Clearwater Multifamily Complex For
For Sale
$2,899,000
1132 Auburn St, Clearwater, FL 33756
Well-maintained 15-unit complex near Missouri Ave Business District.
Property Size12,036 SF
Price / SF$240.86
Days on Market142
Property Features for 1132 Auburn St
General Information
Standard status
Active
Size
12,036 SF
Property subtype
Multi-Family
Building Details
Year Built
1981
Listing Agency:
BLUE PEAK REALTY LLC
Listed By:
Andrew Cutrona · License #3501140
(727) 777-7100
Source:
Flflourish
Added: Apr 24
Changed: Sep 4
Last Checked: Sep 11 at 1:38PM
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 BLUE PEAK REALTY LLC
Investment Insights
Based on property information with market context.
This well-maintained 15-unit multifamily complex is located in Clearwater, Florida, near the Missouri Ave Business District, Largo schools, and public transportation. The property features a unit mix of nine 1-bedroom and six 2-bedroom apartments, housed in one- and two-story concrete block/stucco buildings. There are 24 parking spaces available, along with a guest laundry room. A large rear yard offers value-add potential, with opportunities to generate additional income through boat and RV storage. The property has historically maintained 100% occupancy. Several units have been renovated, including tile flooring upgrades and updated A/C systems. Capital improvements include a new roof installed in 2024 and a new fire alarm system servicing the entire complex. The location has a bike score of 64, indicating it is bikeable, a walk score of 75, indicating it is very walkable, and a transit score of 37, indicating some transit options are available. The solid block construction, rental history, and income potential make this a compelling investment in an accessible and growing corridor.
Key Highlights
- New roof (2024) and new fire alarm system installed.
- Historically 100% occupied with strong rental history.
- Located in a desirable Clearwater location near the Missouri Ave Business District, Largo schools, and public transportation.
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
$148,548
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
5.12%
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%
$2,970,960
$3.0M
Cap Rate 7%
$2,122,114
$2.1M
Cap Rate 9%
$1,650,533
$1.7M
Market Conditions
NOI Build-Up for 12,036 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
$288.9K $24.00/SF
− Vacancy
−$18.8K −$1.56/SF
EGI
$270.1K $22.44/SF
− OpEx
−$121.5K −$10.10/SF
NOI
$148.5K $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%
$2,970,960
Cap Rate 7%
$2,122,114
Cap Rate 9%
$1,650,533
Alternative Uses
Best Use
Apartment 5plus
$2.12M
$1.86M – $2.48M
NOI $148,548 @ 7.0% cap · market cap 5.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.38M
$2.95M – $3.94M
NOI $236,376 @ 7.0% cap · market cap 8.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,031
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 15-unit complex near Missouri Ave Business District.
Where is this apartment building located?
The property is located at 1132 Auburn St Clearwater, FL.
What is the asking price?
The asking price for this property is $2,899,000.
What are key features of this property?
This property features: New roof (2024) and new fire alarm system installed.; Historically 100% occupied with strong rental history.; Located in a desirable Clearwater location near the Missouri Ave Business District, Largo schools, and public transportation.
