Turnkey Duplex in
15421 MORGAN STREET, Clearwater, FL 33760
Updated duplex with long-term tenants, close to beaches and Tampa.
Type:Multi Family
Property size:
1,664 SFLot size:
0.15 AcresPrice / SF:
$219/SF- Added:
- Mar 24, 2026
- Days on Market:
- 56
- Last Refresh:
- Apr 6 at 3:13 am
Property Features for 15421 MORGAN STREET
General Information
- Standard status
- Active
- Size
- 1,664 SF
- Lot size
- 0.15 Acres
- Property subtype
- Multi Family
Building Details
- Year Built
- 1985
Listing agent Rob Williams License #3292934
Listing office ELEVATE REAL ESTATE BROKERS OF FLORIDA LLC (954) 772-3870
Listing date Mar 24, 2026
Source Exitrealty
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 ELEVATE REAL ESTATE BROKERS OF FLORIDA LLC
HighLights
- Turnkey duplex with two fully leased units, providing immediate income.
- Significant recent updates including roof (2015), water heaters (2019), and HVAC units (2021).
- Extensive renovations in both units, including new flooring, appliances, hardware, and paint.
- Each unit has 2 bedrooms, 1 bathroom, and 832 sq. ft. of living space.
- Property is not in a flood zone, eliminating the need for flood insurance.
- Convenient location with short drive to Clearwater, St. Petersburg, beaches, and Tampa.
Overview
This updated turnkey duplex presents an opportunity to expand your portfolio. The property features two identical, fully leased units, each with 2 beds and 1 bath, encompassing 832 sq.ft. An additional exterior laundry room serves both units. Each unit is allocated two parking spaces. Significant updates have been implemented, including a full roof replacement in 2015, new electrical water heaters in 2019, and new HVAC units in 2021. Insulation in the attic of Unit B was redone in 2023. Unit A has new flooring throughout, a new fridge, a newer oven and hood, new hardware and finishes (lights, fans, sink, outlet covers, light switches, a/c vents, towel racks, bathroom mirror, etc.), new blinds in all rooms, closet doors, new interior doors, and complete interior and exterior paint. Unit B also features new flooring, a new fridge and dishwasher, a newer oven and hood, new hardware and finishes (lights, fans, sink, outlet covers, light switches, a/c vents, towel racks, bathroom mirror, etc.), closet doors, new blinds in all rooms, new shelving in the closets, a smart lock, a complete bathroom remodel, complete interior and exterior paint, and the addition of a fence, pavers, and patio in the backyard. The laundry room in Unit B has been painted and includes new shelving and a light fixture. The property, totaling 1664 sq.ft., is not in a flood zone, eliminating the need for flood insurance. It is currently occupied by long-term professional tenants and is situated in a location within a short drive to Clearwater, St. Petersburg, beaches and Tampa.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$255.0K
NOI $22,952 @ 9.00% cap · cautious / downside scenario
Moderate
$327.9K
NOI $22,952 @ 7.00% cap · market / base-case scenario
Aggressive
$459.0K
NOI $22,952 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $34.9k | $21.00 |
| − Vacancy | −$2.2k | −$1.30 |
| EGI | $32.8k | $19.70 |
| − OpEx | −$9.8k | −$5.91 |
| NOI | $23.0k | $13.79 |
1,664 SF · lease $21.00/SF/yr · vacancy 6.17% · expense 30.00%
Alternative Use Scenarios
Best Use
Multifamily LT 5
$327.9K
$286.9K – $382.5K
NOI $22,952 @ 7.0% cap · market cap 6.29%
Second Best
Apartment 5plus
$293.4K
$256.7K – $342.3K
NOI $20,537 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$466.8K
$408.5K – $544.7K
NOI $32,679 @ 7.0% cap · market cap 8.95%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Clearwater
- County
- Pinellas
- State
- Florida
- Longitude
- -82.71596
- Latitude
- 27.9125958
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Updated duplex with long-term tenants, close to beaches and Tampa.
Where is this duplex located?
The property is located at 15421 MORGAN STREET Clearwater, FL.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Turnkey duplex with two fully leased units, providing immediate income.; Significant recent updates including roof (2015), water heaters (2019), and HVAC units (2021).; Extensive renovations in both units, including new flooring, appliances, hardware, and paint.
