Clearwater Beach Duplex
For Sale
$899,000
Pending
664 MANDALAY AVENUE, Clearwater Beach, FL 33767
Income property one block from Clearwater Beach, perfect for rentals.
Property Size1,888 SF
Days on Market142
Property Features for 664 MANDALAY AVENUE
General Information
Standard status
Pending
Size
1,888 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,837
Amenities
Central air
Pool
Public Pool
Slate Roof
Central Air Cooling
Central Heating
Ductless Heating
Mini-Split Unit(s) Cooling
Building Details
Year Built
1946
Listing Agency:
SUNSTAR REAL ESTATE LLC
(727) 596-8200
Listed By:
TAYLOR HOLEVAS · License #3455299
(727) 330-4727
Source:
Corcoran
Added: Apr 20
Changed: Aug 10
Last Checked: Aug 9 at 7:38AM
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 SUNSTAR REAL ESTATE LLC
Investment Insights
Based on property information with market context.
This property is a duplex located one block from Clearwater Beach on Mandalay Avenue. The property contains two separate units, one upstairs and one downstairs, each featuring 2 bedrooms and 1 bathroom. Situated in the Tourist District, the property allows for short-term rentals. The property has been taken down to the studs and includes new A/C units, hurricane-impact windows, and drywall. The property is 1888 square feet. Nearby attractions include restaurants, charter fishing, dolphin tours, jet skiing, the Clearwater Marine Aquarium, and the Clearwater Beach Recreation Center with a pool, tennis courts, and fitness facilities. The property is suitable for short-term rentals, multi-family use, or as a personal beach residence with income potential.
Key Highlights
- One block from Clearwater Beach on Mandalay Avenue.
- Duplex configuration with two separate 2‑bedroom, 1‑bathroom units.
- Short‑term rental potential in the Tourist District.
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
$26,041
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
2.90%
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%
$520,820
$520.8K
Cap Rate 7%
$372,014
$372.0K
Cap Rate 9%
$289,344
$289.3K
Market Conditions
NOI Build-Up for 1,888 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
$39.6K $21.00/SF
− Vacancy
−$2.4K −$1.30/SF
EGI
$37.2K $19.70/SF
− OpEx
−$11.2K −$5.91/SF
NOI
$26.0K $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%
$520,820
Cap Rate 7%
$372,014
Cap Rate 9%
$289,344
Alternative Uses
Best Use
Multifamily LT 5
$372.0K
$325.5K – $434.0K
NOI $26,041 @ 7.0% cap · market cap 2.90%
Second Best
Apartment 5plus
$332.9K
$291.3K – $388.4K
NOI $23,302 @ 7.0% cap · market cap 2.59%
Theoretical Best
Office A
$529.7K
$463.5K – $618.0K
NOI $37,079 @ 7.0% cap · market cap 4.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
398
Businesses Nearby
Explore this area
Business Placement
Demographics for 33767, FL
8,462
Population
8,806
Households
1
Avg Household Size
64
Median Age
55%
College-Educated
97%
High-School Grad
2.0 sq mi
ZIP Area
4,231
Density / Sq Mi
$105,662
Median Household Income
$76,977
Median Earnings
$2,033
Median Rent
$704,800
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?
Duplex - Income property one block from Clearwater Beach, perfect for rentals.
Where is this duplex located?
The property is located at 664 MANDALAY AVENUE Clearwater Beach, FL.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: One block from Clearwater Beach on Mandalay Avenue.; Duplex configuration with two separate 2‑bedroom, 1‑bathroom units.; Short‑term rental potential in the Tourist District.
