111 N LADY MARY DRIVE

CLEARWATER, FL 33755

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.

Listing courtesy of G&R REAL ESTATE BROKERAGE, LLC (404) 368-8072



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Last checked: 2026-06-25 03:20 PM EDT