Building Details

Year Built 2021

Listing Agency: CHARLES RUTENBERG REALTY INC Show Phone

Listed By: Christina Paolillo · License #3281320 Show Phone

Source: Endlesssummerrealty

Added: Sep 30 Changed: Oct 7 Last Checked: Oct 9 at 11:40PM

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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.

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 / Yr

$45,986

Cap Rate

5.29%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $45,986 @ 7.0% cap · market cap 5.29%

Second Best

Apartment 5plus

$587.8K

$514.4K – $685.8K (±1% cap)

NOI $41,148 @ 7.0% cap · market cap 4.74%

Theoretical Best

Office A

$935.4K

$818.5K – $1.09M (±1% cap)

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

Triplexes

Suggested Use

Top Pick Carpet & Flooring Store Locksmith (Bike/Boat/Book/etc) Store Tanning Salon Pet Store Pet Store & Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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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