$3,400,000
Kings Court Apartments
Details
Property Type Multifamily
Sub Type Apartment Building
Cap Rate 6.47%
NOI $219,986
Tenancy Multi
Pro-Forma Cap Rate 7.12%
Pro-Forma NOI $242,165
Year Built 1973
Buildings 1
Stories 2
Acreage 0.530
Investment Type Value Add
Multifamily | 6.47% CAP
Marketing description
Kings Court is an 18-unit community in the heart of Clearwater, minutes from both downtown Clearwater and Clearwater Beach. Major capital items are already addressed: a 40-year TPO roof installed within the last three years, copper wiring, and recent HVAC replacements across the majority of units.
Investment highlights
- Built-in mark-to-market upside - The asset produced $219,986 in trailing net operating income, with in-place rents set well below the renovated pro forma. Units mark to market on a staggered 2026-27 lease schedule.
- Major capital items already addressed - 40-year TPO roof installed within the last three years, 6-8 new HVAC units, resurfaced parking lot and copper wiring throughout. The next owner's capital goes into units, not systems.
- Comp set proves the rents - The competitive set achieves an average rent of $1,676 versus $1,366 in place at Kings Court, with renovated pro forma rents of $1,450 (1BD) and $1,850 (2BD).
- Premier Pinellas infill location - Across the street from Clearwater Country Club, with downtown Clearwater and Clearwater Beach within a 10-minute drive.
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$219,986.00
$18,332.17/mo
Valuation Metrics
0
DSCR
6.47%
Cap Rate
6.47%
ROI
Map
Zoning
D CommercialCore CommercialDowntown
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View all 77 uses Last updated May 9, 2026 For deeper zoning details, reports are available at Zoneomics
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