Fully Leased Triplex
For Sale
$467,000
725 NEW YORK ST, Clearwater, FL 33756
Triplex offers one vacant 2/1 and three leased units, including a 2023 roof on one 1/1.
Property Size1,375 SF
Price / SF$339.64
Days on Market101
Property Features for 725 NEW YORK ST
General Information
Standard status
Active
Size
1,375 SF
Property subtype
Triplex
Occupancy
100%
Additional Details
Multifamily Units
3
Building Details
Year Built
1948
Listing Agency:
COPELAND MORGAN LLC
(727) 235-7988
Listed By:
Jeremy Dinh · License #3574525
(408) 391-3060
Source:
Endlesssummerrealty
Added: Jul 23
Changed: Oct 29
Last Checked: Oct 30 at 3:10PM
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 COPELAND MORGAN LLC
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Investment Insights
Based on property information with market context.
This fully leased triplex includes one updated 2/1 unit and two 1/1 units. The 1/1 building has a new roof installed in 2023. The updated 2/1 unit features newer windows, appliances, and flooring and will be vacant upon closing, creating an immediate option for an owner-occupant while the remaining units stay leased.
Per the current rent roll, the property is generating $4,425 per month. The 2/1 unit is currently rented below market at $1,500 (stated potential of $1,600), and the 1/1 units are rented at $1,425 and $1,500. Located at 725 NEW YORK ST in Clearwater, FL 33756, the property is described as being just minutes from the gulf beaches.
Per the current rent roll, the property is generating $4,425 per month. The 2/1 unit is currently rented below market at $1,500 (stated potential of $1,600), and the 1/1 units are rented at $1,425 and $1,500. Located at 725 NEW YORK ST in Clearwater, FL 33756, the property is described as being just minutes from the gulf beaches.
Key Highlights
- Fully leased triplex generating $4,425 per month, with one 2/1 unit vacant at closing
- 2023 roof installed on the 1/1 building
- Updated 2/1 unit features newer windows, appliances, and flooring and is vacant at closing
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,965
Cap Rate
4.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$379,300
$379.3K
Cap Rate 7%
$270,929
$270.9K
Cap Rate 9%
$210,722
$210.7K
Market Conditions
NOI Build-Up for 1,375 SF
Gross rent
$28.9K $21.00/SF
− Vacancy
−$1.8K −$1.30/SF
EGI
$27.1K $19.70/SF
− OpEx
−$8.1K −$5.91/SF
NOI
$19.0K $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 Rate 5%
$379,300
Cap Rate 7%
$270,929
Cap Rate 9%
$210,722
Alternative Uses
Best Use
Multifamily LT 5
$270.9K
$237.1K – $316.1K
NOI $18,965 @ 7.0% cap · market cap 4.06%
Second Best
Apartment 5plus
$242.4K
$212.1K – $282.8K
NOI $16,970 @ 7.0% cap · market cap 3.63%
Theoretical Best
Office A
$385.8K
$337.6K – $450.1K
NOI $27,004 @ 7.0% cap · market cap 5.78%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
877
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Triplex offers one vacant 2/1 and three leased units, including a 2023 roof on one 1/1.
Where is this triplex located?
The property is located at 725 NEW YORK ST Clearwater, FL.
What is the asking price?
The asking price for this property is $467,000.
What are key features of this property?
This property features: Fully leased triplex generating $4,425 per month, with one 2/1 unit vacant at closing; 2023 roof installed on the 1/1 building; Updated 2/1 unit features newer windows, appliances, and flooring and is vacant at closing
