Two-Unit
For Sale
$325,000
2238 Evans Rd, Clearwater, FL 33763
The current layout supports renovation or continued rental use, with redevelopment also subject to applicable approvals.
Property Size1,007 SF
Lot Size0.22 Acres
Price / SF$322.74
Days on Market20
Property Features for 2238 Evans Rd
General Information
Standard status
Active
Size
1,007 SF
Lot size
0.22 Acres
Property subtype
Residential Income
Listing Agency:
EXP REALTY LLC
(866) 308-7109
Listed By:
Britany Falgione · License #3402705
(727) 244-0913
Source:
Exprealty
Added: Sep 12
Changed: Oct 1
Last Checked: Oct 1 at 2:05PM
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 EXP REALTY LLC
Investment Insights
Based on property information with market context.
This duplex contains two units on a parcel measuring approximately 75 by 130 feet. The existing buildings may be renovated for rental use, while redevelopment or subdivision could be explored subject to applicable governmental approvals and independent verification. There are no mandatory HOA fees.
Key Highlights
- Two‑unit duplex on an approximately 75‑by‑130‑foot parcel
- No mandatory HOA fees
- Potential to explore subdivision or redevelopment, subject to governmental approvals and independent verification
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
$13,890
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
4.27%
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%
$277,800
$277.8K
Cap Rate 7%
$198,429
$198.4K
Cap Rate 9%
$154,333
$154.3K
Market Conditions
NOI Build-Up for 1,007 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
$21.1K $21.00/SF
− Vacancy
−$1.3K −$1.30/SF
EGI
$19.8K $19.70/SF
− OpEx
−$6.0K −$5.91/SF
NOI
$13.9K $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%
$277,800
Cap Rate 7%
$198,429
Cap Rate 9%
$154,333
Alternative Uses
Best Use
Multifamily LT 5
$198.4K
$173.6K – $231.5K
NOI $13,890 @ 7.0% cap · market cap 4.27%
Second Best
Apartment 5plus
$177.5K
$155.4K – $207.1K
NOI $12,428 @ 7.0% cap · market cap 3.82%
Theoretical Best
Office A
$282.5K
$247.2K – $329.6K
NOI $19,777 @ 7.0% cap · market cap 6.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,393
Businesses Nearby
Explore this area
Business Placement
Demographics for 33763, FL
18,981
Population
11,638
Households
1.6
Avg Household Size
58
Median Age
28%
College-Educated
93%
High-School Grad
3.4 sq mi
ZIP Area
5,583
Density / Sq Mi
$53,552
Median Household Income
$36,730
Median Earnings
$1,447
Median Rent
$215,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - The current layout supports renovation or continued rental use, with redevelopment also subject to applicable approvals.
Where is this duplex located?
The property is located at 2238 Evans Rd Clearwater, FL.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two‑unit duplex on an approximately 75‑by‑130‑foot parcel; No mandatory HOA fees; Potential to explore subdivision or redevelopment, subject to governmental approvals and independent verification
