Clearwater Multifamily Investment
401 S Comet Ave, Clearwater, FL 33765
Turn-key, six-unit multifamily property in a desirable Clearwater location.
Type:Multifamily
Property size:
7,044 SFPrice / SF:
$240/SF- Added:
- Mar 5, 2026
- Days on Market:
- 114
- Last Refresh:
- Mar 16 at 2:53 pm
Property Features for 401 S Comet Ave
General Information
- Standard status
- Active
- Size
- 7,044 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1972
Listing office Roma Management
Listing date Mar 5, 2026
Source Crexi
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 Roma Management
HighLights
- Turn‑key, fully leased 6‑unit multifamily property providing immediate cash flow.
- Large 2‑bedroom/1‑bath units (approx. 1,200 SF) appealing to tenants.
- Durable concrete block construction minimizes maintenance costs.
- Prime location near Clearwater High School, downtown Clearwater, hospitals, shopping, and major transportation (US‑19 & SR‑60).
- Value‑add opportunities to increase revenue (utility billing, on‑site laundry).
- Located in a high‑demand Clearwater rental market.
Overview
This is a well-maintained, income-producing six-unit multifamily property in Clearwater. Ideal for new and experienced investors, this asset offers stable cash flow and durable construction. The two-story concrete block building comprises six units, each with two bedrooms and one bath, and approximately 1,200 square feet. Durable interior finishes help keep maintenance and operating costs low. The property is strategically located within walking distance of Clearwater High School and just minutes from downtown Clearwater, major hospitals, shopping, dining, and key transportation corridors including US-19 and SR-60. It benefits from strong tenant demand and convenient access to Tampa and St. Petersburg employment centers. The property is fully leased with a history of strong occupancy. Value-add opportunities include implementing tenant utility billing to increase monthly revenue, converting the existing storage building into an on-site laundry facility, and continuing to optimize rents in a growing Clearwater rental market. This represents an opportunity to acquire a stable, turn-key multifamily asset with upside potential in one of Pinellas County’s rental markets. The property size is 7,044 square feet.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $169.1k | $24.00 |
| − Vacancy | −$11.0k | −$1.56 |
| EGI | $158.1k | $22.44 |
| − OpEx | −$71.1k | −$10.10 |
| NOI | $86.9k | $12.34 |
7,044 SF · lease $24.00/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.24M
$1.09M – $1.45M
NOI $86,937 @ 7.0% cap · market cap 5.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,338 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Clearwater
- County
- Pinellas
- State
- Florida
- Longitude
- -82.7562004
- Latitude
- 27.961595
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Turn-key, six-unit multifamily property in a desirable Clearwater location.
Where is this apartment building located?
The property is located at 401 S Comet Ave Clearwater, FL.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: Turn‑key, fully leased 6‑unit multifamily property providing immediate cash flow.; Large 2‑bedroom/1‑bath units (approx. 1,200 SF) appealing to tenants.; Durable concrete block construction minimizes maintenance costs.
