Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    606 Lembo Cir Clearwater, FL 33756-5984

    • Apartment buildings
    • 16,848 SF
    • 0.72 lot acres
    OFF-MARKET
    Value Estimations
    $2,455,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-8818532
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Apartment buildings

    Property Details for 606 Lembo Cir

    Year built
    1971
    Construction
    CONCRETE BLOCKS
    Lot size
    0.72 lot acres
    Property size
    16,848 SF
    Property type
    Apartment buildings
    APN
    15-29-15-51066-000-0090
    APU
    152915510660000090

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,452,000
      Market price range: $2.45M - $4.86M
      AI Estimate
      $2,452,000
      Market price range: $2.45M - $4.86M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $3,370,000
      Current use
      RETAIL STORES
      $3,505,000
      Change: +4% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $2,965,000
      Change: -12% Conversion: Difficult
      OFFICE BUILDING
      $2,860,000
      Change: -15% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $2,780,000
      Change: -18% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Clearwater
    County
    Pinellas
    State
    Florida
    Longitude
    -82.7864
    Latitude
    27.9589
    CBSA code
    45300
    CBSA name
    TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $26,023
    $0.00
    $0.00
    $1,350,000
    -
    $288,602
    $1,061,398
    $1,350,000

    Comparable in this City

    • Value Estimation
      $11,545,000
      79,314 SF

      380 Martin Luther King Jr Ave

      APARTMENT HOUSE (5+ UNITS) • 79,314 SF
      380 Martin Luther King Jr Ave, Clearwater, FL 33756-5731
      View Details
    • Value Estimation
      $5,220,000
      33,327 SF

      1167 Turner St

      APARTMENT HOUSE (5+ UNITS) • 33,327 SF
      1167 Turner St, Clearwater, FL 33756-9114
      View Details
    • Value Estimation
      $2,935,000
      20,176 SF

      1100 Turner St

      APARTMENT HOUSE (5+ UNITS) • 20,176 SF
      1100 Turner St, Clearwater, FL 33756-9113
      View Details
    • Value Estimation
      $1,360,000
      9,328 SF

      24 Fredrica Ave

      APARTMENT HOUSE (5+ UNITS) • 9,328 SF
      24 Fredrica Ave, Clearwater, FL 33756-7018
      View Details
    • Value Estimation
      $3,205,000
      14,340 SF

      1251 Jeffords St

      APARTMENT HOUSE (5+ UNITS) • 14,340 SF
      1251 Jeffords St, Clearwater, FL 33756
      View Details
    • Value Estimation
      $1,395,000
      9,598 SF

      1338 Pierce St

      APARTMENT HOUSE (5+ UNITS) • 9,598 SF
      1338 Pierce St, Clearwater, FL 33756-7001
      View Details

    Similar Nearby for Sale

    • $1,995,000
      7,736 SF

      Largo Multifamily Investment Opportunity

      Eight-unit multifamily property package in Largo, Florida.
      1114 1120&1128 Wyatt St, Largo, FL 33756
      View Details
    • $428,599

      Clearwater Duplex Investment Opportunity

      Well-maintained, renovated duplex near Gulf to Bay Blvd in Clearwater.
      523 Yelvington Ave, Clearwater, FL 33756
      View Details
    • $384,500
      1,316 SF

      Renovated Clearwater Duplex with Guest House

      Turnkey duplex with detached guest house, ideal for dual income.
      715 Wyatt St, Clearwater, FL 33756
      View Details
    • $700,000

      Clearwater Multifamily Property For Sale

      Multifamily property near Downtown Clearwater, waterfront, and Clearwater Beach.
      807 Turner St, Clearwater, FL 33756
      View Details
    • $695,000
      3,500 SF

      Clearwater Redevelopment Opportunity

      Prime 15,000 SF lot, vacant, mixed-use potential.
      409 Madison Ave, Clearwater, FL 33756
      View Details
    • $469,000

      Clearwater Triplex: Income Opportunity

      Remodeled Clearwater triplex near the beach, offering steady rental income.
      1529 Sadlon Ave, Clearwater, FL 33756
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      1,050 SF

      Retail Space in Clearwater, FL

      Retail space available for rent in Clearwater, Florida.
      1897 N Highland Ave, Clearwater, FL 33756
      View Details
    • Contact for pricing
      1,499 SF

      Retail Space on S Highland

      Retail space available on busy S Highland Ave.
      1224 S Highland Ave, Clearwater, FL 33756
      View Details
    • New
      $22 SF/Yr
      2,566 SF

      Landmark Clearwater Mixed-Use Property

      Upscale office and retail spaces in a prime Clearwater location.
      1465 S Fort Harrison Ave, Clearwater, FL 33756
      View Details
    • Contact for pricing
      9,360 SF

      Prime Clearwater Executive Suites

      Modern Offices, 1500-3000 sqft Available
      1250 Rogers St, Clearwater, FL 33756
      View Details
    • Contact for pricing

      Prime Clearwater Commercial Land

      Build-to-suit opportunity near Clearwater Beach
      830 Court St, Clearwater, FL 33756
      View Details
    • Contact for pricing
      738 SF

      Freestanding Building with Drive-Thru

      Freestanding building with drive-thru, multiple access points, and high visibility.
      1595 S Missouri Ave, Clearwater, FL 33756
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    606 Lembo Cir
    Clearwater, FL 33756-5984
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.