Updated Duplex with Separate
New
For Sale
$414,000
15588 59TH Street N, Clearwater, FL 33760
MULTI_FAMILY - CLEARWATER, FL
Property Size1,820 SF
Lot Size0.14 Acres
Price / SF$227.47
Days on Market4
Property Features for 15588 59TH Street N
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-4
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bedroom 2, Bathroom 1, Bedroom 3, Bedroom 4
Interior features
Ceiling Fans(s)
Exterior features
Fence
Fencing
Fenced
Appliances
Dryer, Range, Range Hood, Refrigerator, Washer
Subdivision
FOUR PINES
Directions
From US-19: Take Roosevelt Blvd (FL-686) and head west toward 59th St N. Turn left onto 59th St N and continue south. Property will be on the right. From I-275: Take Exit 30 for Roosevelt Blvd (FL-686). Continue west on Roosevelt Blvd to 59th St N. Turn left onto 59th St N and continue south. Property will be on the right. From Ulmerton Rd: Take Roosevelt Blvd (FL-686) north, then turn left onto 59th St N. Continue south. Property will be on the right.
Standard status
Active
APN
32-29-16-29250-002-0020
Size
1,820 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
FOUR PINES BLK 2, LOT 2
Tax Annual Amount
6217
Legal Description
FOUR PINES BLK 2, LOT 2
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
patio
fenced yard
laundry closets
Building Details
Year built
1982
Floors in Building
1
Flooring type
Tile - Ceramic
Building materials
Stucco, Frame
Roof type
Shingle
Listing Agency:
CAPSTONE REALTY & ASSOCIATES
(727) 301-7855
Listed By:
Joanne Pucci · License #3221041
(727) 657-7692
Added: Aug 13
Changed: Aug 16
Last Checked: Aug 16 at 10:06AM
MLS# TB8538354
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 duplex contains approximately 1,820 square feet across two separate units on a 6,251-square-foot lot. Built in 1982, the property offers open floor plans, ceramic tile flooring, central HVAC, and individual laundry closets. Unit A has washer and dryer hookups, while Unit B includes an existing washer and dryer conveying AS IS. Each residence has a kitchen-adjacent patio with a metal awning and separate outdoor space. The front yard is fully fenced, and Unit B has driveway parking; Unit A uses street parking.
The shingle roof was replaced in 2016, along with updates to one kitchen and both bathrooms. Unit B also has a newer bathtub with a subway tile surround. The property has R-4 zoning, public water, public sewer, and no HOA. Access to US 19 and I-275 places the duplex near shopping, dining, services, both St. Pete-Clearwater International Airport and Tampa International Airport, and Gulf beaches.
The shingle roof was replaced in 2016, along with updates to one kitchen and both bathrooms. Unit B also has a newer bathtub with a subway tile surround. The property has R-4 zoning, public water, public sewer, and no HOA. Access to US 19 and I-275 places the duplex near shopping, dining, services, both St. Pete-Clearwater International Airport and Tampa International Airport, and Gulf beaches.
Key Highlights
- Two‑unit duplex with approximately 1,820 square feet on a 6,251‑square‑foot lot
- Separate electric metering, individual laundry closets, central HVAC, and ceramic tile flooring
- Shingle roof replaced in 2016; one kitchen and both bathrooms updated in 2016
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
$25,103
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
6.06%
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%
$502,060
$502.1K
Cap Rate 7%
$358,614
$358.6K
Cap Rate 9%
$278,922
$278.9K
Market Conditions
NOI Build-Up for 1,820 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
$38.2K $21.00/SF
− Vacancy
−$2.4K −$1.30/SF
EGI
$35.9K $19.70/SF
− OpEx
−$10.8K −$5.91/SF
NOI
$25.1K $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%
$502,060
Cap Rate 7%
$358,614
Cap Rate 9%
$278,922
Alternative Uses
Best Use
Multifamily LT 5
$358.6K
$313.8K – $418.4K
NOI $25,103 @ 7.0% cap · market cap 6.06%
Second Best
Apartment 5plus
$320.9K
$280.8K – $374.4K
NOI $22,462 @ 7.0% cap · market cap 5.43%
Theoretical Best
Office A
$510.6K
$446.8K – $595.7K
NOI $35,743 @ 7.0% cap · market cap 8.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
649
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?
Duplex - Two separately metered residences include patios, laundry closets, and central HVAC.
Where is this duplex located?
The property is located at 15588 59TH Street N Clearwater, FL.
What is the asking price?
The asking price for this property is $414,000.
What are key features of this property?
This property features: Two‑unit duplex with approximately 1,820 square feet on a 6,251‑square‑foot lot; Separate electric metering, individual laundry closets, central HVAC, and ceramic tile flooring; Shingle roof replaced in 2016; one kitchen and both bathrooms updated in 2016
