Triplex with Three-Unit
For Sale
$445,000
1379 S MARTIN LUTHER KING JR Avenue, Clearwater, FL 33756
Residential Income, CLEARWATER, FL
Property Size1,603 SF
Lot Size0.12 Acres
Price / SF$277.60
Days on Market147
Property Features for 1379 S MARTIN LUTHER KING JR Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 5, Bedroom 2, Bathroom 1, Bathroom 3, Bedroom 1, Bedroom 3, Bathroom 2
Subdivision
LAKEVIEW HEIGHTS
Directions
From S. Missouri Ave. turn west on Lakeview and then S. on S. Martin Luther King Ave. The property is on your left opposite the lake.
Standard status
Active
APN
22-29-15-48978-006-0080
Size
1,603 SF
Lot size
0.12 Acres
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Year
2025
Tax Description
LAKEVIEW HEIGHTS BLK F, LOT 8
Tax Annual Amount
7644
Legal Description
LAKEVIEW HEIGHTS BLK F, LOT 8
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Building Details
Year built
1940
Building materials
Frame
Roof type
Shingle
Listing Agency:
MCPEAK REAL ESTATE FIRM
Listed By:
Jim McPeak · License #472936
(813) 495-3875
Added: Jun 7
Changed: Oct 31
Last Checked: Oct 31 at 7:06PM
MLS# TB8516721
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1,603-square-foot triplex contains three separate residences: a three-bedroom, one-bathroom unit, a two-bedroom, one-bathroom unit, and a studio. All three units are leased. The two-bedroom apartment has been remodeled, and the roof and air-conditioning system were replaced in 2021. Built in 1940, the frame property occupies a 0.12-acre lot and has public water and sewer service.
At 1379 S Martin Luther King Jr Avenue in Clearwater, the property faces Lake Bellevue. Ross Norton Recreation Center and Ed C. Wright Park are across the street. The location is between downtown Clearwater and Belleair, with Clearwater, Belleair Beach, and Indian Rocks Beach also identified as nearby beach destinations.
At 1379 S Martin Luther King Jr Avenue in Clearwater, the property faces Lake Bellevue. Ross Norton Recreation Center and Ed C. Wright Park are across the street. The location is between downtown Clearwater and Belleair, with Clearwater, Belleair Beach, and Indian Rocks Beach also identified as nearby beach destinations.
Key Highlights
- Three leased units: 3‑bedroom/1‑bath, 2‑bedroom/1‑bath, and studio
- 1,603 square feet on a 0.12‑acre lot
- Roof and A/C replaced in 2021
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,110
Cap Rate
4.97%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,850
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - The occupied property combines two-bedroom and three-bedroom apartments with a studio.
Where is this triplex located?
The property is located at 1379 S MARTIN LUTHER KING JR Avenue 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: Three leased units: 3‑bedroom/1‑bath, 2‑bedroom/1‑bath, and studio; 1,603 square feet on a 0.12‑acre lot; Roof and A/C replaced in 2021
