Clearwater Condo in 55+
For Sale
$174,900
1241 S MARTIN LUTHER KING JR AVENUE 104, Clearwater, FL 33756
Move-in ready 2 bedroom, 2 bathroom condo in Clearwater, Florida.
Property Size1,120 SF
Lot Size0.36 Acres
Price / SF$156.16
Days on Market699
Property Features for 1241 S MARTIN LUTHER KING JR AVENUE 104
General Information
Standard status
Active
Size
1,120 SF
Lot size
0.36 Acres
Property subtype
Condo/Townhome
Taxes and HOA fees
Annual Taxes
$1,849
Building Details
Year Built
1985
Listing Agency:
REAL BROKER, LLC
(813) 420-5593
Listed By:
Michael Olivera · License #3483087
(813) 420-5593
Source:
Exitrealty
Added: Sep 13, 2024
Changed: Aug 8
Last Checked: Aug 12 at 4:48AM
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 REAL BROKER, LLC
Investment Insights
Based on property information with market context.
Located in Clearwater, Florida, this move-in ready condo is situated within a 55+ community. The property features 2 bedrooms and 2 bathrooms. The interior includes an open floorplan with natural light, a living area, and a designated dining space that flows into a bonus area suitable for a home office or sitting area. The kitchen is equipped with shaker-style cabinets, quartz countertops, and new appliances. The primary bedroom overlooks the back courtyard and includes an en suite updated bathroom. The second bedroom is also generously sized. The second updated bathroom includes a separate space for in-unit laundry hook-up. The Sunshine Terrace community provides access to a heated pool, an outdoor sitting area, and a clubhouse. Social activities are scheduled throughout the year. Local shopping, dining, and parks are nearby. Clearwater Beach is a 10-minute drive away. The property size is 1120 square feet.
Key Highlights
- Move‑in ready 2 bedroom, 2 bathroom condo in a desirable Clearwater 55+ community.
- Updated kitchen with shaker‑style cabinets and quartz countertops, featuring brand‑new appliances.**
- Community amenities include a heated pool, clubhouse, and social activities.
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
$13,823
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
7.90%
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%
$276,460
$276.5K
Cap Rate 7%
$197,471
$197.5K
Cap Rate 9%
$153,589
$153.6K
Market Conditions
NOI Build-Up for 1,120 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
$26.9K $24.00/SF
− Vacancy
−$1.7K −$1.56/SF
EGI
$25.1K $22.44/SF
− OpEx
−$11.3K −$10.10/SF
NOI
$13.8K $12.34/SF
Area
Clearwater, FL
Vacancy
6.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
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%
$276,460
Cap Rate 7%
$197,471
Cap Rate 9%
$153,589
Alternative Uses
Best Use
Apartment 5plus
$197.5K
$172.8K – $230.4K
NOI $13,823 @ 7.0% cap · market cap 7.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$314.2K
$275.0K – $366.6K
NOI $21,996 @ 7.0% cap · market cap 12.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,681
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Move-in ready 2 bedroom, 2 bathroom condo in Clearwater, Florida.
Where is this residential income property located?
The property is located at 1241 S MARTIN LUTHER KING JR AVENUE 104 Clearwater, FL.
What is the asking price?
The asking price for this property is $174,900.
What are key features of this property?
This property features: Move‑in ready 2 bedroom, 2 bathroom condo in a desirable Clearwater 55+ community.; Updated kitchen with shaker‑style cabinets and quartz countertops, featuring brand‑new appliances.**; Community amenities include a heated pool, clubhouse, and social activities.
