Fully Stabilized 10-Unit
For Sale
$1,900,000
300 S NIMBUS AVENUE, Clearwater, FL 33765
Ten renovated units plus one original-condition unit in a two-story concrete-block walk-up with central HVAC and carport parking.
Property Size7,359 SF
Price / SF$258.19
Days on Market48
Property Features for 300 S NIMBUS AVENUE
General Information
Standard status
Active
Size
7,359 SF
Property subtype
Multi-Family 5+
Additional Details
Highway Access
Yes
Multifamily Units
10
Amenities
updated kitchens
stainless appliances
quartz counters
tile backsplash
vinyl-plank flooring
in-unit washer/dryer
central HVAC
carport parking
Building Details
Year Built
1964
Stories
2
Construction
concrete-block
Tenancy
Multi
Listing Agency:
RIDER REAL ESTATE
(404) 368-8072
Listed By:
William Gryboski · License #3463707
Source:
Dennisrealty
Added: Jul 11
Changed: Aug 25
Last Checked: Aug 26 at 8:35AM
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 RIDER REAL ESTATE
Investment Insights
Based on property information with market context.
This fully stabilized 10-unit apartment community is a two-story, concrete-block walk-up built in 1964. The property includes nine renovated units featuring updated kitchens with stainless appliances, quartz countertops, tile backsplash, vinyl-plank flooring, and in-unit washer/dryer. The remaining unit is a larger 2BR/2BA in original condition, offering renovate-to-premium upside. The current unit mix consists of three 1BR/1BA units, six 2BR/1BA units, and one 2BR/2BA unit. Central HVAC serves the community, and on-site parking is available via carport spaces.
Located in central Clearwater’s Sky Crest submarket, the property is minutes from Gulf-to-Bay Blvd and US-19, as well as downtown Clearwater and the Gulf beaches. Five units are currently month-to-month. The offering memorandum and financials are available on request, and showings are by appointment through the listing office; please do not disturb tenants.
Located in central Clearwater’s Sky Crest submarket, the property is minutes from Gulf-to-Bay Blvd and US-19, as well as downtown Clearwater and the Gulf beaches. Five units are currently month-to-month. The offering memorandum and financials are available on request, and showings are by appointment through the listing office; please do not disturb tenants.
Key Highlights
- Fully‑stabilized 10‑unit apartment community built in 1964
- Two‑story concrete‑block walk‑up with central HVAC and on‑site carport parking
- Unit mix includes three 1BR/1BA, six 2BR/1BA, and one 2BR/2BA
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
$90,825
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
4.78%
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%
$1,816,500
$1.8M
Cap Rate 7%
$1,297,500
$1.3M
Cap Rate 9%
$1,009,167
$1.0M
Market Conditions
NOI Build-Up for 7,359 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
$176.6K $24.00/SF
− Vacancy
−$11.5K −$1.56/SF
EGI
$165.1K $22.44/SF
− OpEx
−$74.3K −$10.10/SF
NOI
$90.8K $12.34/SF
Area
Clearwater, FL
Vacancy
6.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,816,500
Cap Rate 7%
$1,297,500
Cap Rate 9%
$1,009,167
Alternative Uses
Best Use
Apartment 5plus
$1.30M
$1.14M – $1.51M
NOI $90,825 @ 7.0% cap · market cap 4.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.06M
$1.81M – $2.41M
NOI $144,524 @ 7.0% cap · market cap 7.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,626
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Ten renovated units plus one original-condition unit in a two-story concrete-block walk-up with central HVAC and carport parking.
Where is this apartment building located?
The property is located at 300 S NIMBUS AVENUE Clearwater, FL.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Fully‑stabilized 10‑unit apartment community built in 1964; Two‑story concrete‑block walk‑up with central HVAC and on‑site carport parking; Unit mix includes three 1BR/1BA, six 2BR/1BA, and one 2BR/2BA
