Duplex with Private
For Sale
$525,000
1863 AUDREY DRIVE, Clearwater, FL 33759
Duplex offers two separate 3-bedroom, 2-bath units with private entrances and separate utility metering for water and power.
Property Size2,274 SF
Price / SF$230.87
Days on Market49
Property Features for 1863 AUDREY DRIVE
General Information
Standard status
Active
Size
2,274 SF
Property subtype
Duplex
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1959
Year Renovated
2017
Listing Agency:
PROFESSIONAL REAL ESTATE MGMT
(727) 447-5100
Listed By:
Robyn Humphreys · License #3394622
(904) 687-7876
Source:
Endlesssummerrealty
Added: Jul 18
Changed: Sep 3
Last Checked: Sep 4 at 6:07AM
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 PROFESSIONAL REAL ESTATE MGMT
Investment Insights
Based on property information with market context.
This duplex investment features two separate residential units, each configured as a 3-bedroom, 2-bath layout with private entrances. Both units have been extensively updated in 2017, and a new roof was installed in 2020. Water and power are metered separately for each unit, with tenants responsible for their own utilities.
The property is located at 1863 Audrey Drive in Clearwater, Florida, and is described as convenient to US-19 as well as shopping, dining, schools, parks, and Gulf Coast beaches.
For buyers seeking a two-unit income property with independently metered services and recent major improvements, this duplex presents a straightforward, owner-occupant or investor-ready configuration.
The property is located at 1863 Audrey Drive in Clearwater, Florida, and is described as convenient to US-19 as well as shopping, dining, schools, parks, and Gulf Coast beaches.
For buyers seeking a two-unit income property with independently metered services and recent major improvements, this duplex presents a straightforward, owner-occupant or investor-ready configuration.
Key Highlights
- Duplex built in 1959 with two separate 3‑bedroom, 2‑bath units
- Each unit has private entrances and separate utility metering for water and power
- Major improvements: new roof installed in 2020
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
$31,365
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
5.97%
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%
$627,300
$627.3K
Cap Rate 7%
$448,071
$448.1K
Cap Rate 9%
$348,500
$348.5K
Market Conditions
NOI Build-Up for 2,274 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
$47.8K $21.00/SF
− Vacancy
−$2.9K −$1.30/SF
EGI
$44.8K $19.70/SF
− OpEx
−$13.4K −$5.91/SF
NOI
$31.4K $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%
$627,300
Cap Rate 7%
$448,071
Cap Rate 9%
$348,500
Alternative Uses
Best Use
Multifamily LT 5
$448.1K
$392.1K – $522.8K
NOI $31,365 @ 7.0% cap · market cap 5.97%
Second Best
Apartment 5plus
$400.9K
$350.8K – $467.8K
NOI $28,066 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$638.0K
$558.2K – $744.3K
NOI $44,659 @ 7.0% cap · market cap 8.51%
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
773
Businesses Nearby
Explore this area
Business Placement
Demographics for 33759, FL
18,316
Population
8,821
Households
2.1
Avg Household Size
44
Median Age
37%
College-Educated
91%
High-School Grad
5.3 sq mi
ZIP Area
3,456
Density / Sq Mi
$63,804
Median Household Income
$46,213
Median Earnings
$1,771
Median Rent
$295,000
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 - Duplex offers two separate 3-bedroom, 2-bath units with private entrances and separate utility metering for water and power.
Where is this duplex located?
The property is located at 1863 AUDREY DRIVE Clearwater, FL.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Duplex built in 1959 with two separate 3‑bedroom, 2‑bath units; Each unit has private entrances and separate utility metering for water and power; Major improvements: new roof installed in 2020
