Duplex with Redevelopment
For Sale
$598,000
Pending
105 N LADY MARY DRIVE, Clearwater, FL 33755
Level-ground duplex with separate water and electric meters plus an existing outdoor storage building.
Property Size1,833 SF
Days on Market1153
Property Features for 105 N LADY MARY DRIVE
General Information
Standard status
Pending
Size
1,833 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$4,679
Building Details
Year Built
1957
Listing Agency:
RE/MAX ACTION FIRST OF FLORIDA
(727) 531-2006
Listed By:
Luke Palmer · License #3300839
(727) 871-5853
Source:
Exitrealty
Added: Aug 21, 2023
Changed: Sep 30
Last Checked: Sep 30 at 10:41AM
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 RE/MAX ACTION FIRST OF FLORIDA
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Investment Insights
Based on property information with market context.
This duplex sits on level ground and contains 1,833 square feet, with both units currently occupied. Separate water and electric meters serve the property, and an outdoor storage building adds 416 square feet of enclosed utility space. The site also has room for additional boat and trailer storage.
The property occupies over 1/2 acre in Clearwater, near Downtown Clearwater and the redeveloped Cleveland Street Corridor. Zoning allows up to 18 units, while the Downtown Gateway District code provides for 35 units per acre and building heights of up to 45 feet. Built in 1957, the existing duplex offers an operating residential configuration alongside documented redevelopment parameters.
The property occupies over 1/2 acre in Clearwater, near Downtown Clearwater and the redeveloped Cleveland Street Corridor. Zoning allows up to 18 units, while the Downtown Gateway District code provides for 35 units per acre and building heights of up to 45 feet. Built in 1957, the existing duplex offers an operating residential configuration alongside documented redevelopment parameters.
Key Highlights
- Over 1/2 acre in Clearwater
- Zoning allows up to 18 units
- Downtown Gateway District code: 35 units per acre, up to 45 feet high
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,283
Cap Rate
4.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$505,660
$505.7K
Cap Rate 7%
$361,186
$361.2K
Cap Rate 9%
$280,922
$280.9K
Market Conditions
NOI Build-Up for 1,833 SF
Gross rent
$38.5K $21.00/SF
− Vacancy
−$2.4K −$1.30/SF
EGI
$36.1K $19.70/SF
− OpEx
−$10.8K −$5.91/SF
NOI
$25.3K $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 Rate 5%
$505,660
Cap Rate 7%
$361,186
Cap Rate 9%
$280,922
Alternative Uses
Best Use
Multifamily LT 5
$361.2K
$316.0K – $421.4K
NOI $25,283 @ 7.0% cap · market cap 4.23%
Second Best
Apartment 5plus
$323.2K
$282.8K – $377.1K
NOI $22,623 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$514.3K
$450.0K – $600.0K
NOI $35,998 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,393
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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Level-ground duplex with separate water and electric meters plus an existing outdoor storage building.
Where is this duplex located?
The property is located at 105 N LADY MARY DRIVE Clearwater, FL.
What is the asking price?
The asking price for this property is $598,000.
What are key features of this property?
This property features: Over 1/2 acre in Clearwater; Zoning allows up to 18 units; Downtown Gateway District code: 35 units per acre, up to 45 feet high
