Updated Duplex with
New
For Sale
$385,000
604 MCLENNAN STREET, Clearwater, FL 33756
Two one-bedroom units feature refreshed interiors and outdoor gathering space.
Property Size1,120 SF
Price / SF$343.75
Days on Market4
Property Features for 604 MCLENNAN STREET
General Information
Standard status
Active
Size
1,120 SF
Property subtype
Duplex
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Amenities
fire pit
deck
Building Details
Year Built
1927
Buildings
1
Listing Agency:
BHHS FLORIDA PROPERTIES GROUP
(813) 694-7505
Listed By:
Jessica Urbina · License #3629714
(904) 687-7876
Source:
Endlesssummerrealty
Added: Sep 14
Changed: Sep 17
Last Checked: Sep 16 at 3:44PM
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 BHHS FLORIDA PROPERTIES GROUP
Investment Insights
Based on property information with market context.
This duplex contains two separate one-bedroom, one-bathroom units within 1,120 square feet. Interior updates include modern flooring and paint, newer kitchen cabinets with backsplash accents, and renovated bathrooms finished with floor and wall tile. New toilets, sinks, and fixtures complete the bathroom improvements. The property was built in 1927.
Outdoor improvements include a large deck and fire pit, creating an additional area for gatherings. The duplex configuration supports occupying one unit while leasing the other, subject to applicable requirements. The property is located in Clearwater, Florida, with restaurants, golf courses, airports, shopping centers, and Clearwater Beach identified among the surrounding points of interest.
Outdoor improvements include a large deck and fire pit, creating an additional area for gatherings. The duplex configuration supports occupying one unit while leasing the other, subject to applicable requirements. The property is located in Clearwater, Florida, with restaurants, golf courses, airports, shopping centers, and Clearwater Beach identified among the surrounding points of interest.
Key Highlights
- Two‑unit duplex with 1 bedroom and 1 bathroom in each unit
- 1,120 square feet; built in 1927
- Updated flooring and interior paint throughout
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
$15,448
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
4.01%
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%
$308,960
$309.0K
Cap Rate 7%
$220,686
$220.7K
Cap Rate 9%
$171,644
$171.6K
Market Conditions
NOI Build-Up for 1,120 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
$23.5K $21.00/SF
− Vacancy
−$1.5K −$1.30/SF
EGI
$22.1K $19.70/SF
− OpEx
−$6.6K −$5.91/SF
NOI
$15.4K $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%
$308,960
Cap Rate 7%
$220,686
Cap Rate 9%
$171,644
Alternative Uses
Best Use
Multifamily LT 5
$220.7K
$193.1K – $257.5K
NOI $15,448 @ 7.0% cap · market cap 4.01%
Second Best
Apartment 5plus
$197.5K
$172.8K – $230.4K
NOI $13,823 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$314.2K
$275.0K – $366.6K
NOI $21,996 @ 7.0% cap · market cap 5.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,118
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
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Duplex - Two one-bedroom units feature refreshed interiors and outdoor gathering space.
Where is this duplex located?
The property is located at 604 MCLENNAN STREET Clearwater, FL.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Two‑unit duplex with 1 bedroom and 1 bathroom in each unit; 1,120 square feet; built in 1927; Updated flooring and interior paint throughout
