Four-Unit
New
For Sale
Contact for pricing
1504 North Madison Avenue, Clearwater, FL 33755
The property includes four one-bedroom, one-bath residences and requires improvements for continued rental use.
Property Size2,184 SF
Price / SF$292.58
Days on Market5
Property Features for 1504 North Madison Avenue
General Information
Standard status
Active
Size
2,184 SF
Property subtype
Multifamily
Occupancy
50%
Investment Type
Value Add
Net Operating Income
$20,280
Property Condition
Severity
Repairs Needed
Evidence
needs some TLC
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Additional Details
Public Transit
Yes
Building Details
Year Built
1959
Buildings
2
Units
4
Tenancy
Multi
Listed By:
JEROME THOMPSON · License #SL663849
Source:
Crexi
Added: Aug 30
Changed: Sep 1
Last Checked: Sep 1 at 8:56PM
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 JEROME THOMPSON
Investment Insights
Based on property information with market context.
This four-unit residential income property contains 2,184 SF across four one-bedroom, one-bath units. Constructed in 1959, the building requires some improvement work, providing a clear renovation component for the next owner. The existing layout offers a compact multifamily configuration with each residence identified by its own bedroom and bathroom count.
The property is located at 1504 North Madison Avenue in Clearwater, Florida, beside a neighborhood park with a playground, pavilion, picnic areas, and green space. Downtown Clearwater, shopping, dining, public transportation, major roadways, and Clearwater Beach are also identified in the surrounding area. Tenant privacy is requested during property visits.
The property is located at 1504 North Madison Avenue in Clearwater, Florida, beside a neighborhood park with a playground, pavilion, picnic areas, and green space. Downtown Clearwater, shopping, dining, public transportation, major roadways, and Clearwater Beach are also identified in the surrounding area. Tenant privacy is requested during property visits.
Key Highlights
- Four residential units, each with 1 bedroom and 1 bath
- 2,184 SF multifamily property
- Built in 1959
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
$30,124
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
4.71%
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%
$602,480
$602.5K
Cap Rate 7%
$430,343
$430.3K
Cap Rate 9%
$334,711
$334.7K
Market Conditions
NOI Build-Up for 2,184 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
$45.9K $21.00/SF
− Vacancy
−$2.8K −$1.30/SF
EGI
$43.0K $19.70/SF
− OpEx
−$12.9K −$5.91/SF
NOI
$30.1K $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%
$602,480
Cap Rate 7%
$430,343
Cap Rate 9%
$334,711
Alternative Uses
Best Use
Multifamily LT 5
$430.3K
$376.6K – $502.1K
NOI $30,124 @ 7.0% cap · market cap 4.71%
Second Best
Apartment 5plus
$385.1K
$336.9K – $449.3K
NOI $26,955 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$612.7K
$536.2K – $714.9K
NOI $42,892 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,195
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?
Quadplex - The property includes four one-bedroom, one-bath residences and requires improvements for continued rental use.
Where is this quadplex located?
The property is located at 1504 North Madison Avenue Clearwater, FL.
What is the asking price?
The asking price for this property is $639,000.
What are key features of this property?
This property features: Four residential units, each with 1 bedroom and 1 bath; 2,184 SF multifamily property; Built in 1959
