Furnished Multifamily
For Sale
$699,000
1322 IDLEWILD DRIVE, Clearwater, FL 33755
Multiple residential structures offer furnished living areas, private outdoor spaces, and on-site parking within a fenced multifamily setting.
Property Size2,325 SF
Price / SF$300.65
Days on Market482
Property Features for 1322 IDLEWILD DRIVE
General Information
Standard status
Active
Size
2,325 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$6,750
Building Details
Year Built
1925
Listing Agency:
KLEIN & HEUCHAN, INC
(727) 216-5934
Listed By:
Ulrike Cramer · License #3432225
(727) 216-5934
Source:
Exitrealty
Added: May 8, 2025
Changed: Aug 30
Last Checked: Aug 31 at 5:20PM
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 KLEIN & HEUCHAN, INC
Investment Insights
Based on property information with market context.
This multifamily property includes a two-story, five-bedroom main home with four bedrooms downstairs, one upstairs bedroom, a loft, and two full bathrooms. A separate one-bedroom home adds a full kitchen, living and dining areas, and two porches. The property also includes a one-bedroom structure with a kitchenette and private deck, plus a studio tiny home with its own deck and bike shed. Furnishings can remain or be removed.
The site occupies 1/3 acre across three lots zoned multifamily. A 450-foot vinyl privacy fence encloses the property, with two access points, while the paved parking area accommodates 6 vehicles and includes a covered golf cart space. The property has 13 mini-split HVAC units, one washer and dryer in a shared laundry room, two electric meters, one water meter/line, one gas line, and City of Clearwater trash and sewer service.
New roofs were installed in 2023 on the primary structures, a sprinkler system was added in 2024, and the property is near downtown Dunedin, the Toronto Blue Jays Ball Park, Clearwater Beach, and Honeymoon Island.
The site occupies 1/3 acre across three lots zoned multifamily. A 450-foot vinyl privacy fence encloses the property, with two access points, while the paved parking area accommodates 6 vehicles and includes a covered golf cart space. The property has 13 mini-split HVAC units, one washer and dryer in a shared laundry room, two electric meters, one water meter/line, one gas line, and City of Clearwater trash and sewer service.
New roofs were installed in 2023 on the primary structures, a sprinkler system was added in 2024, and the property is near downtown Dunedin, the Toronto Blue Jays Ball Park, Clearwater Beach, and Honeymoon Island.
Key Highlights
- Multifamily zoning across 3 lots on 1/3 acre
- Two‑story main home with 5 bedrooms, loft, and 2 full bathrooms
- Separate 1‑bedroom home with full kitchen, living and dining areas, and 2 porches
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
$28,695
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
4.11%
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%
$573,900
$573.9K
Cap Rate 7%
$409,929
$409.9K
Cap Rate 9%
$318,833
$318.8K
Market Conditions
NOI Build-Up for 2,325 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
$55.8K $24.00/SF
− Vacancy
−$3.6K −$1.56/SF
EGI
$52.2K $22.44/SF
− OpEx
−$23.5K −$10.10/SF
NOI
$28.7K $12.34/SF
Area
Clearwater, FL
Vacancy
6.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
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%
$573,900
Cap Rate 7%
$409,929
Cap Rate 9%
$318,833
Alternative Uses
Best Use
Apartment 5plus
$409.9K
$358.7K – $478.3K
NOI $28,695 @ 7.0% cap · market cap 4.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$652.3K
$570.8K – $761.0K
NOI $45,661 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
577
Businesses Nearby
Explore this area
Business Placement
Demographics for 33755, FL
28,360
Population
11,872
Households
2.4
Avg Household Size
41
Median Age
25%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,156
Density / Sq Mi
$59,613
Median Household Income
$36,206
Median Earnings
$1,340
Median Rent
$300,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Multiple residential structures offer furnished living areas, private outdoor spaces, and on-site parking within a fenced multifamily setting.
Where is this multifamily property located?
The property is located at 1322 IDLEWILD DRIVE Clearwater, FL.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Multifamily zoning across 3 lots on 1/3 acre; Two‑story main home with 5 bedrooms, loft, and 2 full bathrooms; Separate 1‑bedroom home with full kitchen, living and dining areas, and 2 porches
