8-Unit Apartment
For Sale
$1,299,000
Pending
115 N SAN REMO AVENUE, Clearwater, FL 33755
Two-story corner property with separately metered utilities, central air conditioning, laundry facilities, and on-site resident parking.
Property Size8,230 SF
Lot Size0.29 Acres
Days on Market577
Property Features for 115 N SAN REMO AVENUE
General Information
Standard status
Pending
Size
8,230 SF
Lot size
0.29 Acres
Property subtype
Multi Family
Units
Unit Mix
2 x 1BR/1BA, 6 x 2BR/1BA
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$14,472
Amenities
central air conditioning
on-site laundry
Building Details
Year Built
1971
Buildings
1
Stories
2
Listing Agency:
KW SUNCOAST
(727) 543-0141
Listed By:
Luis Piamba, LLC · License #3310508
(727) 543-0141
Source:
Exitrealty
Added: Feb 2, 2025
Changed: Sep 2
Last Checked: Sep 1 at 5:48PM
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 KW SUNCOAST
Investment Insights
Based on property information with market context.
Constructed in 1971, this two-story apartment building contains eight units on a 12,767-square-foot corner lot. The unit mix includes two one-bedroom, one-bathroom apartments of approximately 713 square feet each and six two-bedroom, one-bathroom apartments measuring around 1,085 square feet each. Every unit has central air conditioning, while water and electric service are separately metered.
The property includes on-site laundry facilities that are not currently being used by the owner, along with parking for residents. It is located in Clearwater’s East Gateway District, within one mile of 82 restaurants, 19 grocery stores, and 14 parks. Clearwater’s beaches are described as being just minutes away.
The property includes on-site laundry facilities that are not currently being used by the owner, along with parking for residents. It is located in Clearwater’s East Gateway District, within one mile of 82 restaurants, 19 grocery stores, and 14 parks. Clearwater’s beaches are described as being just minutes away.
Key Highlights
- Eight‑unit apartment building constructed in 1971
- Unit mix includes 2 one‑bedroom and 6 two‑bedroom apartments
- One‑bedroom units offer approximately 713 square feet each
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
$101,575
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
7.82%
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%
$2,031,500
$2.0M
Cap Rate 7%
$1,451,071
$1.5M
Cap Rate 9%
$1,128,611
$1.1M
Market Conditions
NOI Build-Up for 8,230 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
$197.5K $24.00/SF
− Vacancy
−$12.8K −$1.56/SF
EGI
$184.7K $22.44/SF
− OpEx
−$83.1K −$10.10/SF
NOI
$101.6K $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%
$2,031,500
Cap Rate 7%
$1,451,071
Cap Rate 9%
$1,128,611
Alternative Uses
Best Use
Apartment 5plus
$1.45M
$1.27M – $1.69M
NOI $101,575 @ 7.0% cap · market cap 7.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.31M
$2.02M – $2.69M
NOI $161,630 @ 7.0% cap · market cap 12.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,307
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-story corner property with separately metered utilities, central air conditioning, laundry facilities, and on-site resident parking.
Where is this apartment building located?
The property is located at 115 N SAN REMO AVENUE Clearwater, FL.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: Eight‑unit apartment building constructed in 1971; Unit mix includes 2 one‑bedroom and 6 two‑bedroom apartments; One‑bedroom units offer approximately 713 square feet each
