Four-Unit Apartment
For Sale
$599,999
Pending
1229 FRANKLIN SE, Clearwater, FL 33756
Two-story quadplex with individually metered utilities and consistent one-bedroom layouts.
Property Size2,664 SF
Days on Market22
Property Features for 1229 FRANKLIN SE
General Information
Standard status
Pending
Size
2,664 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$6,526
Building Details
Building Size
2,664 SF
Year Built
1973
Units
4
Listing Agency:
SMITH & ASSOCIATES REAL ESTATE
Listed By:
Chris Calhoon · License #3293399
(727) 542-9933
Source:
Elliman
Added: Sep 18
Changed: Sep 29
Last Checked: Oct 7 at 1:00PM
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 SMITH & ASSOCIATES REAL ESTATE
Investment Insights
Based on property information with market context.
Built in 1973, this two-story quadplex contains four matching apartment units, with two residences on each level. Every unit offers one bedroom, one bathroom, central heat and air, tile flooring, and a large walk-in closet. Electric and water are separately metered for each residence, with utility charges paid by the tenants.
The property is located in Clearwater, Florida, within a short drive of Clearwater Beach, downtown Clearwater, and multiple parks. Walk Score is 65, Bike Score is 61, and Transit Score is 32. Showings are available by appointment.
The property is located in Clearwater, Florida, within a short drive of Clearwater Beach, downtown Clearwater, and multiple parks. Walk Score is 65, Bike Score is 61, and Transit Score is 32. Showings are available by appointment.
Key Highlights
- Four one‑bedroom, one‑bath apartment units
- Two units on the first floor and two on the second floor
- Individually metered electric and water; tenants pay utilities
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,745
Cap Rate
6.12%
Suggested Prices Based on Cap Rates
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
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 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
Current Use
Location Intelligence
Trade Area within ½ mile
1,735
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?
Quadplex - Two-story quadplex with individually metered utilities and consistent one-bedroom layouts.
Where is this quadplex located?
The property is located at 1229 FRANKLIN 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 one‑bedroom, one‑bath apartment units; Two units on the first floor and two on the second floor; Individually metered electric and water; tenants pay utilities
