Four-Unit Multifamily
For Sale
$639,000
1506 N MADISON Avenue, Clearwater, FL 33755
MULTI_FAMILY - CLEARWATER, FL
Property Size2,184 SF
Lot Size0.23 Acres
Price / SF$292.58
Days on Market11
Property Features for 1506 N MADISON Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 3, Bathroom 2, Bathroom 1, Bedroom 4, Bathroom 4, Bedroom 2, Bedroom 3
Subdivision
FAIRMONT SUB
View
Park
Directions
From Gulf-to-Bay Blvd/SR 60, travel north on N Fort Harrison Ave. Turn right onto Palmetto Street, then left onto N Madison Ave. Continue north to 1504-1510 N Madison Ave. The property is located beside the neighborhood park.
Standard status
Active
APN
10-29-15-26892-007-0020
Size
2,184 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
FAIRMONT SUB BLK G, LOT 2 & N 1/2 OF LOT 3
Tax Annual Amount
5947
Legal Description
FAIRMONT SUB BLK G, LOT 2 & N 1/2 OF LOT 3
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1959
Building materials
Block
Roof type
Shingle
Listing Agency:
FUTURE HOME REALTY INC
(813) 855-4982
Listed By:
Jerome Thompson · License #663849
(813) 493-2208
Added: Jul 31
Changed: Aug 7
Last Checked: Aug 10 at 7:06AM
MLS# TB8534856
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 Clearwater quadplex contains four separate one-bedroom, one-bath residences within 2184 square feet. Block construction, a shingle roof, central heating, and central air define the existing improvements. Public water and public sewer serve the property. Built in 1959, the asset requires TLC and improvement work.
The property occupies 0.23 acres beside a neighborhood park featuring 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. The four-unit layout provides a straightforward small-scale multifamily configuration.
The property occupies 0.23 acres beside a neighborhood park featuring 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. The four-unit layout provides a straightforward small-scale multifamily configuration.
Key Highlights
- Four 1‑bedroom, 1‑bath units
- 2184 square feet on 0.23 acres
- Block construction with a shingle roof
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
2,087
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 - Four residential units feature central HVAC and connections to public water and sewer.
Where is this quadplex located?
The property is located at 1506 N 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 1‑bedroom, 1‑bath units; 2184 square feet on 0.23 acres; Block construction with a shingle roof
