6-Unit Apartment
For Sale
$1,200,000
400 S METEOR AVE, Clearwater, FL 33765
Updated, occupied residences feature individually metered electric service and shared laundry with app-based payment.
Property Size4,098 SF
Price / SF$292.83
Days on Market264
Property Features for 400 S METEOR AVE
General Information
Standard status
Active
Size
4,098 SF
Property subtype
Multi-Family 5+
Site & Location
Neighborhood
Skycrest Neighborhood Assoc.
Highway Access
Yes
Units
Unit Mix
1 x 2BR/2BA, 1 x 1BR/2BA, 4 x 1BR/1BA
Multifamily Units
6
Individually Metered Utilities
electricity
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$18,853
Amenities
laundry room
Building Details
Building Size
4,098 SF
Year Built
1969
Buildings
1
Construction
concrete block
Listing Agency:
CHARLES RUTENBERG REALTY INC
Listed By:
Gail Johnston · License #599968
(866) 580-6402
Source:
Burwellrealestate
Added: Feb 9
Changed: Oct 31
Last Checked: Oct 31 at 3:45AM
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 CHARLES RUTENBERG REALTY INC
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Investment Insights
Based on property information with market context.
This 4,098-square-foot apartment building was constructed in 1969 using concrete block. Its six updated units comprise one 2-bedroom/2-bath residence, one 1-bedroom/2-bath residence and four 1-bedroom/1-bath residences. All units are occupied. Electric service is metered separately for each unit, and the shared laundry room has washers and dryers with payment through a phone application.
The property is near US-19, with routes toward Tampa and St. Petersburg. Downtown Clearwater, Coachman Park, Clearwater Beach and Morton Plant Hospital are also identified nearby, along with local dining and shopping.
The property is near US-19, with routes toward Tampa and St. Petersburg. Downtown Clearwater, Coachman Park, Clearwater Beach and Morton Plant Hospital are also identified nearby, along with local dining and shopping.
Key Highlights
- Six units: one 2‑bedroom/2‑bath, one 1‑bedroom/2‑bath and four 1‑bedroom/1‑bath
- 4,098 square feet; built in 1969
- Concrete block construction
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$50,578
Cap Rate
4.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,011,560
$1.0M
Cap Rate 7%
$722,543
$722.5K
Cap Rate 9%
$561,978
$562.0K
Market Conditions
NOI Build-Up for 4,098 SF
Gross rent
$98.4K $24.00/SF
− Vacancy
−$6.4K −$1.56/SF
EGI
$92.0K $22.44/SF
− OpEx
−$41.4K −$10.10/SF
NOI
$50.6K $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 Rate 5%
$1,011,560
Cap Rate 7%
$722,543
Cap Rate 9%
$561,978
Alternative Uses
Best Use
Apartment 5plus
$722.5K
$632.2K – $843.0K
NOI $50,578 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,481 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,476
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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Updated, occupied residences feature individually metered electric service and shared laundry with app-based payment.
Where is this apartment building located?
The property is located at 400 S METEOR AVE Clearwater, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Six units: one 2‑bedroom/2‑bath, one 1‑bedroom/2‑bath and four 1‑bedroom/1‑bath; 4,098 square feet; built in 1969; Concrete block construction
