Two-Story Duplex with Conversion
New
For Sale
$338,800
1216 FRANKLIN Circle, Clearwater, FL 33756
MULTI_FAMILY - CLEARWATER, FL
Property Size2,160 SF
Lot Size0.11 Acres
Price / SF$156.85
Days on Market5
Property Features for 1216 FRANKLIN Circle
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bathroom 1, Laundry Room, Bedroom 1, Bedroom 2, Bedroom 4
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 #3477996
(888) 400-2513
Added: Aug 8
Changed: Aug 11
Last Checked: Aug 12 at 1:06AM
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 approximately 1,080-square-foot residences, each arranged with two bedrooms and one bathroom. The detached garage measures approximately 300 square feet and is included in architect-prepared plans for conversion into an additional residential unit. The existing property measures 2,160 square feet on a 0.11-acre lot and was built in 1957.
The interior has undergone substantial demolition and preparation, including removal of ceilings and flooring, kitchen and bathroom demolition, backyard clearing, fence repairs, and tree work. The roof was replaced in 2014, while the remaining property requires complete renovation. Public water and public sewer serve the site, with water available noted among the utilities. The property also includes a fenced yard, sidewalk, porch, wall furnace, spa, and fireplace.
The proposed redesign covers the existing residences and detached garage, with approximately 2,460 square feet of planned living space across three units. The property is located at 1216 Franklin Circle in Clearwater, Florida, within Flood Zone X and without HOA dues.
The interior has undergone substantial demolition and preparation, including removal of ceilings and flooring, kitchen and bathroom demolition, backyard clearing, fence repairs, and tree work. The roof was replaced in 2014, while the remaining property requires complete renovation. Public water and public sewer serve the site, with water available noted among the utilities. The property also includes a fenced yard, sidewalk, porch, wall furnace, spa, and fireplace.
The proposed redesign covers the existing residences and detached garage, with approximately 2,460 square feet of planned living space across three units. The property is located at 1216 Franklin Circle in Clearwater, Florida, within Flood Zone X and without HOA dues.
Key Highlights
- Two‑story duplex with two approximately 1,080‑square‑foot units
- Detached garage of approximately 300 square feet planned for conversion to a third unit
- Architect‑prepared drawings 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
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
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Frequently Asked Questions
What type of property is this?
Duplex - Renovation-ready duplex with architect-prepared plans for adding a third residential unit in the detached garage.
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 approximately 1,080‑square‑foot units; Detached garage of approximately 300 square feet planned for conversion to a third unit; Architect‑prepared drawings cover renovation of both units and garage conversion
