Clearwater Multifamily Investment
For Sale
Contact for pricing
Pending
411 S Nimbus Ave, Clearwater, FL 33765
Fully occupied 10-unit multifamily property in Clearwater, Florida.
Property Size8,576 SF
Lot Size0.33 Acres
Days on Market165
Property Features for 411 S Nimbus Ave
General Information
Standard status
Pending
Size
8,576 SF
Total Parking Spaces
12
Lot size
0.33 Acres
Property subtype
Multifamily
Zoning
C
Building Details
Year Built
1970
Year Renovated
2025
Buildings
1
Stories
2
Units
10
Listing Agency:
Roma Management
Listed By:
Sam Colucci · License #FSBO, FLBO
Source:
Crexi
Added: Mar 5
Changed: Aug 8
Last Checked: Aug 16 at 5:27PM
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 fully occupied, well-maintained 10-unit multifamily property located in Clearwater, Florida. The property features eight 1-bedroom/1-bath units, each approximately 800 sq. ft., and two 2-bedroom/1-bath units, each approximately 975 sq. ft., totaling 7,580 heated square feet on a 14,300 sq. ft. lot. The property includes 10 on-site parking spaces and a private swimming pool. Recent capital improvements include new hurricane-rated windows, updated electrical service, fresh exterior paint, and a newly sealed and striped parking lot. Constructed with durable concrete block, the property benefits from low maintenance requirements and a stable tenant base. The location offers convenient access to key amenities and employment centers, being 15 minutes from Clearwater Beach, 5 minutes from Crest Lake Park and Glen Oaks Park, and within walking distance to public transit and Clearwater High School. This asset presents an opportunity for investors seeking reliable income and long-term appreciation.
Key Highlights
- Fully occupied 10‑unit multifamily property in desirable Pinellas County.
- Recent capital improvements including new hurricane‑rated windows, updated electrical service, fresh exterior paint, and newly sealed/striped parking lot.
- Attractive tenant amenities, including a private swimming pool.
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
$105,845
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
4.08%
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%
$2,116,900
$2.1M
Cap Rate 7%
$1,512,071
$1.5M
Cap Rate 9%
$1,176,056
$1.2M
Market Conditions
NOI Build-Up for 8,576 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
$205.8K $24.00/SF
− Vacancy
−$13.4K −$1.56/SF
EGI
$192.4K $22.44/SF
− OpEx
−$86.6K −$10.10/SF
NOI
$105.8K $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%
$2,116,900
Cap Rate 7%
$1,512,071
Cap Rate 9%
$1,176,056
Alternative Uses
Best Use
Apartment 5plus
$1.51M
$1.32M – $1.76M
NOI $105,845 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.41M
$2.11M – $2.81M
NOI $168,425 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,559
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 - Fully occupied 10-unit multifamily property in Clearwater, Florida.
Where is this apartment building located?
The property is located at 411 S Nimbus Ave Clearwater, FL.
What is the asking price?
The asking price for this property is $2,595,000.
What are key features of this property?
This property features: Fully occupied 10‑unit multifamily property in desirable Pinellas County.; Recent capital improvements including new hurricane‑rated windows, updated electrical service, fresh exterior paint, and newly sealed/striped parking lot.; Attractive tenant amenities, including a private swimming pool.
