For Sale
$325,000
2240 EVANS Road, Clearwater, FL 33763
Residential Income, CLEARWATER, FL
Property Size1,296 SF
Lot Size0.23 Acres
Price / SF$250.77
Days on Market23
Property Features for 2240 EVANS Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-4
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 3, Bathroom 1
Parking features
Driveway
Interior features
Ceiling Fans(s), Primary Bedroom Main Floor
Exterior features
Private Entrance, Private Mailbox, Sidewalk
Appliances
Electric Water Heater, Range, Refrigerator
Subdivision
BELLE HAVEN
Elementary school
Garrison-Jones Elementary-PN
Middle school
Palm Harbor Middle-PN
High school
Dunedin High-PN
Directions
From US-19 N, take the SR-580/Dunedin exit and head west on SR-580/Main Street. Turn right onto Belcher Road, then turn right onto Evans Road. The property will be on the left at 2240 Evans Road.
Standard status
Active
APN
30-28-16-07254-000-3200
Size
1,296 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BELLE HAVEN, UNIT B W 150FT OF E 305FT OF LOT 32
Tax Annual Amount
8780
Legal Description
BELLE HAVEN, UNIT B W 150FT OF E 305FT OF LOT 32
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Ductless (Heating)
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1959
Floors in Building
1
Flooring type
Vinyl, Linoleum
Building materials
Block
Roof type
Shingle
Listing Agency:
EXP REALTY LLC
(866) 308-7109
Listed By:
Britany Falgione · License #3402705
(727) 244-0913
Added: Sep 9
Changed: Oct 1
Last Checked: Oct 1 at 10:06PM
MLS# TB8547885
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 two-unit duplex contains 1,296 square feet on a 0.23-acre parcel measuring approximately 75 by 130 feet. Built in 1959, the block construction includes two bathrooms and three bedrooms. Interior features include ceiling fans and a main-floor primary bedroom; the property also has a private entrance and driveway parking.
The parcel is zoned R-4 and is served by public water and sewer. Existing improvements include a shingle roof, ductless heating, and wall or window air-conditioning units.
The parcel is zoned R-4 and is served by public water and sewer. Existing improvements include a shingle roof, ductless heating, and wall or window air-conditioning units.
Key Highlights
- Two‑unit duplex
- 1,296‑square‑foot building
- 0.23‑acre parcel, approximately 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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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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units occupy a block building on a 0.23-acre parcel.
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; 1,296‑square‑foot building; 0.23‑acre parcel, approximately 75 by 130 feet
