111 N LADY MARY DR, CLEARWATER, FL, 33755
$3,400,000
Commercial Sale
Living Area
13,056 Sqft
Lot Size
23,235 Sqft
Kings Court Apartments - an 18-unit value-add multifamily asset in central Clearwater, minutes from downtown and the Gulf beaches and directly across from Clearwater Country Club. The mix is seven 1BD/1BA and eleven 2BD/2BA in a two-story CBS walk-up. Major capital is already in place: a 40-year TPO roof installed within the last ~3 years, newer HVAC across most units, copper wiring, and a resurfaced lot - the next owner's capital goes into interiors, not systems. In-place rents (avg ~$1,366) sit well below a renovated pro forma (~$1,694), with staggered 2026-27 lease expirations offering a turn-by-turn mark-to-market path supported by a comp set averaging ~$1,588. Trailing NOI ~$221K; pro forma ~$242K. Laundry and RUBS utility reimbursement add income. Tours by appointment through Rider RE only - please do not disturb tenants.
Property Details
Property Features Property Features
MLS ID: MFRA4697854 Year Built: 1973
Appliances: Refrigerator Construction Materials: Block
Cooling: Central Air Country: US
County Or Parish: Pinellas Direction Faces: Undetermined
Electric: Separate Meters Foundation Details: Slab
Heating: Central, Electric Income Includes: Laundry
Levels: Two Listing Agreement: Exclusive Right To Sell
Listing Terms: Cash, Commercial Financing Occupant Type: Tenant
Possession: Close Of Escrow Property Condition: Completed
Property Sub Type: Multi-Family 5+ Property Type: Commercial Sale
Road Frontage Type: City Street Road Responsibility: Public Maintained Road
Road Surface Type: Paved Roof: Membrane
Sewer: Public Sewer Showing Requirements: Listing Agent Must Accompany, See Remarks
Special Listing Conditions: None Standard Status: Active
State Or Province: FL Utilities: Electricity Available, Public, Water Connected
Water Source: Public
We love to hear from you