Clearwater Apartment Near Golf
For Sale
$85,900
1345 DREW St 5, Clearwater, FL 33755
One-bedroom apartment near Clearwater Beach and golf course.
Property Size560 SF
Lot Size0.53 Acres
Days on Market280
Property Features for 1345 DREW St 5
General Information
Standard status
Active
Size
560 SF
Lot size
0.53 Acres
Property subtype
Residential
Taxes and HOA fees
Annual Taxes
$803
Building Details
Building Size
560 SF
Year Built
1964
Stories
2
Listed By:
Leiza Halsey
(727) 424-4554
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 27
Last Checked: Sep 1 at 8:22PM
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 Leiza Halsey
Investment Insights
Based on property information with market context.
This one-bedroom, one-bathroom apartment offers a comfortable living space in a convenient location. Situated across from the Clearwater Country Club & Golf Course, the well-maintained unit is also located minutes from Clearwater Beach, Dunedin Restaurants, and the Pinellas Trail. The property features an open-concept living area designed to maximize space, along with a spacious enclosed private patio that adds extra square footage. The unit has tile flooring throughout. Included amenities are water, sewer, garbage disposal, one reserved parking space, and on-site coin-operated laundry. A back door provides direct access to the reserved parking space. The property is located in a well-maintained co-op community. The unit is tenant-occupied through February 2026, with a reliable tenant paying $1,100 per month. The location provides proximity to shopping, dining, hospitals, and government buildings.
Key Highlights
- Prime location directly across from Clearwater Country Club & Golf Course, and minutes from Clearwater Beach, Dunedin Restaurants, and the Pinellas Trail.
- Tenant occupied through Feb 2026 generating $1,100/month rent with a reliable tenant, offering an immediate investment opportunity.
- Spacious enclosed private patio adds extra square footage and functions as a separate room.
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
$6,912
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
8.05%
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%
$138,240
$138.2K
Cap Rate 7%
$98,743
$98.7K
Cap Rate 9%
$76,800
$76.8K
Market Conditions
NOI Build-Up for 560 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
$13.4K $24.00/SF
− Vacancy
−$874 −$1.56/SF
EGI
$12.6K $22.44/SF
− OpEx
−$5.7K −$10.10/SF
NOI
$6.9K $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%
$138,240
Cap Rate 7%
$98,743
Cap Rate 9%
$76,800
Alternative Uses
Best Use
Apartment 5plus
$98.7K
$86.4K – $115.2K
NOI $6,912 @ 7.0% cap · market cap 8.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$157.1K
$137.5K – $183.3K
NOI $10,998 @ 7.0% cap · market cap 12.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - One-bedroom apartment near Clearwater Beach and golf course.
Where is this apartment building located?
The property is located at 1345 DREW St 5 Clearwater, FL.
What is the asking price?
The asking price for this property is $85,900.
What are key features of this property?
This property features: Prime location directly across from Clearwater Country Club & Golf Course, and minutes from Clearwater Beach, Dunedin Restaurants, and the Pinellas Trail.; Tenant occupied through Feb 2026 generating $1,100/month rent with a reliable tenant, offering an immediate investment opportunity.; Spacious enclosed private patio adds extra square footage and functions as a separate room.
