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 Market840
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) 481-3194
Listed By:
Joseph Santolucito · License #345622
(727) 481-3194
Source:
Exitrealty
Added: May 14, 2024
Changed: Aug 31
Last Checked: Aug 30 at 4:02PM
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 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 = 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
$203,754
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
6.57%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - 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
