Lake-Adjacent Triplex
1379 S MARTIN LUTHER KING JR Avenue Clearwater, FL 33756
For Sale
$445,000
MULTI_FAMILY - CLEARWATER, FL
Property Size1,603 SF
Lot Size0.12 Acres
Price / SF$277.60
Days on Market49
Property Features for 1379 S MARTIN LUTHER KING JR Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Triplex
- Bedrooms
- 5
- Bathrooms
- 3
- Rooms
- Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 3, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 5
- Standard status
- Active
- APN
- 22-29-15-48978-006-0080
- Size
- 1,603 SF
- Lot size
- 0.12 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- LAKEVIEW HEIGHTS BLK F, LOT 8
- Tax Annual Amount
- 7644
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
(813) 495-3875
Listed By:
Jim McPeak · License #472936
(813) 495-3875
Added: Jun 7
Changed: Jul 22
Last Checked: Jul 25 at 12:06AM
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.
Investment Insights
Based on property information with market context.
This triplex offers three separate, income-producing units: a 3-bedroom, 1-bath unit; a 2-bedroom, 1-bath unit that has been recently remodeled; and a studio unit. All units are currently leased and tenant-occupied, so advance notice is required for showings.
The property is situated in Clearwater with Lake Bellevue across the street. It also faces the area near Ross Norton Recreation Center and Ed C. Wright Park, providing a direct park-and-lake streetscape setting.
The building is arranged as three standalone units, supporting diversified residential layouts across the 3/1, 2/1, and studio configurations.
The property is situated in Clearwater with Lake Bellevue across the street. It also faces the area near Ross Norton Recreation Center and Ed C. Wright Park, providing a direct park-and-lake streetscape setting.
The building is arranged as three standalone units, supporting diversified residential layouts across the 3/1, 2/1, and studio configurations.
Key Highlights
- Triplex with 3 separate units: 3/1, 2/1, and a studio
- Unit 1 (3 bedrooms/1 bath) leased and occupied at $1,850 per month
- Unit 2 (2 bedrooms/1 bath) leased and occupied at $1,800 per month and recently remodeled
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $33.7k | $21.00 |
| − Vacancy | −$2.1k | −$1.30 |
| EGI | $31.6k | $19.70 |
| − OpEx | −$9.5k | −$5.91 |
| NOI | $22.1k | $13.79 |
1,603 SF · lease $21.00/SF/yr · vacancy 6.17% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
FAQs
What type of property is this?
Triplex - Triplex with three leased units, including two recently remodeled bedrooms/one-bath and a studio, across from recreation and park.
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: Triplex with 3 separate units: 3/1, 2/1, and a studio; Unit 1 (3 bedrooms/1 bath) leased and occupied at $1,850 per month; Unit 2 (2 bedrooms/1 bath) leased and occupied at $1,800 per month and recently remodeled
