Renovated
For Sale
$795,000
1259 FRANKLIN Street, Clearwater, FL 33756
Residential Income, CLEARWATER, FL
Property Size3,278 SF
Lot Size0.17 Acres
Price / SF$242.53
Days on Market15
Property Features for 1259 FRANKLIN Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
18
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 8, Bedroom 9, Bedroom 13, Bedroom 17, Bathroom 2, Bathroom 6, Bedroom 7, Bedroom 2, Bedroom 1, Bathroom 7, Bedroom 18, Bedroom 15, Bedroom 6, Bedroom 4, Bedroom 3, Bedroom 11, Bathroom 1, Bathroom 3, Bedroom 12, Bedroom 14, Bedroom 5, Bedroom 10, Bathroom 5, Bathroom 4, Bedroom 16
Interior features
Ceiling Fans(s), Open Floorplan, Solid Wood Cabinets, Stone Counters, Thermostat
Exterior features
Fence, Lighting, Storage
Fencing
Fenced
Subdivision
HIBISCUS GARDENS
Elementary school
Belcher Elementary-PN
Middle school
Oak Grove Middle-PN
High school
Clearwater High-PN
Directions
From Gulf-to-Bay Blvd, continue west onto Court St. Turn left onto S Betty Ln, then turn right onto Franklin St. Property will be located at 1259 Franklin St.
Standard status
Active
APN
15-29-15-38574-009-0060
Size
3,278 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HIBISCUS GARDENS BLK I, THAT PART OF LOTS 6, 7 & VAC ST ON N DESC BEG SE'LY COR OF LOT 6 TH SW'LY 65FT ALG SE'LY LINE OF LOTS 6 & 7 TO PNT 20FT SW OF SE COR OF LOT 7 TH NW'LY 68.7FT TH E 11.5FT TH N 106FT TO PNT ON S R/W OF FRANKLIN ST (35FT S OF R/W C/L) TH E 24.66FT ALG R/W TO NW'LY EXT OF E LINE OF LOT 6 TH SE'LY 143.07FT ALG LOT LINE & EXT TO POB
Tax Annual Amount
11611
Legal Description
HIBISCUS GARDENS BLK I, THAT PART OF LOTS 6, 7 & VAC ST ON N DESC BEG SE'LY COR OF LOT 6 TH SW'LY 65FT ALG SE'LY LINE OF LOTS 6 & 7 TO PNT 20FT SW OF SE COR OF LOT 7 TH NW'LY 68.7FT TH E 11.5FT TH N 106FT TO PNT ON S R/W OF FRANKLIN ST (35FT S OF R/W C/L) TH E 24.66FT ALG R/W TO NW'LY EXT OF E LINE OF LOT 6 TH SE'LY 143.07FT ALG LOT LINE & EXT TO POB
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Heating system
Ductless (Heating), Central
Cooling system
Central Air, Window Unit(s), Wall/Window Unit(s)
Water source
Public
Amenities
pet-friendly
Building Details
Year built
1964
Floors in Building
2
Number of units
4
Building materials
Block, Stucco
Roof type
Built-Up
Additional Structures
Storage
Listing Agency:
EXP REALTY LLC
(888) 883-8509
Listed By:
Patricia Birkenshaw · License #SL3381860
(727) 686-6047
Added: Aug 17
Changed: Aug 30
Last Checked: Aug 31 at 2:06AM
MLS# TB8540445
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated fourplex contains four residential units with a mix of two- and three-bedroom floor plans. Interior improvements include refreshed kitchens with stone countertops and new cabinetry, updated bathrooms, and new paint throughout. Three units have interior laundry connections and exterior storage, while every unit has assigned parking. The property is pet-friendly and includes fenced exterior space, block and stucco construction, public water, and public sewer. Central air is present, with additional window or wall units noted.
Located in downtown Clearwater near Cleveland Street, the property is minutes from Clearwater Beach, shopping, and hospitals. Tampa International Airport is approximately 30 minutes away. Built in 1964, the property offers a renovated multifamily configuration on a 0.17-acre site.
Located in downtown Clearwater near Cleveland Street, the property is minutes from Clearwater Beach, shopping, and hospitals. Tampa International Airport is approximately 30 minutes away. Built in 1964, the property offers a renovated multifamily configuration on a 0.17-acre site.
Key Highlights
- Four‑unit property with a mix of 2- and 3‑bedroom layouts
- 3,278 Square Feet across four residential units
- Each unit has assigned parking; 3 units include interior laundry hookups and exterior storage
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 - Four residential units combine two- and three-bedroom layouts with updated interiors and assigned parking.
Where is this quadplex located?
The property is located at 1259 FRANKLIN Street 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‑unit property with a mix of 2- and 3‑bedroom layouts; 3,278 Square Feet across four residential units; Each unit has assigned parking; 3 units include interior laundry hookups and exterior storage
