Updated Triplex with Rear
For Sale
$395,000
Pending
519 FLORIDA Ave, Clearwater, FL 33756
Renovated triplex with three separate residences, updated appliances and mechanicals, and a transferable pest control contract.
Property Size1,768 SF
Days on Market49
Property Features for 519 FLORIDA Ave
General Information
Standard status
Pending
Size
1,768 SF
Property subtype
Investment
Lease Term
12 months
Units
Multifamily Units
3
Office Units
1
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$4,615
Building Details
Building Size
1,768 SF
Year Built
1954
Year Renovated
2023
Units
3
Tenancy
Multi
Listing Agency:
EXP REALTY, LLC
(848) 469-4267
Listed By:
Michael Tartaglia · License #3288205
(848) 469-4267
Source:
Elliman
Added: Jun 25
Changed: Aug 8
Last Checked: Jul 23 at 11:33AM
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 updated triplex offers three separate residences within a solid block construction building. Unit 519A features a 1-bedroom, 1-bath layout, while Unit 519 is a larger 1-bedroom, 1-bath home. Unit 521 is located at the rear of the property and provides a 2-bedroom, 1-bath layout. Renovations completed in 2023 include gray vinyl flooring, new water heaters, appliances, and interior improvements throughout the units. Additional updates include a washer installed in 2025 and a dryer replaced in 2022. The property also includes an adjacent office space next to Unit 519 that presents a possible value-add opportunity and could potentially be incorporated into the unit to create a larger floor plan.
The property is located near Clearwater High School, shopping, dining, Gulf to Bay Boulevard, and other major amenities, supporting day-to-day convenience for tenants.
With two electric meters and low-maintenance systems, the building is designed for streamlined operation. A transferable pest control contract is included. The current projected gross annual rental income is approximately $68,400, making this a practical fit for investors seeking a renovated, multi-unit residential income asset.
The property is located near Clearwater High School, shopping, dining, Gulf to Bay Boulevard, and other major amenities, supporting day-to-day convenience for tenants.
With two electric meters and low-maintenance systems, the building is designed for streamlined operation. A transferable pest control contract is included. The current projected gross annual rental income is approximately $68,400, making this a practical fit for investors seeking a renovated, multi-unit residential income asset.
Key Highlights
- Renovated 3‑plex built in 1954 with three separate residences: 519A (1/1), 519 (1/1), and 521 (2/1) at the rear.
- Renovations completed in 2023 include gray vinyl flooring, water heaters, appliances, and interior improvements throughout the units.
- Additional updates: dryer replaced in 2022 and a washer installed in 2025.
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
$24,386
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
6.17%
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%
$487,720
$487.7K
Cap Rate 7%
$348,371
$348.4K
Cap Rate 9%
$270,956
$271.0K
Market Conditions
NOI Build-Up for 1,768 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
$37.1K $21.00/SF
− Vacancy
−$2.3K −$1.30/SF
EGI
$34.8K $19.70/SF
− OpEx
−$10.5K −$5.91/SF
NOI
$24.4K $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%
$487,720
Cap Rate 7%
$348,371
Cap Rate 9%
$270,956
Alternative Uses
Best Use
Multifamily LT 5
$348.4K
$304.8K – $406.4K
NOI $24,386 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$311.7K
$272.8K – $363.7K
NOI $21,821 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$496.0K
$434.0K – $578.7K
NOI $34,722 @ 7.0% cap · market cap 8.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
3
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
865
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?
Triplex - Renovated triplex with three separate residences, updated appliances and mechanicals, and a transferable pest control contract.
Where is this triplex located?
The property is located at 519 FLORIDA Ave Clearwater, FL.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Renovated 3‑plex built in 1954 with three separate residences: 519A (1/1), 519 (1/1), and 521 (2/1) at the rear.; Renovations completed in 2023 include gray vinyl flooring, water heaters, appliances, and interior improvements throughout the units.; Additional updates: dryer replaced in 2022 and a washer installed in 2025.
