Duplex on Oversized
New
For Sale
$325,000
2240 EVANS ROAD, Clearwater, FL 33763
Two existing units occupy a parcel measuring approximately 75 by 130 feet.
Property Size1,296 SF
Price / SF$250.77
Days on Market5
Property Features for 2240 EVANS ROAD
General Information
Standard status
Active
Size
1,296 SF
Property subtype
Duplex
Amenities
0.23 acres, Dimensions: 75x130
Shingle
Public Sewer
Additional parcels description:, Parcel Number: 30-28-16-07254-000-3200, Public Survey Range: 16, Public Survey Section: 30, Annual Amount: $8,779.8, Tax Block: 0000, Tax Book Number: 25-60, Legal Description: BELLE HAVEN, UNIT B W 150FT OF E 305FT OF LOT 32, Lot: 32, Year: 2025, Zoning: R-4
Linoleum, Luxury Vinyl
Wall/Window Unit(s)
Ductless
Listing ID: MFRTB8547885, Standard Status: Active, MLS Status: Active, Property Subtype: Duplex, On market as of 2026-09-27, 1 day on market, Special Conditions: None
Driveway
Elementary School: Garrison-Jones Elementary-PN, Middle School: Palm Harbor Middle-PN, High School: Dunedin High-PN
3 total bedrooms
Built in 1959, Living area: 1296, Living area units: Square Feet, Levels: One, Construction Materials: Block
Subdivision: BELLE HAVEN, MLS Area (Major): 33763 - Clearwater, County/Parish: Pinellas
2 total bathrooms
Street Lights
Cable Available, Electricity Connected, Public, Sewer Connected, Water Connected, Water Source: Public, 2 separate electric meters
Slab
Road Responsibility: Public Maintained Road, Road Surface: Paved
Private Entrance, Private Mailbox, Sidewalk
Ceiling Fans(s), Primary Bedroom Main Floor
Electric Water Heater, Range, Refrigerator, Other equipment: Private Entrance
Building Details
Year Built
1959
Listing Agency:
EXP REALTY LLC
(866) 308-7109
Listed By:
Britany Falgione · License #3402705
(727) 244-0913
Source:
Miharaandassociates
Added: Sep 27
Changed: Oct 1
Last Checked: Oct 1 at 11:28AM
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.
Built in 1959, this duplex contains two units within 1,296 square feet. The property sits on an approximately 75-by-130-foot parcel, with no mandatory HOA fees stated for the community.
The property is in Clearwater, near Downtown Dunedin, the Pinellas Trail, Honeymoon Island, waterfront parks, beaches, shopping, dining, and major roadways. The neighboring property at 2238 Evans Road is offered separately; together, the two parcels have approximately 150 feet of frontage. Any subdivision or redevelopment would require applicable approvals and independent verification.
The property is in Clearwater, near Downtown Dunedin, the Pinellas Trail, Honeymoon Island, waterfront parks, beaches, shopping, dining, and major roadways. The neighboring property at 2238 Evans Road is offered separately; together, the two parcels have approximately 150 feet of frontage. Any subdivision or redevelopment would require applicable approvals and independent verification.
Key Highlights
- Two‑unit duplex built in 1959
- 1,296 square feet of building area
- Approximate parcel dimensions: 75 by 130 feet
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
$17,876
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
5.50%
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%
$357,520
$357.5K
Cap Rate 7%
$255,371
$255.4K
Cap Rate 9%
$198,622
$198.6K
Market Conditions
NOI Build-Up for 1,296 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
$27.2K $21.00/SF
− Vacancy
−$1.7K −$1.30/SF
EGI
$25.5K $19.70/SF
− OpEx
−$7.7K −$5.91/SF
NOI
$17.9K $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%
$357,520
Cap Rate 7%
$255,371
Cap Rate 9%
$198,622
Alternative Uses
Best Use
Multifamily LT 5
$255.4K
$223.5K – $297.9K
NOI $17,876 @ 7.0% cap · market cap 5.50%
Second Best
Apartment 5plus
$228.5K
$199.9K – $266.6K
NOI $15,995 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$363.6K
$318.2K – $424.2K
NOI $25,452 @ 7.0% cap · market cap 7.83%
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two existing units occupy a parcel measuring approximately 75 by 130 feet.
Where is this duplex located?
The property is located at 2240 EVANS ROAD 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 built in 1959; 1,296 square feet of building area; Approximate parcel dimensions: 75 by 130 feet
