Updated Two-Unit
For Sale
Under Contract
$499,900
3166 DOWNING Street, Clearwater, FL 33759
Residential Income, CLEARWATER, FL
Property Size1,996 SF
Lot Size0.20 Acres
Price / SF$250.45
Days on Market343
Property Features for 3166 DOWNING Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
Interior features
Ceiling Fans(s)
Exterior features
Fence, Sidewalk, Sliding Doors
Fencing
Fenced
Subdivision
BAYEDGE TERRACE
Directions
Heading north on Bayshore Blvd make a right onto Downing St and duplex will be on the right.
Standard status
Active Under Contract
APN
16-29-16-03429-000-0050
Size
1,996 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
BAYEDGE TERRACE LOT 5
Tax Annual Amount
5561
Legal Description
BAYEDGE TERRACE LOT 5
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
laundry hookups
fenced backyard
Building Details
Year built
1974
Number of units
2
Building materials
Block
Roof type
Shingle
Listing Agency:
KELLER WILLIAMS TAMPA CENTRAL · Keller Williams Realty
(813) 865-0700
Listed By:
William Lolly · License #3328677
(813) 966-7446
Added: Oct 1, 2025
Changed: Sep 2
Last Checked: Sep 8 at 8:06PM
MLS# TB8433450
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 Clearwater duplex contains 1,996 square feet with two two-bedroom, one-bath residences on a 0.2-acre lot. Both units have updated kitchens featuring stainless steel appliances, quartz counters, white shaker cabinetry, laminate flooring in the living areas, and fresh paint. Sliding doors connect each residence to the shared fenced backyard, while individual one-car garages include laundry hookups. One bathroom has a standalone shower, and the other includes a shower/tub combination.
Constructed in 1974, the block property has a shingle roof, central air, electric heat, public water, and public sewer. The address is near St Rd 60, with the source information identifying access to downtown Clearwater, beaches, shopping, and dining. Additional exterior features include fencing, sidewalks, and sliding doors.
Constructed in 1974, the block property has a shingle roof, central air, electric heat, public water, and public sewer. The address is near St Rd 60, with the source information identifying access to downtown Clearwater, beaches, shopping, and dining. Additional exterior features include fencing, sidewalks, and sliding doors.
Key Highlights
- Two 2‑bedroom, 1‑bath units within a 1,996‑square‑foot duplex
- 0.2‑acre lot with shared fenced backyard
- Each unit includes a 1‑car garage with laundry hookups
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
$27,531
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
5.51%
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%
$550,620
$550.6K
Cap Rate 7%
$393,300
$393.3K
Cap Rate 9%
$305,900
$305.9K
Market Conditions
NOI Build-Up for 1,996 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
$41.9K $21.00/SF
− Vacancy
−$2.6K −$1.30/SF
EGI
$39.3K $19.70/SF
− OpEx
−$11.8K −$5.91/SF
NOI
$27.5K $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%
$550,620
Cap Rate 7%
$393,300
Cap Rate 9%
$305,900
Alternative Uses
Best Use
Multifamily LT 5
$393.3K
$344.1K – $458.9K
NOI $27,531 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$351.9K
$307.9K – $410.6K
NOI $24,635 @ 7.0% cap · market cap 4.93%
Theoretical Best
Office A
$560.0K
$490.0K – $653.3K
NOI $39,200 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
444
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
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 refreshed residences offer private garages, in-unit laundry hookups, and access to a shared fenced backyard.
Where is this duplex located?
The property is located at 3166 DOWNING Street Clearwater, FL.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units within a 1,996‑square‑foot duplex; 0.2‑acre lot with shared fenced backyard; Each unit includes a 1‑car garage with laundry hookups
