Stabilized 5-Unit Apartment
For Sale
$790,000
1429 LAURA STREET, Clearwater, FL 33755
Five-unit Clearwater apartment property with recent roof, windows, sewer, and full interior renovation updates.
Property Size2,273 SF
Price / SF$347.56
Days on Market60
Property Features for 1429 LAURA STREET
General Information
Standard status
Active
Size
2,273 SF
Property subtype
Residential Income
Additional Details
Cap Rate
7%
Highway Access
Yes
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$8,815
Amenities
Wall/Window Unit(s)
Electric
Open Floorplan
Rain Gutters
Building Details
Year Built
1956
Tenancy
Multi
Listing Agency:
MPGFL TAMPA LLC
(631) 356-5697
Listed By:
Frank Brito · License #3542409
(631) 356-5697
Source:
Evrealestate
Added: Jun 29
Changed: Aug 24
Last Checked: Aug 26 at 5:30AM
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 MPGFL TAMPA LLC
Investment Insights
Based on property information with market context.
This stabilized 5-unit multifamily apartment community at 1429 Laura St includes a mix of four 1-bedroom/1-bath units and one studio/1-bath unit. Substantial improvements have been completed, including a new roof, new hurricane impact windows, a new main sewer line, building exterior painting, exterior fencing, and updated landscaping. Interior renovations include white shaker cabinets, quartz countertops, stainless steel appliances, luxury vinyl flooring, and tiled shower bathrooms, providing a refreshed, move-in-ready profile across the units.
The property is located in the Clearwater area of the Tampa Bay MSA, with convenience to Clearwater’s beaches, Downtown Clearwater, and major highways. Walk, bike, and transit scores are reported as 70 (somewhat walkable), 60 (bikeable), and 34 (some transit), supporting access to nearby everyday destinations.
For buyers, this asset offers a defined unit mix and an existing rent roll of $7,740. The provided financial snapshot includes NOI of $60,433 and a 7% cap rate on takeover, which may be useful for underwriting and comparing acquisition options. The scale is well-suited to investors seeking a compact apartment community with meaningful recent capital expenditures already completed.
The property is located in the Clearwater area of the Tampa Bay MSA, with convenience to Clearwater’s beaches, Downtown Clearwater, and major highways. Walk, bike, and transit scores are reported as 70 (somewhat walkable), 60 (bikeable), and 34 (some transit), supporting access to nearby everyday destinations.
For buyers, this asset offers a defined unit mix and an existing rent roll of $7,740. The provided financial snapshot includes NOI of $60,433 and a 7% cap rate on takeover, which may be useful for underwriting and comparing acquisition options. The scale is well-suited to investors seeking a compact apartment community with meaningful recent capital expenditures already completed.
Key Highlights
- Stabilized 5‑unit multi‑family apartment community in the Clearwater area (Tampa Bay MSA), built in 1956
- Over $150,000 in CapEx including new roof, new hurricane impact windows, main sewer line, and exterior paint
- Full interior renovations with white shaker cabinets, quartz countertops, stainless steel appliances, luxury vinyl flooring, and tiled shower bathrooms
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
$28,053
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
3.55%
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%
$561,060
$561.1K
Cap Rate 7%
$400,757
$400.8K
Cap Rate 9%
$311,700
$311.7K
Market Conditions
NOI Build-Up for 2,273 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
$54.6K $24.00/SF
− Vacancy
−$3.5K −$1.56/SF
EGI
$51.0K $22.44/SF
− OpEx
−$23.0K −$10.10/SF
NOI
$28.1K $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%
$561,060
Cap Rate 7%
$400,757
Cap Rate 9%
$311,700
Alternative Uses
Best Use
Apartment 5plus
$400.8K
$350.7K – $467.6K
NOI $28,053 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$637.7K
$558.0K – $744.0K
NOI $44,640 @ 7.0% cap · market cap 5.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,449
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 - Five-unit Clearwater apartment property with recent roof, windows, sewer, and full interior renovation updates.
Where is this apartment building located?
The property is located at 1429 LAURA STREET Clearwater, FL.
What is the asking price?
The asking price for this property is $790,000.
What are key features of this property?
This property features: Stabilized 5‑unit multi‑family apartment community in the Clearwater area (Tampa Bay MSA), built in 1956; Over $150,000 in CapEx including new roof, new hurricane impact windows, main sewer line, and exterior paint; Full interior renovations with white shaker cabinets, quartz countertops, stainless steel appliances, luxury vinyl flooring, and tiled shower bathrooms
