Clearwater Multifamily Investment
For Sale
Contact for pricing
Pending
401 S Comet Ave, Clearwater, FL 33765
Turn-key, six-unit multifamily property in a desirable Clearwater location.
Property Size7,044 SF
Days on Market165
Property Features for 401 S Comet Ave
General Information
Standard status
Pending
Size
7,044 SF
Property subtype
Multifamily
Zoning
HDR
Building Details
Year Built
1972
Listing Agency:
Roma Management
Listed By:
Sam Colucci · License #FSBO, FLBO
Source:
Crexi
Added: Mar 5
Changed: Aug 8
Last Checked: Jul 15 at 9:09PM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$86,937
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
5.13%
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%
$1,738,740
$1.7M
Cap Rate 7%
$1,241,957
$1.2M
Cap Rate 9%
$965,967
$966.0K
Market Conditions
NOI Build-Up for 7,044 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
$169.1K $24.00/SF
− Vacancy
−$11.0K −$1.56/SF
EGI
$158.1K $22.44/SF
− OpEx
−$71.1K −$10.10/SF
NOI
$86.9K $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%
$1,738,740
Cap Rate 7%
$1,241,957
Cap Rate 9%
$965,967
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,605
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
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Frequently Asked Questions
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.
