Four-Unit Apartment
New
For Sale
$599,999
1229 FRANKLIN Circle SE, Clearwater, FL 33756
Residential Income, CLEARWATER, FL
Property Size2,664 SF
Lot Size0.13 Acres
Price / SF$225.22
Days on Market6
Property Features for 1229 FRANKLIN Circle SE
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 2, Bedroom 4, Bathroom 4, Bathroom 1, Laundry Room, Bedroom 1, Bedroom 3, Bedroom 2
Interior features
Ceiling Fans(s), Thermostat, Walk-In Closet(s)
Exterior features
Lighting, Rain Gutters
Subdivision
HIBISCUS GARDENS
Directions
Head west on FL 60 - turn north on to South Lincoln Ave - turn west onto Franklin Circle - take Franklin Circle to address
Standard status
Active
APN
15-29-15-38574-011-0020
Size
2,664 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HIBISCUS GARDENS BLK K, LOT 2
Tax Annual Amount
6526
Legal Description
HIBISCUS GARDENS BLK K, LOT 2
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1973
Number of units
4
Building materials
Block, Concrete
Roof type
Shingle
Listing Agency:
SMITH & ASSOCIATES REAL ESTATE
(727) 282-1788
Listed By:
Chris Calhoon · License #3293399
(727) 542-9933
Added: Sep 16
Changed: Sep 21
Last Checked: Sep 21 at 5:06AM
MLS# TB8549307
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 2,664-square-foot quadplex contains four matching one-bedroom, one-bath apartments, with two residences on each level. Built in 1973, the block-and-concrete property features tiled interiors, central heating and air conditioning, walk-in closets, ceiling fans, and a dedicated laundry room. Public water and sewer serve the building, while each apartment has separate electric and water metering paid by the tenants.
The property occupies 0.13 acres at 1229 Franklin Circle SE in Clearwater, within Pinellas County. Clearwater Beach, downtown Clearwater, and multiple parks are described as a short drive away. Exterior details include lighting, rain gutters, and a shingle roof.
The property occupies 0.13 acres at 1229 Franklin Circle SE in Clearwater, within Pinellas County. Clearwater Beach, downtown Clearwater, and multiple parks are described as a short drive away. Exterior details include lighting, rain gutters, and a shingle roof.
Key Highlights
- Four‑unit apartment property with two units on each floor
- Four identical 1 bedroom / 1 bath apartments
- 2,664 square feet on a 0.13‑acre lot
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
$36,745
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
6.12%
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%
$734,900
$734.9K
Cap Rate 7%
$524,929
$524.9K
Cap Rate 9%
$408,278
$408.3K
Market Conditions
NOI Build-Up for 2,664 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
$55.9K $21.00/SF
− Vacancy
−$3.5K −$1.30/SF
EGI
$52.5K $19.70/SF
− OpEx
−$15.7K −$5.91/SF
NOI
$36.7K $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%
$734,900
Cap Rate 7%
$524,929
Cap Rate 9%
$408,278
Alternative Uses
Best Use
Multifamily LT 5
$524.9K
$459.3K – $612.4K
NOI $36,745 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$469.7K
$411.0K – $548.0K
NOI $32,879 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$747.4K
$654.0K – $872.0K
NOI $52,319 @ 7.0% cap · market cap 8.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
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
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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?
Quadplex - Two-story quadplex with separately metered utilities and consistent one-bedroom layouts.
Where is this quadplex located?
The property is located at 1229 FRANKLIN Circle SE Clearwater, FL.
What is the asking price?
The asking price for this property is $599,999.
What are key features of this property?
This property features: Four‑unit apartment property with two units on each floor; Four identical 1 bedroom / 1 bath apartments; 2,664 square feet on a 0.13‑acre lot
