407 Jupiter AveClearwater, FL 33755

Property Details for 407 Jupiter Ave

Year built

1951

Construction

CONCRETE BLOCKS

Lot size

0.27 AC

Property size (Sq ft)

2,140 SF

Property type

Apartment buildings

APN

14-29-15-00000-140-1600

APU

142915000001401600

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $602,964

  6.5%

  $556,582

  7%

  $516,826

• Comparable approach

  Method

  Valuation

  Relative Method

  $365,799

  Geo Method

  $365,799

• Alternative Use

  Use

  Valuation

  Residential

  $556,582

  Hospitality

  $509,826

  Educational

  $424,170

  Medical

  $438,758

  Retail

  $659,819

Location Insight

City

Clearwater

County

Pinellas

State

Florida

Latitude

27.9614

Longitude

-82.7656

CBSA code

45300

CBSA name

TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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