Multifamily Rental Building with
For Sale
$875,000
Pending
411 PLEASANT ST, Clearwater, FL 33755
Five-unit rental building offers a mix of 1-bedroom, 2-bedroom, and efficiency apartments plus an on-site community pool.
Property Size3,134 SF
Days on Market124
Property Features for 411 PLEASANT ST
General Information
Standard status
Pending
Size
3,134 SF
Property subtype
Condo - Hotel
Additional Details
Business Included
Yes
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$5,213
Building Details
Building Size
3,134 SF
Year Built
1951
Tenancy
Multi
Listing Agency:
RE/MAX ALLIANCE GROUP
Listed By:
Michael Constantine · License #3278539
(727) 415-0922
Source:
Judibeck
Added: May 22
Changed: Sep 9
Last Checked: Sep 21 at 8:09AM
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 RE/MAX ALLIANCE GROUP
Investment Insights
Based on property information with market context.
This five-unit multifamily property is being offered as 409 and 411 Pleasant Street sold together. The rental mix includes three 1-bedroom/1-bath apartments, one 2-bedroom/1-bath apartment, and one efficiency unit. Tenants and guests can use a community pool on site, supporting a more complete residential experience for both residents and visitors.
The property is described as being steps from the ocean, with access to the area’s daily and visitor-oriented amenities. Clearwater Beach is noted as approximately 5–10 minutes away, and the remarks also indicate proximity to major shopping, dining, entertainment, and popular tourist attractions. WalkScore and bikeScore are listed as 61 and 70, respectively, with transitScore at 49.
For an owner seeking a small, diversified rental portfolio, the unit mix provides multiple apartment types within one building configuration. Current annual rental income is approximately $72,000 from long-term tenants, providing an established base for the property. The remarks also indicate that rental options could change depending on an owner’s preferences, which may influence future leasing strategy.
The property is described as being steps from the ocean, with access to the area’s daily and visitor-oriented amenities. Clearwater Beach is noted as approximately 5–10 minutes away, and the remarks also indicate proximity to major shopping, dining, entertainment, and popular tourist attractions. WalkScore and bikeScore are listed as 61 and 70, respectively, with transitScore at 49.
For an owner seeking a small, diversified rental portfolio, the unit mix provides multiple apartment types within one building configuration. Current annual rental income is approximately $72,000 from long-term tenants, providing an established base for the property. The remarks also indicate that rental options could change depending on an owner’s preferences, which may influence future leasing strategy.
Key Highlights
- Sold as 409 and 411 Pleasant Street (combined), a five‑unit rental building built in 1951
- Unit mix: three 1‑bedroom/1‑bath units, one 2‑bedroom/1‑bath unit, and one efficiency apartment
- Approx. $72,000 in current annual rental income from long‑term tenants
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
$38,680
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
4.42%
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%
$773,600
$773.6K
Cap Rate 7%
$552,571
$552.6K
Cap Rate 9%
$429,778
$429.8K
Market Conditions
NOI Build-Up for 3,134 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
$75.2K $24.00/SF
− Vacancy
−$4.9K −$1.56/SF
EGI
$70.3K $22.44/SF
− OpEx
−$31.6K −$10.10/SF
NOI
$38.7K $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%
$773,600
Cap Rate 7%
$552,571
Cap Rate 9%
$429,778
Alternative Uses
Best Use
Apartment 5plus
$552.6K
$483.5K – $644.7K
NOI $38,680 @ 7.0% cap · market cap 4.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$879.3K
$769.4K – $1.03M
NOI $61,549 @ 7.0% cap · market cap 7.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
395
Businesses Nearby
Explore this area
Business Placement
Demographics for 33755, FL
28,360
Population
11,872
Households
2.4
Avg Household Size
41
Median Age
25%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,156
Density / Sq Mi
$59,613
Median Household Income
$36,206
Median Earnings
$1,340
Median Rent
$300,200
Median Home Value
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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?
Apartment building - Five-unit rental building offers a mix of 1-bedroom, 2-bedroom, and efficiency apartments plus an on-site community pool.
Where is this apartment building located?
The property is located at 411 PLEASANT ST Clearwater, FL.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Sold as 409 and 411 Pleasant Street (combined), a five‑unit rental building built in 1951; Unit mix: three 1‑bedroom/1‑bath units, one 2‑bedroom/1‑bath unit, and one efficiency apartment; Approx. $72,000 in current annual rental income from long‑term tenants
