Triplex with Garage
New
For Sale
$869,000
1264 PIERCE Street, Clearwater, FL 33756
Residential Income, CLEARWATER, FL
Property Size3,334 SF
Lot Size0.12 Acres
Price / SF$260.65
Days on Market2
Property Features for 1264 PIERCE Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
7
Bathrooms
7
Full bathrooms
7
Rooms
Dining Room, Bedroom 2, Bathroom 5, Bathroom 4, Family Room, Bathroom 2, Bathroom 7, Bedroom 3, Bedroom 4, Bedroom 1, Bedroom 6, Bedroom 7, Bathroom 1, Bedroom 5, Bathroom 3, Bathroom 6
Parking features
On Street
Pets allowed
Yes, Cats OK, Dogs OK
Interior features
Eat-in Kitchen, Kitchen/Family Room Combo, Living Room/Dining Room Combo, Open Floorplan, PrimaryBedroom Upstairs, Split Bedroom, Stone Counters, Vaulted Ceiling(s), Walk-In Closet(s)
Exterior features
Balcony, Sidewalk, Sprinkler Metered
Subdivision
HIBISCUS GARDENS
Directions
Gulf to Bay going West stay on Gulf to bay to dead end on Cleveland. Go West on Cleveland to Betty Lane to Pierce. Turn Right West on Pierce to address
Standard status
Active
APN
15-29-15-38574-004-0130
Size
3,334 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HIBISCUS GARDENS BLK D, LOT 13
Tax Annual Amount
10899
Legal Description
HIBISCUS GARDENS BLK D, LOT 13
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
granite countertops
stainless steel kitchen appliances
dual-sink vanities
solid-surface countertops
separate electric meters
Building Details
Year built
2021
Number of units
3
Flooring type
Laminate
Building materials
SIP (Structurally Insulated Panel), Vinyl Siding
Roof type
Metal
Listing Agency:
CHARLES RUTENBERG REALTY INC
(727) 538-9200
Listed By:
Christina Paolillo · License #3281320
(727) 458-2482
Added: Sep 30
Changed: Oct 1
Last Checked: Oct 1 at 11:06PM
MLS# TB8553454
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.
Completed in 2021, this 3,334-square-foot triplex contains two 3-bedroom, 2.5-bath residences and a separate 1-bedroom apartment. The larger units feature open-plan interiors, granite counters, stainless steel kitchen appliances, and primary suites with private baths and dual sinks. Two single-car garages and two adjacent parking pads serve the property.
The site measures 0.12 acres. All three residences have separate electric meters, and the property is served by public water and sewer. Additional interior features include walk-in closets, vaulted ceilings, and laminate flooring.
The site measures 0.12 acres. All three residences have separate electric meters, and the property is served by public water and sewer. Additional interior features include walk-in closets, vaulted ceilings, and laminate flooring.
Key Highlights
- Three units: two 3‑bedroom, 2.5‑bath residences and one 1‑bedroom apartment
- 3,334 square feet on a 0.12‑acre lot
- Built in 2021
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
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
Check the figures for this property
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 residences offer distinct living layouts, individual electric meters, and a mix of garage and pad parking.
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 1‑bedroom apartment; 3,334 square feet on a 0.12‑acre lot; Built in 2021
