Updated Two-Unit
For Sale
$475,000
612 S LINCOLN Avenue, Clearwater, FL 33756
Residential Income, CLEARWATER, FL
Property Size1,720 SF
Lot Size0.15 Acres
Price / SF$276.16
Days on Market182
Property Features for 612 S LINCOLN Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 5, Family Room, Laundry Room
Pets allowed
Yes
Interior features
Kitchen/Family Room Combo, Stone Counters, Thermostat
Exterior features
Private Mailbox
Subdivision
LEMBO SUB
Directions
From Gulf-to-Bay BLVD, turn S onto S. Lincoln Ave. Property will be on your right in 0.2 mi.
Standard status
Active
APN
15-29-15-51066-000-0120
Size
1,720 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LEMBO SUB E 76FT OF LOT 12
Tax Annual Amount
5591
Legal Description
LEMBO SUB E 76FT OF LOT 12
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
laundry room
Building Details
Year built
1963
Building materials
Block
Roof type
Built-Up
Listing Agency:
DALTON WADE INC
(888) 668-8283
Listed By:
Cuc Dinh · License #3369422
(727) 858-3450
Added: Apr 3
Changed: Oct 1
Last Checked: Oct 1 at 9:06PM
MLS# TB8493976
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 1963 block duplex contains two residences: one with two bedrooms and one bathroom, and another with three bedrooms and one bathroom. The 1,720-square-foot building has updated kitchens and bathrooms, tile floors, stone counters, and stainless steel appliances. Each unit has its own laundry room with room for storage. Central air conditioning and electric heat serve the property, with public water and sewer connections.
The parcel totals 0.15 acres. Most of the property is in flood zone X, while a small corner falls within zone AE. The property is reported with a 6.9 CAP rate.
The parcel totals 0.15 acres. Most of the property is in flood zone X, while a small corner falls within zone AE. The property is reported with a 6.9 CAP rate.
Key Highlights
- Two‑unit duplex with 2‑bedroom/1‑bath and 3‑bedroom/1‑bath residences
- 1,720 square feet in a 1963 block building
- Updated kitchens and bathrooms, tile flooring, stone counters, and stainless steel appliances
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
$23,724
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
4.99%
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%
$474,480
$474.5K
Cap Rate 7%
$338,914
$338.9K
Cap Rate 9%
$263,600
$263.6K
Market Conditions
NOI Build-Up for 1,720 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
$36.1K $21.00/SF
− Vacancy
−$2.2K −$1.30/SF
EGI
$33.9K $19.70/SF
− OpEx
−$10.2K −$5.91/SF
NOI
$23.7K $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%
$474,480
Cap Rate 7%
$338,914
Cap Rate 9%
$263,600
Alternative Uses
Best Use
Multifamily LT 5
$338.9K
$296.6K – $395.4K
NOI $23,724 @ 7.0% cap · market cap 4.99%
Second Best
Apartment 5plus
$303.3K
$265.4K – $353.8K
NOI $21,228 @ 7.0% cap · market cap 4.47%
Theoretical Best
Office A
$482.6K
$422.2K – $563.0K
NOI $33,779 @ 7.0% cap · market cap 7.11%
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
2,663
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
Check the figures for this property
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 - Both residences have refreshed kitchens and bathrooms, tile flooring, and individual laundry rooms with storage space.
Where is this duplex located?
The property is located at 612 S LINCOLN Avenue Clearwater, FL.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Two‑unit duplex with 2‑bedroom/1‑bath and 3‑bedroom/1‑bath residences; 1,720 square feet in a 1963 block building; Updated kitchens and bathrooms, tile flooring, stone counters, and stainless steel appliances
