Apartment Building with
For Sale
$875,000
411 PLEASANT Street, Clearwater, FL 33755
MULTI_FAMILY - CLEARWATER, FL
Property Size3,134 SF
Lot Size0.13 Acres
Price / SF$279.20
Days on Market69
Property Features for 411 PLEASANT Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
25
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 16, Bedroom 9, Bedroom 14, Bedroom 22, Bedroom 10, Bathroom 3, Bathroom 5, Bedroom 24, Bathroom 1, Bedroom 18, Bedroom 20, Bedroom 2, Bedroom 3, Bedroom 5, Bedroom 17, Bedroom 13, Bedroom 21, Bedroom 4, Bedroom 7, Bedroom 1, Bedroom 11, Bedroom 8, Bedroom 19, Bathroom 2, Bedroom 23, Bathroom 4, Bedroom 25, Bedroom 12, Bedroom 15, Bedroom 6
Pets allowed
Yes
Pool private
1
Interior features
Ceiling Fans(s)
Exterior features
Courtyard
Appliances
Dryer, Washer
Subdivision
NORTH SHORE PARK
Directions
Take US19 towards Clearwater Beach exit...follow GPS...property is on pleasant st left side
Standard status
Active
APN
04-29-15-61488-006-0010
Size
3,134 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
NORTH SHORE PARK BLK 6, LOT 1
Tax Annual Amount
5213
Legal Description
NORTH SHORE PARK BLK 6, LOT 1
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Water source
Public
Amenities
community pool
Building Details
Year built
1951
Floors in Building
1
Flooring type
Vinyl, Laminate
Building materials
Block, Stucco
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
RE/MAX ALLIANCE GROUP · RE/MAX International
(727) 845-4321
Listed By:
Michael Constantine · License #3278539
(727) 415-0922
Added: Jun 3
Changed: Aug 7
Last Checked: Aug 10 at 8:06AM
MLS# W7886599
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Clearwater apartment property contains 3,134 square feet across five separate apartments: three one-bedroom, one-bath units, one two-bedroom, one-bath unit, and one efficiency. The 0.13-acre site includes a private pool and courtyard, with block and stucco construction, shingle roofing, vinyl and laminate flooring, ceiling fans, central electric heating, and in-unit washer and dryer appliances. The building dates to 1951.
Located at 409 and 411 Pleasant Street in Clearwater, the property is approximately 5–10 minutes from Clearwater Beach and near shopping, dining, entertainment, and tourist attractions. Public water and public sewer serve the property.
Located at 409 and 411 Pleasant Street in Clearwater, the property is approximately 5–10 minutes from Clearwater Beach and near shopping, dining, entertainment, and tourist attractions. Public water and public sewer serve the property.
Key Highlights
- Five separate apartments with three 1‑bedroom/1‑bath units, one 2‑bedroom/1‑bath unit, and one efficiency apartment
- 3,134 square feet on a 0.13‑acre site
- Private pool and courtyard
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
$43,227
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
4.94%
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%
$864,540
$864.5K
Cap Rate 7%
$617,529
$617.5K
Cap Rate 9%
$480,300
$480.3K
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
$65.8K $21.00/SF
− Vacancy
−$4.1K −$1.30/SF
EGI
$61.8K $19.70/SF
− OpEx
−$18.5K −$5.91/SF
NOI
$43.2K $13.79/SF
Area
Clearwater, FL
Vacancy
6.17%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
30.00%
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%
$864,540
Cap Rate 7%
$617,529
Cap Rate 9%
$480,300
Alternative Uses
Best Use
Multifamily LT 5
$617.5K
$540.3K – $720.5K
NOI $43,227 @ 7.0% cap · market cap 4.94%
Second Best
Apartment 5plus
$552.6K
$483.5K – $644.7K
NOI $38,680 @ 7.0% cap · market cap 4.42%
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
Property Profile
Current Use
Lease Details
5
Residential units
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
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 - Five-unit rental property with varied apartment layouts, private pool, courtyard, and public water and sewer service.
Where is this apartment building located?
The property is located at 411 PLEASANT Street 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: Five separate apartments with three 1‑bedroom/1‑bath units, one 2‑bedroom/1‑bath unit, and one efficiency apartment; 3,134 square feet on a 0.13‑acre site; Private pool and courtyard
