For Sale
$1,050,000

407 Jupiter AveClearwater, FL 33755

11-Unit Apartment Building, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional 11-unit apartment building presents a compelling value-add opportunity in Clearwater, Florida. Situated on a 0.27-acre lot at 407 S Jupiter Ave, 33755, this property boasts 3,100 net rentable square feet across two one-story buildings. Built in 1951 and renovated in 2020, the property features a new roof (installed November 2020), updated wind-rated windows, and newer individual/mini-split HVAC units. Currently operating at 100% occupancy, the property generates a strong NOI of $71,953, representing a 6.85% cap rate. A pro-forma analysis projects a significant increase to a 7.98% cap rate and $83,763 NOI with limited cosmetic improvements, offering a potential 15% NOI boost. The property benefits from its prime location in Pinellas County, close to Clearwater Beach, Downtown Clearwater, educational institutions, and hospitals, with ample employment opportunities nearby. Zoned commercial, this asset presents further upside potential through short-term or corporate rentals. The asking price is $1,050,000 ($95,455 per unit), and the seller is open to financing options for qualified buyers. The property is constructed of concrete block and is not located in a flood zone. This investment offers a blend of immediate income and significant future growth potential in a high-demand area. The property's location along the Gulf to Bay corridor (55,000 AADT) further enhances its appeal.

Highlights

  • Value-add opportunity with projected NOI increase to $83,763 and 7.98% cap rate.
  • Concrete block construction; not in a flood zone.
  • New roof installed November 2020.
  • Strong potential for short-term or corporate rentals.
  • Newer windows and mini-split HVAC units.
  • Commercially zoned; located on Gulf to Bay corridor (55,000 AADT).

Property Details for 407 Jupiter Ave

Property type
Apartment buildings
Square Feet
3,423 SF
Year Built/Renovated
1951/2020
Buildings
2
Stories
1
Lot Size (sq. ft)
11,761 SF
Units
11

Location Insight

City
Clearwater
County
Pinellas
State
Florida
Latitude
27.9615152
Longitude
-82.7655685
407 Jupiter Ave, Clearwater, Florida

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407 Jupiter Ave
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