$1,200,000

214 HIGHLAND AVENUE, Clearwater, FL 33755

  • 5 beds |
  • 4 baths |
  • 2,064 sqft
  • Property Icon Triplex
  • Property Year Built Icon Built in 1952
  • Property Lot Size Icon0.35acre lot
  • Property Parking Icon —— car garage
  • Property Price Per Square Feet Icon $581/sqft
  • Property List Date Icon Listed 1 month ago

Property Description

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 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.

Listing Status:
Active
Date Added:
July 9, 2025 at 05:00AM
Listing Office:
BEST HOMES, LLC. : 305-879-3707
Listing Agent:
Harry D'Onofrio : 561-450-9676
MLS ID:
O6321854
  • General: Ceiling Fan(s)Primary Bedroom Main Floor
  • Appliances: Refrigerator
  • Laundry: None
  • Basement: Crawl Space
  • Flooring: Hardwood
  • A/C: Central AirWall/Window Unit(s)
  • Heating: Electric
  • Fireplace: MasonryFireplace

This listing courtesy of Harry D'Onofrio, BEST HOMES, LLC.

Monthly Payment

$Est. Payment
  • Principal & Interest $
  • Property Taxes $
  • Home Insurance $
  • VA Funding Fee $

Ready to Start a VA Loan?

Get Started Veterans United Home LoansNMLS #1907  â€ 
Interest rates used in the VA mortgage calculator are shown for illustrative purposes only. Your rate may differ based on a variety of factors, including your credit score and the current market conditions. To get your personalized interest rate, start your quote online.

Location

Schools Nearby

C

Clearwater Intermediate School

1220 Palmetto St, Clearwater, FL, 33755

Grades 4-9

0.82 miles away

C

Clearwater Fundamental Middle School

1660 Palmetto St, Clearwater, FL, 33755

Grades 6-8

0.75 miles away

C

Clearwater High School

540 S Hercules Ave, Clearwater, FL, 33764

Grades 9-12

1.35 miles away

Disclaimer: School and School District information courtesy of the National Center for Education Statistics (NCES). School boundaries may change. Proximity to listed schools does not guarantee enrollment eligibility. Contact the school district for more information and exact boundaries.