14-Unit Renovated Apartment
For Sale
$3,100,000
Pending
1552 S MYRTLE AVENUE, Clearwater, FL 33756
Multifamily property with on-site management, shared amenities, storage, laundry facilities, and updated building systems.
Property Size16,509 SF
Days on Market888
Property Features for 1552 S MYRTLE AVENUE
General Information
Standard status
Pending
Size
16,509 SF
Property subtype
Multi Family
Additional Details
Sprinkler System
Yes
Multifamily Units
14
Taxes and HOA fees
Annual Taxes
$45,000
Amenities
leasing office
community building
storage/maintenance building
laundry area
Building Details
Year Built
1930
Construction
concrete block
Listing Agency:
KLEIN & HEUCHAN, INC
(727) 441-1951
Listed By:
Joseph Santolucito · License #345622
(727) 481-3194
Source:
Exitrealty
Added: May 14, 2024
Changed: Sep 2
Last Checked: Sep 15 at 4:13AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 14-unit apartment property in Clearwater encompasses 16,509 square feet and includes a leasing office, community building, and separate storage and maintenance space. Residents have access to an on-site laundry area equipped with washers and dryers. The property has undergone renovation, with newer roofs, hurricane impact windows, HVAC units, and kitchen appliances across the complex.
Concrete block construction and fire sprinkler systems are additional building features. The property was originally built in 1930 and is located at 1552 S Myrtle Avenue in Clearwater, Florida. Its combination of apartment units, management space, shared facilities, laundry infrastructure, and support buildings creates a defined multifamily configuration.
Concrete block construction and fire sprinkler systems are additional building features. The property was originally built in 1930 and is located at 1552 S Myrtle Avenue in Clearwater, Florida. Its combination of apartment units, management space, shared facilities, laundry infrastructure, and support buildings creates a defined multifamily configuration.
Key Highlights
- 14 apartment units within a 16,509‑square‑foot multifamily property
- Leasing office, community building, and storage/maintenance building included
- Renovated with newer roofs, hurricane impact windows, HVAC units, and kitchen appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$203,754
Cap Rate
6.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,075,080
$4.1M
Cap Rate 7%
$2,910,771
$2.9M
Cap Rate 9%
$2,263,933
$2.3M
Market Conditions
NOI Build-Up for 16,509 SF
Gross rent
$396.2K $24.00/SF
− Vacancy
−$25.8K −$1.56/SF
EGI
$370.5K $22.44/SF
− OpEx
−$166.7K −$10.10/SF
NOI
$203.8K $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 Rate 5%
$4,075,080
Cap Rate 7%
$2,910,771
Cap Rate 9%
$2,263,933
Alternative Uses
Best Use
Apartment 5plus
$2.91M
$2.55M – $3.40M
NOI $203,754 @ 7.0% cap · market cap 6.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.63M
$4.05M – $5.40M
NOI $324,222 @ 7.0% cap · market cap 10.46%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
14
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,241
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
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with on-site management, shared amenities, storage, laundry facilities, and updated building systems.
Where is this apartment building located?
The property is located at 1552 S MYRTLE AVENUE Clearwater, FL.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: 14 apartment units within a 16,509‑square‑foot multifamily property; Leasing office, community building, and storage/maintenance building included; Renovated with newer roofs, hurricane impact windows, HVAC units, and kitchen appliances
