roof type
Membrane
Listing Agency:
HOMECOIN.COM
(888) 400-2513
Listed By:
Jonathan Minerick · License #01523060
(404) 388-9441
Added: Aug 8
Changed: Sep 28
Last Checked: Oct 1 at 10:06PM
MLS# TB8536909
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 two-story duplex contains two residential units, each measuring 1,080 square feet with two bedrooms and one bathroom. A detached garage of approximately 300 square feet sits beside the main building. The property requires comprehensive renovation, while the roof was replaced in 2014. Existing features include block and concrete construction, a membrane roof, wall-furnace heating, a porch, fencing, sidewalks, public water, and public sewer.
The seller has completed site preparation and cleanup and has obtained signed and sealed architectural plans for renovating both residences and converting the detached garage into a third unit. The proposed garage design includes living space, cabinetry, and a bathroom with a shower, subject to City approval. The completed configuration is projected at three residential units totaling approximately 2,450 square feet of living area. The property is in downtown Clearwater, within Flood Zone X, and has no HOA.
The seller has completed site preparation and cleanup and has obtained signed and sealed architectural plans for renovating both residences and converting the detached garage into a third unit. The proposed garage design includes living space, cabinetry, and a bathroom with a shower, subject to City approval. The completed configuration is projected at three residential units totaling approximately 2,450 square feet of living area. The property is in downtown Clearwater, within Flood Zone X, and has no HOA.
Key Highlights
- Two‑story duplex with 2 existing units, each offering 1,080 sq ft, 2 bedrooms, and 1 bathroom
- Detached garage of approximately 300 sq ft with plans for conversion into a third residential unit
- Signed and sealed architect‑prepared plans cover renovation of both units and garage conversion
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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two existing residential units accompany a detached garage slated for conversion, with architect-prepared plans supporting the proposed renovation.
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 2 existing units, each offering 1,080 sq ft, 2 bedrooms, and 1 bathroom; Detached garage of approximately 300 sq ft with plans for conversion into a third residential unit; Signed and sealed architect‑prepared plans cover renovation of both units and garage conversion
