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Turnkey Duplex in Clearwater

15421 MORGAN STREET Clearwater, FL 33760

15421 MORGAN STREET, Clearwater, FL, 33760
$365,000
For Sale
$365,000

Updated duplex with long-term tenants, close to beaches and Tampa.

Property Size1,664 SF
Lot Size0.15 Acres
Price / SF$219.35
Days on Market664

Property Features for 15421 MORGAN STREET

General Information

Standard status
Active
Size
1,664 SF
Lot size
0.15 Acres
Property subtype
Multi Family

Building Details

Year Built
1985
Listing Agency ELEVATE REAL ESTATE BROKERS OF FLORIDA LLC
Listed by Rob Williams · License #3292934
Source Exitrealty
Added: Sep 21, 2024 Checked: Jul 15 at 9:36 pm

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 ELEVATE REAL ESTATE BROKERS OF FLORIDA LLC


Investment Insights

Based on property information with market context.

This updated turnkey duplex presents an opportunity to expand your portfolio. The property features two identical, fully leased units, each with 2 beds and 1 bath, encompassing 832 sq.ft. An additional exterior laundry room serves both units. Each unit is allocated two parking spaces. Significant updates have been implemented, including a full roof replacement in 2015, new electrical water heaters in 2019, and new HVAC units in 2021. Insulation in the attic of Unit B was redone in 2023. Unit A has new flooring throughout, a new fridge, a newer oven and hood, new hardware and finishes (lights, fans, sink, outlet covers, light switches, a/c vents, towel racks, bathroom mirror, etc.), new blinds in all rooms, closet doors, new interior doors, and complete interior and exterior paint. Unit B also features new flooring, a new fridge and dishwasher, a newer oven and hood, new hardware and finishes (lights, fans, sink, outlet covers, light switches, a/c vents, towel racks, bathroom mirror, etc.), closet doors, new blinds in all rooms, new shelving in the closets, a smart lock, a complete bathroom remodel, complete interior and exterior paint, and the addition of a fence, pavers, and patio in the backyard. The laundry room in Unit B has been painted and includes new shelving and a light fixture. The property, totaling 1664 sq.ft., is not in a flood zone, eliminating the need for flood insurance. It is currently occupied by long-term professional tenants and is situated in a location within a short drive to Clearwater, St. Petersburg, beaches and Tampa.

Key Highlights

  • Turnkey duplex with two fully leased units, providing immediate income.
  • Significant recent updates including roof (2015), water heaters (2019), and HVAC units (2021).
  • Extensive renovations in both units, including new flooring, appliances, hardware, and paint.

Local Financial Insights For Multifamily LT 5

Simulate Cap Rate and NOI

NOI Build-Up
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.

Component $ $/SF
Gross rent $34.9k $21.00
− Vacancy −$2.2k −$1.30
EGI $32.8k $19.70
− OpEx −$9.8k −$5.91
NOI $23.0k $13.79
1,664 SF · lease $21.00/SF/yr · vacancy 6.17% · expense 30.00%

Alternative Uses

Best Use
Multifamily LT 5
$327.9K
$286.9K – $382.5K (±1% cap)
NOI $22,952 @ 7.0% cap · market cap 6.29%
Second Best
Apartment 5plus
$293.4K
$256.7K – $342.3K (±1% cap)
NOI $20,537 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$466.8K
$408.5K – $544.7K (±1% cap)
NOI $32,679 @ 7.0% cap · market cap 8.95%
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Duplexes

Suggested Use

Dental Office Nail Salon Plumbing Service Hair Salon Cafe & Coffee Shop Parking Lot & Garage (Bike/Boat/Book/etc) Store Accounting Firm Carpet & Flooring Store Bakery

Zoning and permitted uses should be independently verified with local authorities.

FAQs

What type of property is this?
Duplex - Updated duplex with long-term tenants, close to beaches and Tampa.
Where is this duplex located?
The property is located at 15421 MORGAN STREET Clearwater, FL.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Turnkey duplex with two fully leased units, providing immediate income.; Significant recent updates including roof (2015), water heaters (2019), and HVAC units (2021).; Extensive renovations in both units, including new flooring, appliances, hardware, and paint.
Contact an agent
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