Updated Duplex with Separate
For Sale
$414,000
15588 59TH Street N, Clearwater, FL 33760
Residential Income, CLEARWATER, FL
Property Size1,820 SF
Lot Size0.14 Acres
Price / SF$227.47
Days on Market19
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
Bedroom 3, Bedroom 4, Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 2
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
central HVAC
ceramic tile flooring
individual laundry closets
patio area
fenced front yard
driveway parking
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 20
Last Checked: Aug 31 at 3:06AM
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. Both residences have open floor plans, central HVAC, ceramic tile flooring, individual laundry closets, and small kitchen-adjacent patios with metal awnings. Unit A includes washer and dryer hookups, while Unit B’s existing washer and dryer convey AS IS. Driveway parking serves Unit B, and Unit A uses street parking; the front yard is fully fenced and currently assigned to Unit A.
Built in 1982, the property has a shingle roof replaced in 2016. One kitchen and both bathrooms were updated that year, and Unit B includes a newer bathtub with a subway tile surround. The property has separately metered units, no HOA, public water and sewer, and R-4 zoning.
The address provides access to US 19 and I-275 and is near shopping, dining, services, St. Pete-Clearwater International Airport, Tampa International Airport, and Gulf beaches.
Built in 1982, the property has a shingle roof replaced in 2016. One kitchen and both bathrooms were updated that year, and Unit B includes a newer bathtub with a subway tile surround. The property has separately metered units, no HOA, public water and sewer, and R-4 zoning.
The address provides access to US 19 and I-275 and is near shopping, dining, services, St. Pete-Clearwater International Airport, Tampa International Airport, and Gulf beaches.
Key Highlights
- Two‑unit property with approximately 1,820 square feet of living space
- 6,251‑square‑foot lot with R‑4 zoning and no HOA
- Separately metered units with individual laundry closets and central HVAC
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
Yes
Utilities to site
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 patios, central HVAC, ceramic tile, and individual laundry areas.
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 property with approximately 1,820 square feet of living space; 6,251‑square‑foot lot with R‑4 zoning and no HOA; Separately metered units with individual laundry closets and central HVAC
