Updated 18-Unit Apartment
For Sale
$3,400,000
600 Wildwood Way, Clearwater, FL 33756
Recently improved multifamily property with renovated units and a tenant parking lot near Clearwater Beach.
Property Size18,540 SF
Days on Market25
Property Features for 600 Wildwood Way
General Information
Standard status
Active
Size
18,540 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
18
Amenities
parking lot
Building Details
Building Size
18,540 SF
Year Built
1972
Listing Agency:
Grimaldi Commercial Realty Corp
(813) 245-7333
Listed By:
David Rosenthal · License #SL3346176
(813) 245-7333
Source:
Grimaldicommercialrealty
Added: Aug 8
Changed: Aug 31
Last Checked: Aug 31 at 1:57PM
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 Grimaldi Commercial Realty Corp
Investment Insights
Based on property information with market context.
This 18-unit apartment property in Clearwater, Florida, was built in 1972 and has received substantial improvements during the past three years. Unit upgrades include new flooring, kitchens, appliances, electrical panels, and updated HVAC systems. The property is configured for apartment use and includes a parking lot serving tenants and guests.
The asset is located minutes from Clearwater Beach, providing proximity to one of the area’s best-known destinations. Projected cap rates are 6% for 2026, 6.5% for 2027, and 7% for 2028.
The asset is located minutes from Clearwater Beach, providing proximity to one of the area’s best-known destinations. Projected cap rates are 6% for 2026, 6.5% for 2027, and 7% for 2028.
Key Highlights
- 18‑unit apartment property in Clearwater, FL
- Unit improvements completed during the past 3 years
- New flooring, kitchens, appliances, and electrical panels
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
$228,821
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
6.73%
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%
$4,576,420
$4.6M
Cap Rate 7%
$3,268,871
$3.3M
Cap Rate 9%
$2,542,456
$2.5M
Market Conditions
NOI Build-Up for 18,540 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
$445.0K $24.00/SF
− Vacancy
−$28.9K −$1.56/SF
EGI
$416.0K $22.44/SF
− OpEx
−$187.2K −$10.10/SF
NOI
$228.8K $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%
$4,576,420
Cap Rate 7%
$3,268,871
Cap Rate 9%
$2,542,456
Alternative Uses
Best Use
Apartment 5plus
$3.27M
$2.86M – $3.81M
NOI $228,821 @ 7.0% cap · market cap 6.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.20M
$4.55M – $6.07M
NOI $364,109 @ 7.0% cap · market cap 10.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
1,552
Businesses Nearby
Explore this area
Business Placement
Demographics for 33756, FL
31,807
Population
15,474
Households
2.1
Avg Household Size
48
Median Age
30%
College-Educated
91%
High-School Grad
7.2 sq mi
ZIP Area
4,418
Density / Sq Mi
$63,990
Median Household Income
$38,563
Median Earnings
$1,382
Median Rent
$335,800
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 - Recently improved multifamily property with renovated units and a tenant parking lot near Clearwater Beach.
Where is this apartment building located?
The property is located at 600 Wildwood Way Clearwater, FL.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: 18‑unit apartment property in Clearwater, FL; Unit improvements completed during the past 3 years; New flooring, kitchens, appliances, and electrical panels
