Fully Occupied Five-Unit Apartment
For Sale
$850,000
822 GRAND CENTRAL STREET, Clearwater, FL 33756
Front building includes four one-bedroom units, complemented by a two-bedroom cottage at the rear.
Property Size2,040 SF
Price / SF$416.67
Days on Market824
Property Features for 822 GRAND CENTRAL STREET
General Information
Standard status
Active
Size
2,040 SF
Property subtype
Multi Family
Occupancy
100%
Units
Unit Mix
4 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$6,767
Building Details
Year Built
1915
Buildings
2
Listing Agency:
MCBRIDE KELLY & ASSOCIATES
(813) 254-0900
Listed By:
Tatum Peterson · License #3376440
(813) 528-1121
Source:
Exitrealty
Added: Jun 11, 2024
Changed: Sep 10
Last Checked: Sep 11 at 7:02AM
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 MCBRIDE KELLY & ASSOCIATES
Investment Insights
Based on property information with market context.
This multifamily property includes five occupied residential units arranged across two structures. The front building contains four apartments, each with one bedroom and one bathroom. A separate rear cottage adds two bedrooms and one bathroom, creating a varied unit mix within the property.
The property is located in Clearwater, with proximity to Clearwater Beach and downtown Clearwater. St. Petersburg and Tampa are also identified as accessible commuting destinations. Demographic information includes a 2023 average household income of $75,234 within a 1-mile radius.
The property is located in Clearwater, with proximity to Clearwater Beach and downtown Clearwater. St. Petersburg and Tampa are also identified as accessible commuting destinations. Demographic information includes a 2023 average household income of $75,234 within a 1-mile radius.
Key Highlights
- Five occupied units across a front building and rear cottage
- Front building contains 4 one‑bedroom, one‑bathroom units
- Rear cottage offers 2 bedrooms and 1 bathroom
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
$25,178
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
2.96%
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%
$503,560
$503.6K
Cap Rate 7%
$359,686
$359.7K
Cap Rate 9%
$279,756
$279.8K
Market Conditions
NOI Build-Up for 2,040 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
$49.0K $24.00/SF
− Vacancy
−$3.2K −$1.56/SF
EGI
$45.8K $22.44/SF
− OpEx
−$20.6K −$10.10/SF
NOI
$25.2K $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%
$503,560
Cap Rate 7%
$359,686
Cap Rate 9%
$279,756
Alternative Uses
Best Use
Apartment 5plus
$359.7K
$314.7K – $419.6K
NOI $25,178 @ 7.0% cap · market cap 2.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$572.3K
$500.8K – $667.7K
NOI $40,064 @ 7.0% cap · market cap 4.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,944
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Front building includes four one-bedroom units, complemented by a two-bedroom cottage at the rear.
Where is this apartment building located?
The property is located at 822 GRAND CENTRAL STREET Clearwater, FL.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Five occupied units across a front building and rear cottage; Front building contains 4 one‑bedroom, one‑bathroom units; Rear cottage offers 2 bedrooms and 1 bathroom
