Courtyard Condo Income
For Sale
$129,900
Pending
2501 HARN BOULEVARD H23, Clearwater, FL 33764
Courtyard outlook, assigned parking, and access to community pools and laundry facilities support rental use.
Property Size500 SF
Days on Market541
Property Features for 2501 HARN BOULEVARD H23
General Information
Standard status
Pending
Size
500 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$1,026
Building Details
Year Built
1971
Listing Agency:
FLORIDA EXPERT REALTY, INC.
(727) 251-1087
Listed By:
April Robinson · License #3305355
(727) 251-1087
Source:
Exitrealty
Added: Mar 8, 2025
Changed: Aug 30
Last Checked: Aug 30 at 4:24PM
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 FLORIDA EXPERT REALTY, INC.
Investment Insights
Based on property information with market context.
This one-bedroom, one-bath condominium at Morningside Condos was built in 1971 and includes an HVAC system installed in 2021. The unit faces a landscaped courtyard and includes one assigned parking space, with additional overflow parking available for guests. Community amenities include two pools and three laundry facilities, with the unit located near one pool and one laundry area.
The property is at 2501 Harn Boulevard H23 in Clearwater, Florida. Duke Energy Trail borders the community to the west, while US 19 runs along its east side, providing access to regional commuting routes. The condominium is positioned for rental use within a larger residential community.
The property is at 2501 Harn Boulevard H23 in Clearwater, Florida. Duke Energy Trail borders the community to the west, while US 19 runs along its east side, providing access to regional commuting routes. The condominium is positioned for rental use within a larger residential community.
Key Highlights
- One‑bedroom, one‑bath condominium at Morningside Condos
- HVAC installed in 2021
- Courtyard‑facing unit near one of two community pools
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
$6,171
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
4.75%
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%
$123,420
$123.4K
Cap Rate 7%
$88,157
$88.2K
Cap Rate 9%
$68,567
$68.6K
Market Conditions
NOI Build-Up for 500 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
$12.0K $24.00/SF
− Vacancy
−$780 −$1.56/SF
EGI
$11.2K $22.44/SF
− OpEx
−$5.0K −$10.10/SF
NOI
$6.2K $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%
$123,420
Cap Rate 7%
$88,157
Cap Rate 9%
$68,567
Alternative Uses
Best Use
Apartment 5plus
$88.2K
$77.1K – $102.9K
NOI $6,171 @ 7.0% cap · market cap 4.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$140.3K
$122.8K – $163.7K
NOI $9,820 @ 7.0% cap · market cap 7.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
518
Businesses Nearby
Explore this area
Business Placement
Demographics for 33764, FL
27,547
Population
15,193
Households
1.8
Avg Household Size
50
Median Age
32%
College-Educated
93%
High-School Grad
6.3 sq mi
ZIP Area
4,373
Density / Sq Mi
$64,573
Median Household Income
$45,949
Median Earnings
$1,622
Median Rent
$302,500
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Courtyard outlook, assigned parking, and access to community pools and laundry facilities support rental use.
Where is this residential income property located?
The property is located at 2501 HARN BOULEVARD H23 Clearwater, FL.
What is the asking price?
The asking price for this property is $129,900.
What are key features of this property?
This property features: One‑bedroom, one‑bath condominium at Morningside Condos; HVAC installed in 2021; Courtyard‑facing unit near one of two community pools
