Multifamily Rental Building with
411 PLEASANT ST, Clearwater, FL 33755
For Sale
$875,000
Pending
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 Market172
Property Features for 411 PLEASANT ST
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Additional Details
Business Included
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Tenancy
Listing Agency:
RE/MAX ALLIANCE GROUP
Listed By:
Michael Constantine · License #3278539
(727) 415-0922
Source:
Judibeck
Added: May 22
Changed: Nov 5
Last Checked: Nov 8 at 2:31PM
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
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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 / Yr
$38,680
Cap Rate
4.42%
Suggested Prices Based on Cap Rates
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
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 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.
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Open Analytics
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
$300,200
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Clearwater, FL
Properties on Market for Apartment buildings in Clearwater
Vacancy Rate% for Multifamily in South region
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
