Duplex with Newer
New
For Sale
$450,000
2217 NORMAN DRIVE, Clearwater, FL 33765
Two-unit property featuring newer windows, doors, and a spacious backyard.
Property Size1,442 SF
Price / SF$312.07
Days on Market6
Property Features for 2217 NORMAN DRIVE
General Information
Standard status
Active
Size
1,442 SF
Property subtype
Duplex
Building Details
Year Built
1957
Listing Agency:
RE/MAX ACTION FIRST OF FLORIDA
(727) 531-2006
Listed By:
Ryan Repko · License #3368685
Source:
Dennisrealty
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 30 at 6:22PM
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 RE/MAX ACTION FIRST OF FLORIDA
Investment Insights
Based on property information with market context.
This duplex at 2217 Norman Drive contains 1,442 square feet and was built in 1957. The property includes newer windows and doors, along with a backyard providing additional outdoor space.
Located in Clearwater, the property sits just off Belcher Road in a residential neighborhood. The two-unit configuration and existing improvements provide a straightforward residential income property profile.
Located in Clearwater, the property sits just off Belcher Road in a residential neighborhood. The two-unit configuration and existing improvements provide a straightforward residential income property profile.
Key Highlights
- Duplex configuration with 1,442 square feet
- Newer windows and doors
- Backyard included
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
$19,890
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
4.42%
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%
$397,800
$397.8K
Cap Rate 7%
$284,143
$284.1K
Cap Rate 9%
$221,000
$221.0K
Market Conditions
NOI Build-Up for 1,442 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
$30.3K $21.00/SF
− Vacancy
−$1.9K −$1.30/SF
EGI
$28.4K $19.70/SF
− OpEx
−$8.5K −$5.91/SF
NOI
$19.9K $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%
$397,800
Cap Rate 7%
$284,143
Cap Rate 9%
$221,000
Alternative Uses
Best Use
Multifamily LT 5
$284.1K
$248.6K – $331.5K
NOI $19,890 @ 7.0% cap · market cap 4.42%
Second Best
Apartment 5plus
$254.2K
$222.5K – $296.6K
NOI $17,797 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$404.6K
$354.0K – $472.0K
NOI $28,320 @ 7.0% cap · market cap 6.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,508
Businesses Nearby
Explore this area
Business Placement
Demographics for 33765, FL
13,844
Population
6,873
Households
2
Avg Household Size
42
Median Age
29%
College-Educated
85%
High-School Grad
4.2 sq mi
ZIP Area
3,296
Density / Sq Mi
$61,910
Median Household Income
$40,535
Median Earnings
$1,585
Median Rent
$290,700
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-unit property featuring newer windows, doors, and a spacious backyard.
Where is this duplex located?
The property is located at 2217 NORMAN DRIVE Clearwater, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Duplex configuration with 1,442 square feet; Newer windows and doors; Backyard included
