Four-Unit Apartment
For Sale
$599,999
1229 FRANKLIN SE, Clearwater, FL 33756
Two-story quadplex with individually metered utilities and consistent one-bedroom layouts.
Property Size2,664 SF
Days on Market8
Property Features for 1229 FRANKLIN SE
General Information
Standard status
Active
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
Last Checked: Sep 24 at 12:38PM
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 = 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
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
