Three-Unit Triplex
For Sale
$445,000
1379 S MARTIN LUTHER KING JR Ave, Clearwater, FL 33756
Triplex with three separate residences, all tenant occupied, with lake-facing frontage across from a recreation center.
Property Size1,603 SF
Days on Market65
Property Features for 1379 S MARTIN LUTHER KING JR Ave
General Information
Standard status
Active
Size
1,603 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,644
Building Details
Building Size
1,603 SF
Year Built
1940
Tenancy
Multi
Listing Agency:
McPeak Real Estate Firm, Inc.
(813) 495-3875
Listed By:
Jim McPeak · License #472936
(813) 495-3875
Source:
Elliman
Added: Jun 14
Changed: Aug 16
Last Checked: Aug 16 at 7:32AM
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 McPeak Real Estate Firm, Inc.
Investment Insights
Based on property information with market context.
This for-sale triplex includes three separate units configured as a 3-bedroom/1-bath, a 2-bedroom/1-bath, and a studio. Two of the units are currently leased and occupied, and the third unit is also leased. Unit 2 (2 bed/1 bath) has been recently remodeled. The property is set up as a straightforward, small multi-family investment with independent residential layouts for multiple tenant households.
The building is conveniently located between downtown Clearwater and Belleair. It faces Lake Bellevue and is directly across from Ross Norton Recreation Center and Ed C. Wright Park, with a park also on the other side of the street. Bike and walk scores are listed as 60 (Bikeable) and 70 (Somewhat Walkable), with a transit score of 34 (Some Transit).
This property is best suited for buyers seeking a tenant-occupied triplex with diversified unit mixes across three separate homes. Note that the units are currently leased and occupied, so please do not disturb tenants. Showings and underwriting should be coordinated with respect to tenant schedules.
The building is conveniently located between downtown Clearwater and Belleair. It faces Lake Bellevue and is directly across from Ross Norton Recreation Center and Ed C. Wright Park, with a park also on the other side of the street. Bike and walk scores are listed as 60 (Bikeable) and 70 (Somewhat Walkable), with a transit score of 34 (Some Transit).
This property is best suited for buyers seeking a tenant-occupied triplex with diversified unit mixes across three separate homes. Note that the units are currently leased and occupied, so please do not disturb tenants. Showings and underwriting should be coordinated with respect to tenant schedules.
Key Highlights
- Triplex (3 separate residences) built in 1940, all tenant occupied—please do not disturb tenants.
- Unit mix: 3BR/1BA, 2BR/1BA, and a studio; Unit 2 has been recently remodeled.
- Current rents: $1,850/mo (3BR), $1,800/mo (2BR), and $1,100/mo (studio).
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
$22,110
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
4.97%
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%
$442,200
$442.2K
Cap Rate 7%
$315,857
$315.9K
Cap Rate 9%
$245,667
$245.7K
Market Conditions
NOI Build-Up for 1,603 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
$33.7K $21.00/SF
− Vacancy
−$2.1K −$1.30/SF
EGI
$31.6K $19.70/SF
− OpEx
−$9.5K −$5.91/SF
NOI
$22.1K $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%
$442,200
Cap Rate 7%
$315,857
Cap Rate 9%
$245,667
Alternative Uses
Best Use
Multifamily LT 5
$315.9K
$276.4K – $368.5K
NOI $22,110 @ 7.0% cap · market cap 4.97%
Second Best
Apartment 5plus
$282.6K
$247.3K – $329.7K
NOI $19,784 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$449.7K
$393.5K – $524.7K
NOI $31,481 @ 7.0% cap · market cap 7.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,532
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?
Triplex - Triplex with three separate residences, all tenant occupied, with lake-facing frontage across from a recreation center.
Where is this triplex located?
The property is located at 1379 S MARTIN LUTHER KING JR Ave Clearwater, FL.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Triplex (3 separate residences) built in 1940, all tenant occupied—please do not disturb tenants.; Unit mix: 3BR/1BA, 2BR/1BA, and a studio; Unit 2 has been recently remodeled.; Current rents: $1,850/mo (3BR), $1,800/mo (2BR), and $1,100/mo (studio).
