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309 Avanda Ct - 309-312 Avanda Court 14 Unit Apartment Building Offered at $2,325,000 at a 5.87% Cap Rate Clearwater, FL 33756
Investment Highlights
- Renovated 14-unit apartment community ideally positioned in the rapidly revitalizing Downtown Clearwater submarket
- Concrete block construction across all three residential buildings
- Desirable unit mix consisting primarily of spacious two-bedroom/one-and-a-half-bathroom floor plans
Executive Summary
Significant value-add opportunity to increase Effective Gross Income by approximately 23% through light interior renovations and bringing below-market rents to current market levels. Flexible revenue stream with one unit currently operating as a successful Airbnb, providing the option to continue short-term rental operations or convert to a traditional annual lease. Attractive combination of in-place cash flow and operational upside, creating an opportunity for immediate income with meaningful future appreciation potential. Less than one mile from Downtown Clearwater, offering walkable access to Cleveland Street’s restaurants, breweries, shopping, entertainment and the city’s expanding waterfront district. Approximately 8 minutes from Clearwater Beach, one of Florida’s premier Gulf Coast destinations, supporting a strong local employment base and year-round housing demand. Convenient access to US-19, Gulf-to-Bay Boulevard (SR-60), Alt US-19, and Interstate 275, allowing residents to quickly commute throughout Clearwater, St. Petersburg, Tampa and the greater Tampa Bay MSA. Located minutes from the $84 million Imagine Clearwater redevelopment, including the new Coachman Park and BayCare Sound waterfront entertainment venue, which continue to drive investment, tourism and long-term growth throughout Downtown Clearwater
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Financial Summary (Pro Forma - 2027) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2027) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,325,000 | Lot Size | 0.41 AC |
| Price Per Unit | $166,071 | Building Size | 9,800 SF |
| Sale Type | Investment | Average Occupancy | 100% |
| Cap Rate | 5.87% | No. Stories | 2 |
| No. Units | 14 | Year Built | 1968 |
| Property Type | Multifamily | Parking Ratio | 1.53/1,000 SF |
| Building Class | C | ||
| Zoning | RM - Residential Multi-Family | ||
| Price | $2,325,000 |
| Price Per Unit | $166,071 |
| Sale Type | Investment |
| Cap Rate | 5.87% |
| No. Units | 14 |
| Property Type | Multifamily |
| Building Class | C |
| Lot Size | 0.41 AC |
| Building Size | 9,800 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1968 |
| Parking Ratio | 1.53/1,000 SF |
| Zoning | RM - Residential Multi-Family |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | - | 300 |
| 1+1 | 2 | - | 600 |
| 2+1.5 | 10 | - | 800 |
1 1
Moderately walkable
70/100
Moderately drivable
60/100
Some public transit
40/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 15-29-15-38574-009-0230 | Improvements Assessment | $288,390 (2025) |
| Land Assessment | $261,610 (2025) | Total Assessment | $550,000 (2025) |
Property Taxes
Parcel Number
15-29-15-38574-009-0230
Land Assessment
$261,610 (2025)
Improvements Assessment
$288,390 (2025)
Total Assessment
$550,000 (2025)
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309 Avanda Ct - 309-312 Avanda Court
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