Triplex with Garage
New
For Sale
$869,000
1264 PIERCE STREET, Clearwater, FL 33756
Three separately metered residences combine two larger homes with a compact rear apartment.
Property Size3,334 SF
Price / SF$260.65
Days on Market2
Property Features for 1264 PIERCE STREET
General Information
Standard status
Active
Size
3,334 SF
Total Parking Spaces
4
Property subtype
Triplex
Units
Unit Mix
2 x 3BR/2.5BA, 1 x 1BR
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Building Details
Year Built
2021
Listing Agency:
CHARLES RUTENBERG REALTY INC
(727) 538-9200
Listed By:
Christina Paolillo · License #3281320
(727) 458-2482
Source:
Endlesssummerrealty
Added: Sep 30
Changed: Oct 1
Last Checked: Oct 1 at 9:45AM
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 CHARLES RUTENBERG REALTY INC
Investment Insights
Based on property information with market context.
Completed in 2021, this 3,334-square-foot triplex contains two three-bedroom, 2.5-bath residences and a separate one-bedroom apartment at the rear. The larger homes have open layouts, granite counters, stainless steel kitchen appliances, and primary suites with private baths and dual-sink vanities. Electrical service is metered separately for each of the three units.
Two single-car garages and two adjacent parking pads provide on-site parking and storage. The property is at 1264 Pierce Street in Clearwater, Florida.
Two single-car garages and two adjacent parking pads provide on-site parking and storage. The property is at 1264 Pierce Street in Clearwater, Florida.
Key Highlights
- Three units: two 3‑bedroom, 2.5‑bath residences and one rear 1‑bedroom apartment
- 3,334 square feet; built in 2021
- Separate electric meters for all three residences
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
$45,986
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
5.29%
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%
$919,720
$919.7K
Cap Rate 7%
$656,943
$656.9K
Cap Rate 9%
$510,956
$511.0K
Market Conditions
NOI Build-Up for 3,334 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
$70.0K $21.00/SF
− Vacancy
−$4.3K −$1.30/SF
EGI
$65.7K $19.70/SF
− OpEx
−$19.7K −$5.91/SF
NOI
$46.0K $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%
$919,720
Cap Rate 7%
$656,943
Cap Rate 9%
$510,956
Alternative Uses
Best Use
Multifamily LT 5
$656.9K
$574.8K – $766.4K
NOI $45,986 @ 7.0% cap · market cap 5.29%
Second Best
Apartment 5plus
$587.8K
$514.4K – $685.8K
NOI $41,148 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$935.4K
$818.5K – $1.09M
NOI $65,477 @ 7.0% cap · market cap 7.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
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
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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?
Triplex - Three separately metered residences combine two larger homes with a compact rear apartment.
Where is this triplex located?
The property is located at 1264 PIERCE STREET Clearwater, FL.
What is the asking price?
The asking price for this property is $869,000.
What are key features of this property?
This property features: Three units: two 3‑bedroom, 2.5‑bath residences and one rear 1‑bedroom apartment; 3,334 square feet; built in 2021; Separate electric meters for all three residences
