Remodeled Triplex with RV
For Sale
$699,990
15501 61st St N, Clearwater, FL 33760
Two concrete-block buildings contain three self-contained units with central A/C and separately metered water and electric.
Property Size2,512 SF
Lot Size0.37 Acres
Price / SF$278.66
Days on Market18
Property Features for 15501 61st St N
General Information
Standard status
Active
Size
2,512 SF
Lot size
0.37 Acres
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/1BA + bonus room, 2 x 2/1
Multifamily Units
3
Additional Details
Gross Income
$40,800
Taxes and HOA fees
Annual Taxes
$5,866
Building Details
Buildings
2
Construction
concrete-block
Listing Agency:
EXP REALTY LLC
(253) 293-4590
Listed By:
Carissa White
(253) 293-4590
Source:
Exprealty
Added: Aug 14
Changed: Aug 30
Last Checked: Aug 30 at 10:36PM
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 EXP REALTY LLC
Investment Insights
Based on property information with market context.
This triplex spans two concrete-block buildings with 2,512 heated SF and three self-contained residences: one 2BR unit with a bonus room and two 2/1 units. Interior renovations include tile flooring, refreshed kitchens with granite islands, and updated bathrooms. Each unit has central A/C, while water and electric are separately metered. The property also includes an RV pad, with basic power and water connections remaining to be completed.
The 0.37-acre double lot is in unincorporated Pinellas County and has no HOA. Short-term rentals are permitted. The roof was replaced in 2018, and solar panels were installed in 2021; both improvements were permitted. The property is near US-19, St. Pete–Clearwater International Airport, downtown Clearwater, and Gulf beaches.
The remaining work includes finishing the bonus-room closet and barn door to create a third bedroom and completing the RV pad hookups.
The 0.37-acre double lot is in unincorporated Pinellas County and has no HOA. Short-term rentals are permitted. The roof was replaced in 2018, and solar panels were installed in 2021; both improvements were permitted. The property is near US-19, St. Pete–Clearwater International Airport, downtown Clearwater, and Gulf beaches.
The remaining work includes finishing the bonus-room closet and barn door to create a third bedroom and completing the RV pad hookups.
Key Highlights
- Triplex with three self‑contained units across two concrete‑block buildings
- 2,512 heated SF on a 0.37‑acre double lot
- Unit mix includes one 2BR with bonus room and two 2/1s
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
$34,648
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
4.95%
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%
$692,960
$693.0K
Cap Rate 7%
$494,971
$495.0K
Cap Rate 9%
$384,978
$385.0K
Market Conditions
NOI Build-Up for 2,512 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
$52.8K $21.00/SF
− Vacancy
−$3.3K −$1.30/SF
EGI
$49.5K $19.70/SF
− OpEx
−$14.8K −$5.91/SF
NOI
$34.6K $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%
$692,960
Cap Rate 7%
$494,971
Cap Rate 9%
$384,978
Alternative Uses
Best Use
Multifamily LT 5
$495.0K
$433.1K – $577.5K
NOI $34,648 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$442.9K
$387.5K – $516.7K
NOI $31,003 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$704.8K
$616.7K – $822.2K
NOI $49,333 @ 7.0% cap · market cap 7.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
720
Businesses Nearby
Explore this area
Business Placement
Demographics for 33760, FL
19,565
Population
8,779
Households
2.2
Avg Household Size
38
Median Age
26%
College-Educated
87%
High-School Grad
5.6 sq mi
ZIP Area
3,494
Density / Sq Mi
$59,489
Median Household Income
$39,509
Median Earnings
$1,446
Median Rent
$245,800
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?
Triplex - Two concrete-block buildings contain three self-contained units with central A/C and separately metered water and electric.
Where is this triplex located?
The property is located at 15501 61st St N Clearwater, FL.
What is the asking price?
The asking price for this property is $699,990.
What are key features of this property?
This property features: Triplex with three self‑contained units across two concrete‑block buildings; 2,512 heated SF on a 0.37‑acre double lot; Unit mix includes one 2BR with bonus room and two 2/1s
