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Description
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 garden-style building. 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 ~$1,676. Trailing NOI ~$220K; pro forma ~$242K. Laundry and RUBS utility reimbursement add income. Tours by appointment through Rider RE only - please do not disturb tenants.
Property Highlights
Property Type: Commercial - Multiple
Cooling: Central Air
Heating: Central, Electric
Lot Size: 0.53 Acres
Roof Type: Membrane
Stories: 2.0
Taxes: $27,093
Year Built: 1973
General Information
County: Pinellas
Subdivision: BROOKWOOD TERRACE REV
Listed By:
William Gryboski
G&R REAL ESTATE BROKERAGE, LLC
404-368-8072
MLS ID: A4697854
Property Features
Appliances: Refrigerator
Days on Site: 5
Directions: From Sunset Point Rd, turn south onto N Lady Mary Dr; 111 N Lady Mary Dr is on the property directly across from Clearwater Country Club.
Exterior: Block
Flood Zone Code: AE
Foundation: Slab
Home Warranty Y/N: No
Listing Terms: Cash, Commercial Financing
Lot Dimensions: 0.53
Ownership: Fee Simple
Property Attached Y/N: No
Property Sub-Type: Multi-Family 5+
Sale Includes: Building(s) and Land, Leases
Sewer: Public Sewer
Showing Instructions: Listing Agent Must Accompany, See Remarks
Special Sale Provisions: None
Units: 18
Utilities: Electricity Available, Public, Water Connected
Water: Public
Water Access Y/N: No
Shown By
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111 N Lady Mary Drive, Clearwater, FL 33755.
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