Updated Duplex with Separate
For Sale
$414,000
15588 59TH STREET N, Clearwater, FL 33760
Two separately metered residences offer central HVAC, patios, and individual laundry closets.
Property Size1,820 SF
Price / SF$227.47
Days on Market15
Property Features for 15588 59TH STREET N
General Information
Standard status
Active
Size
1,820 SF
Property subtype
Duplex
Amenities
0.14 acres
Shingle
Public Sewer
Additional parcels description:, Parcel Number: 32-29-16-29250-002-0020, Public Survey Range: 16, Public Survey Section: 32, Annual Amount: $6,217, Tax Block: 2, Tax Book Number: 11-104, Legal Description: FOUR PINES BLK 2, LOT 2, Lot: 2, Year: 2025, Zoning: R-4
Ceramic Tile
Gross Income: $43,430
Central Air
Electric
Electric Dryer Hookup, Inside, Laundry Closet, Washer Hookup
Listing ID: MFRTB8538354, Standard Status: Active, MLS Status: Active, Property Subtype: Duplex, On market as of 2026-08-15, 1 day on market, Special Conditions: None
4 total bedrooms
Built in 1982, Living area: 1820, Living area units: Square Feet, Levels: One, Construction Materials: Stucco, Frame
Subdivision: FOUR PINES, MLS Area (Major): 33760 - Clearwater, County/Parish: Pinellas
2 total bathrooms
Public, Water Source: Public
Slab
Electricity
Road Surface: Asphalt
Fence
Ceiling Fans(s)
Dryer, Range, Range Hood, Refrigerator, Washer
Building Details
Year Built
1982
Listing Agency:
CAPSTONE REALTY & ASSOCIATES
(727) 301-7855
Listed By:
Joanne Pucci · License #3221041
Source:
Miharaandassociates
Added: Aug 15
Changed: Aug 28
Last Checked: Aug 29 at 9:30AM
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 CAPSTONE REALTY & ASSOCIATES
Investment Insights
Based on property information with market context.
This 1982 duplex provides approximately 1,820 square feet of living space on a 6,251-square-foot lot. Each residence has an open floor plan, central HVAC, ceramic tile flooring, an individual laundry closet, and a small kitchen-access patio with a metal awning. The units are separately metered. Unit A includes washer and dryer hookups, while Unit B’s existing washer and dryer convey AS IS. The roof was replaced in 2016, and one kitchen plus both bathrooms were updated that year. Unit B also has a newer bathtub with subway tile surround.
The front yard is fully fenced and currently used by Unit A. Unit B has driveway parking, while Unit A uses street parking. The property offers access to US 19 and I-275 and is near shopping, dining, services, St. Pete-Clearwater International Airport, Tampa International Airport, and Gulf beaches. There is no HOA.
The front yard is fully fenced and currently used by Unit A. Unit B has driveway parking, while Unit A uses street parking. The property offers access to US 19 and I-275 and is near shopping, dining, services, St. Pete-Clearwater International Airport, Tampa International Airport, and Gulf beaches. There is no HOA.
Key Highlights
- Approximately 1,820 square feet of living space on a 6,251‑square‑foot lot
- Two separate units with individual metering, central HVAC, patios, and laundry closets
- 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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered residences offer central HVAC, patios, and individual laundry closets.
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: Approximately 1,820 square feet of living space on a 6,251‑square‑foot lot; Two separate units with individual metering, central HVAC, patios, and laundry closets; Roof replaced in 2016; one kitchen and both bathrooms updated in 2016
