Renovated Downtown Clearwater
For Sale
$795,000
1259 Franklin St, Clearwater, FL 33756
Income-producing fourplex with updated interiors, varied bedroom layouts, laundry hookups, storage, and assigned parking.
Property Size3,278 SF
Price / SF$242.53
Days on Market11
Property Features for 1259 Franklin St
General Information
Standard status
Active
Size
3,278 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$11,611
Amenities
interior laundry hookups
exterior storage
assigned parking
pet-friendly
Building Details
Buildings
1
Listing Agency:
EXP REALTY LLC
(888) 883-8509
Listed By:
Patricia Birkenshaw · License #SL3381860
(727) 686-6047
Source:
Exprealty
Added: Aug 28
Changed: Sep 5
Last Checked: Sep 6 at 2:28PM
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 EXP REALTY LLC
Investment Insights
Based on property information with market context.
This renovated fourplex contains four approximately 1,000-square-foot units with a combination of two- and three-bedroom layouts. Interior improvements include refreshed kitchens with stone countertops and new cabinetry, updated bathrooms, and fresh paint. Three units have interior laundry hookups and exterior storage, while every unit includes assigned parking. The property is pet-friendly and positioned in Downtown Clearwater near Cleveland Street.
The location is minutes from Clearwater Beach, shopping, and hospitals, with Tampa International Airport approximately 30 minutes away. Downtown surroundings include planned and ongoing dining, retail, and entertainment investment. The property is presented as an income-producing residential asset with a mix of renovated unit configurations and practical resident amenities.
The location is minutes from Clearwater Beach, shopping, and hospitals, with Tampa International Airport approximately 30 minutes away. Downtown surroundings include planned and ongoing dining, retail, and entertainment investment. The property is presented as an income-producing residential asset with a mix of renovated unit configurations and practical resident amenities.
Key Highlights
- Four approximately 1,000 SF units with 2- and 3‑bedroom layouts
- Renovated kitchens with stone countertops and new cabinetry
- Updated bathrooms and fresh paint throughout
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
$45,213
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
5.69%
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%
$904,260
$904.3K
Cap Rate 7%
$645,900
$645.9K
Cap Rate 9%
$502,367
$502.4K
Market Conditions
NOI Build-Up for 3,278 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
$68.8K $21.00/SF
− Vacancy
−$4.2K −$1.30/SF
EGI
$64.6K $19.70/SF
− OpEx
−$19.4K −$5.91/SF
NOI
$45.2K $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%
$904,260
Cap Rate 7%
$645,900
Cap Rate 9%
$502,367
Alternative Uses
Best Use
Multifamily LT 5
$645.9K
$565.2K – $753.6K
NOI $45,213 @ 7.0% cap · market cap 5.69%
Second Best
Apartment 5plus
$578.0K
$505.7K – $674.3K
NOI $40,457 @ 7.0% cap · market cap 5.09%
Theoretical Best
Office A
$919.7K
$804.7K – $1.07M
NOI $64,377 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
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 - Income-producing fourplex with updated interiors, varied bedroom layouts, laundry hookups, storage, and assigned parking.
Where is this quadplex located?
The property is located at 1259 Franklin St Clearwater, FL.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Four approximately 1,000 SF units with 2- and 3‑bedroom layouts; Renovated kitchens with stone countertops and new cabinetry; Updated bathrooms and fresh paint throughout
