Exceptional Investment or Development Opportunity in Prime Clearwater Location
Presenting a rare opportunity to acquire a high-potential triplex nestled on an expansive 15,033 sq ft corner lot in the highly sought-after Downtown Gateway area of Clearwater. This property offers immense promise for both investors seeking immediate returns or developers with an… Read More eye for future growth. Zoned to allow for the development of up to 7-8 additional units, this is an outstanding canvas for expansion or redevelopment.
The Property:
This distinctive triplex features three unique units, each with its own character and considerable income-generating potential.
Unit 214B: A spacious 2-bedroom, 1.5-bath residence showcasing beautiful hardwood floors throughout, a generous master suite with a walk-in closet, and a charming bonus room with a cozy fireplace—perfect for a game room or home office. This unit rents for $2,500/month.
Unit 212: A well-designed 1-bedroom, 1-bath unit with separate electric and water meters, offering flexibility for long-term tenants ($1600) or short-term rental opportunities. Ideal for an Airbnb or VRBO investment, with the potential to generate up to $2,000/month.
Unit 214A: An efficiency/studio unit with a full bath, previously generating up to $2,200/month on Airbnb/VRBO. or Longterm rental for $1300 (Please note: Clearwater enforces a minimum 30-day rental restriction.)
Also The property has availability for RV and jet ski parking to generate up to $2500 monthly creating a NOI of $82,600 and Cap rate of 6.8%
While the property may require some TLC, it is brimming with potential. With shared utilities between Units 214A and 214B and independent meters for Unit 212, the layout is well-suited for various rental models.
Additional Highlights:
Central A/C in the 2-bedroom unit (installed in 2004), complemented by a mix of central and window units throughout.
Roof replaced in 2017, ensuring peace of mind for the next owner.
Detached storage shed/workshop on the vacant portion of the lot—an excellent space for additional storage or project use.
Developer's Dream:
Situated in Clearwater’s Downtown Gateway district, this property is zoned for up to 35 units per acre, which opens the door to potential development for up to 10 residential units (buyer to verify with the city). Whether you envision expanding the multifamily footprint or redeveloping for a larger project, this is a prime opportunity to capitalize on Clearwater's growing demand for residential space.
Don't Miss Out:
This is a rare investment opportunity in a flourishing area with excellent upside potential. Whether you’re looking for strong cash flow from current tenants or a high-potential development project, this property checks all the boxes. Confirm zoning, building codes, and permitting requirements with the City to ensure a seamless transition to your next vision. Read Less
Courtesy of BEST HOMES, LLC. 305-879-3707
Listing Snapshot
Days Online
63
Last Updated
Property Type
Triplex
Beds
5
Square Ft.
2,064
Lot Size
0.35 Acres
Year Built
1952
MLS Number
O6321854
Additional Details
Property Access
Road Surface: Asphalt, Paved
Appliances & Equipment
Refrigerator
Basement
Crawl Space
Building
Built in 1952, Living area: 2064, Living area units: Square Feet, Levels: One, Construction Materials: Frame
Cooling
Central Air, Wall/Window Unit(s)
Exterior Features
Fence
Fireplaces
Masonry
Floors
Wood
Foundation
Crawlspace, Stem Wall
Heating
Electric
Income
Gross Income: $58,000
Interior Features
Ceiling Fans(s), Primary Bedroom Main Floor
Laundry
None
Lot
0.35 acres, Dimensions: 83x110
Pets Policy
Allowed: Yes
Property
Completed, Garden
Roof
Shingle
Sewer
Public Sewer
Taxes
Additional parcels description:, Parcel Number: 14-29-15-10476-004-0040, Public Survey Range: 15, Public Survey Section: 14, Annual Amount: $6,650.74, Tax Block: D, Tax Book Number: 7-54, Legal Description: BOULEVARD HEIGHTS BLK D, LOTS 4 & 5 & S 28FT OF LOT 3 & S 10FT OF LOT 24, Lot: 3, Year: 2024
Utilities
Electricity Connected, Sewer Connected, Water Connected, Water Source: Public
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