Remodeled Duplex With Two
For Sale
$400,000
Pending
733 NEW YORK STREET, Clearwater, FL 33756
Updated residential income property with separate front and rear residences near beaches, parks, shopping, and restaurants.
Property Size1,479 SF
Days on Market607
Property Features for 733 NEW YORK STREET
General Information
Standard status
Pending
Size
1,479 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,301
Building Details
Year Built
1935
Buildings
2
Listing Agency:
TRIESTE REAL ESTATE
(727) 510-3539
Listed By:
Jonathan Trieste · License #3012478
(727) 510-3539
Source:
Exitrealty
Added: Jan 1, 2025
Changed: Aug 30
Last Checked: Aug 31 at 2:29PM
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 TRIESTE REAL ESTATE
Investment Insights
Based on property information with market context.
This duplex contains two separate residences totaling 1,479 square feet. The front home offers 3 bedrooms and 2 bathrooms, with granite kitchen countertops, modern cabinetry, stainless-steel appliances installed in 2021, vinyl plank flooring from 2021, remodeled bathrooms, newer windows from 2020, and an updated central A/C and heat system from 2020. A fenced yard was added in 2019, and the water heater was replaced in 2021.
The rear residence includes 2 bedrooms and 1 bathroom, along with a full kitchen and bathroom, luxury vinyl plank flooring, fresh interior paint, newer windows, and blinds. The property was built in 1935 and is located near beaches, parks, shopping centers, and restaurants in Clearwater.
The rear residence includes 2 bedrooms and 1 bathroom, along with a full kitchen and bathroom, luxury vinyl plank flooring, fresh interior paint, newer windows, and blinds. The property was built in 1935 and is located near beaches, parks, shopping centers, and restaurants in Clearwater.
Key Highlights
- Two‑residence duplex totaling 1,479 square feet
- Front home includes 3 bedrooms and 2 bathrooms
- Rear home includes 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
$20,400
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
5.10%
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%
$408,000
$408.0K
Cap Rate 7%
$291,429
$291.4K
Cap Rate 9%
$226,667
$226.7K
Market Conditions
NOI Build-Up for 1,479 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
$31.1K $21.00/SF
− Vacancy
−$1.9K −$1.30/SF
EGI
$29.1K $19.70/SF
− OpEx
−$8.7K −$5.91/SF
NOI
$20.4K $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 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%
$408,000
Cap Rate 7%
$291,429
Cap Rate 9%
$226,667
Alternative Uses
Best Use
Multifamily LT 5
$291.4K
$255.0K – $340.0K
NOI $20,400 @ 7.0% cap · market cap 5.10%
Second Best
Apartment 5plus
$260.8K
$228.2K – $304.2K
NOI $18,254 @ 7.0% cap · market cap 4.56%
Theoretical Best
Office A
$414.9K
$363.1K – $484.1K
NOI $29,046 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
877
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?
Duplex - Updated residential income property with separate front and rear residences near beaches, parks, shopping, and restaurants.
Where is this duplex located?
The property is located at 733 NEW YORK STREET Clearwater, FL.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Two‑residence duplex totaling 1,479 square feet; Front home includes 3 bedrooms and 2 bathrooms; Rear home includes 2 bedrooms and 1 bathroom
