Charming 55+ Condo with
For Sale
$159,000
1245 S MARTIN LUTHER KING JR AVENUE 304, Clearwater, FL 33756
Move-in ready 2 bed, 2 bath condo with amenities.
Property Size1,120 SF
Price / SF$141.96
Days on Market769
Property Features for 1245 S MARTIN LUTHER KING JR AVENUE 304
General Information
Standard status
Active
Size
1,120 SF
Property subtype
Condo/Townhome
Taxes and HOA fees
Annual Taxes
$1,350
Building Details
Year Built
1985
Listing Agency:
COLDWELL BANKER PICKETT FENCES REALTY
(727) 709-2893
Listed By:
Penny Vierling · License #648717
(727) 709-2893
Source:
Exitrealty
Added: Jul 5, 2024
Changed: Aug 8
Last Checked: Aug 12 at 5:52AM
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 COLDWELL BANKER PICKETT FENCES REALTY
Investment Insights
Based on property information with market context.
This charming 55+ condo features 2 bedrooms and 2 bathrooms. Located on a coveted corner, top-floor unit, it offers views and elevator access. The property is situated within Sunshine Terrace, which boasts manicured grounds, a heated pool, a gazebo, a clubhouse, and a full year-round schedule of activities. Tile floors are present throughout the condo. Updated impact-resistant PGT windows with a transferable warranty (rated for up to 180 mph winds) have been installed, along with an upgraded security door. The kitchen includes a dishwasher, microwave, stove, refrigerator, and reverse osmosis water system. All lighting is LED, and filter shower heads and a surge protector in the breaker box are included. A stacked washer/dryer in unit plus extra mini fridge convey. The unit features a split bedroom floor plan and generous storage closets in the Florida room and both bedrooms. An additional storage locker is located near the elevator and trash shoot. The property includes a covered assigned parking space #C7. The monthly condo fee covers Cable/Internet, Water/Sewer/Trash, exterior pest control, and exterior maintenance of the building, roof, and grounds. The property is within walking distance to grocery stores, restaurants, and shopping. It is a 10-minute drive to Clearwater Beach and 30 minutes to Tampa International Airport. Renting is allowed with a minimum lease of 3 months. One indoor cat is allowed. Transferable home warranty included. The property size is 1120 square feet.
Key Highlights
- Coveted corner, top‑floor unit with views and elevator access in a 55+ community.
- Enjoy peace of mind with impact‑resistant PGT windows (rated for up to 180 mph winds) and upgraded security door, featuring a transferable warranty.
- Sunshine Terrace offers a heated pool, gazebo, clubhouse, full year‑round schedule of activities, and manicured grounds.
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
8.69%
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 8.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$314.2K
$275.0K – $366.6K
NOI $21,996 @ 7.0% cap · market cap 13.83%
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
Under-served
Demand for This Use
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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Similar Off Market Nearby
- Send Help inc — 204 S Garden Ave, Clearwater, FL 33756
Frequently Asked Questions
What type of property is this?
Senior housing / Retirement Home - Move-in ready 2 bed, 2 bath condo with amenities.
Where is this senior housing / retirement home located?
The property is located at 1245 S MARTIN LUTHER KING JR AVENUE 304 Clearwater, FL.
What is the asking price?
The asking price for this property is $159,000.
What are key features of this property?
This property features: Coveted corner, top‑floor unit with views and elevator access in a 55+ community.; Enjoy peace of mind with impact‑resistant PGT windows (rated for up to 180 mph winds) and upgraded security door, featuring a transferable warranty.; Sunshine Terrace offers a heated pool, gazebo, clubhouse, full year‑round schedule of activities, and manicured grounds.
