Duplex with Renovation
New
For Sale
$385,000
3015 ST JOHN Drive, Clearwater, FL 33759
Residential Income, CLEARWATER, FL
Property Size2,054 SF
Lot Size0.29 Acres
Price / SF$187.44
Days on Market2
Property Features for 3015 ST JOHN Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 3, Bathroom 2, Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 4, Bathroom 1
Interior features
Primary Bedroom Main Floor, Thermostat
Exterior features
Private Mailbox, Sidewalk
Subdivision
SALLS LAKE PARK
Directions
From FL 590 W, Turn right onto Lawrence Dr. Turn Right onto St. John Dr.
Standard status
Active
APN
04-29-16-78583-000-0330
Size
2,054 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SALLS' LAKE PARK UNIT "B" LOT 33
Tax Annual Amount
3592
Legal Description
SALLS' LAKE PARK UNIT "B" LOT 33
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1973
Building materials
Block, Stucco
Roof type
Shingle
Listing Agency:
CHARLES RUTENBERG REALTY INC
(727) 538-9200
Listed By:
Lance Willard LLC · License #3384517
(727) 487-1894
Added: Sep 14
Changed: Sep 15
Last Checked: Sep 15 at 7:06AM
MLS# TB8547805
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 2,054-square-foot duplex contains two separate 2-bedroom, 2-bath residences, each with a 1-car garage. One unit is ready for occupancy, while the other needs interior and exterior renovation. The east-side garage is currently configured as storage and would require conversion to restore garage use. Block and stucco construction, central heating and cooling, public water and sewer, and a shingle roof define the existing improvements.
The property occupies 0.29 acres at 3015 St John Drive in Clearwater, Florida 33759. Multifamily zoning supports the current duplex configuration. Major component updates include a 2024 roof and HVAC systems installed in 2022 and 2018. The property has remained with the same family since 1973 and offers a substantial existing residential income asset with renovation work still required.
The property occupies 0.29 acres at 3015 St John Drive in Clearwater, Florida 33759. Multifamily zoning supports the current duplex configuration. Major component updates include a 2024 roof and HVAC systems installed in 2022 and 2018. The property has remained with the same family since 1973 and offers a substantial existing residential income asset with renovation work still required.
Key Highlights
- 2,054‑square‑foot duplex with two 2‑bedroom, 2‑bath residences
- Each unit includes a 1‑car garage; east‑side garage is currently used as storage
- 0.29‑acre lot with multifamily zoning
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
$28,331
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
7.36%
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%
$566,620
$566.6K
Cap Rate 7%
$404,729
$404.7K
Cap Rate 9%
$314,789
$314.8K
Market Conditions
NOI Build-Up for 2,054 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
$43.1K $21.00/SF
− Vacancy
−$2.7K −$1.30/SF
EGI
$40.5K $19.70/SF
− OpEx
−$12.1K −$5.91/SF
NOI
$28.3K $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%
$566,620
Cap Rate 7%
$404,729
Cap Rate 9%
$314,789
Alternative Uses
Best Use
Multifamily LT 5
$404.7K
$354.1K – $472.2K
NOI $28,331 @ 7.0% cap · market cap 7.36%
Second Best
Apartment 5plus
$362.1K
$316.9K – $422.5K
NOI $25,350 @ 7.0% cap · market cap 6.58%
Theoretical Best
Office A
$576.3K
$504.2K – $672.3K
NOI $40,339 @ 7.0% cap · market cap 10.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
523
Businesses Nearby
Explore this area
Business Placement
Demographics for 33759, FL
18,316
Population
8,821
Households
2.1
Avg Household Size
44
Median Age
37%
College-Educated
91%
High-School Grad
5.3 sq mi
ZIP Area
3,456
Density / Sq Mi
$63,804
Median Household Income
$46,213
Median Earnings
$1,771
Median Rent
$295,000
Median Home Value
Check the figures for this property
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 attached residences provide separate living spaces, private garages, and a multifamily layout on a generous Clearwater lot.
Where is this duplex located?
The property is located at 3015 ST JOHN Drive Clearwater, FL.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 2,054‑square‑foot duplex with two 2‑bedroom, 2‑bath residences; Each unit includes a 1‑car garage; east‑side garage is currently used as storage; 0.29‑acre lot with multifamily zoning
