Cleared Redevelopment Site in Downtown Clearwater — Sale in Clearwater, FL

  • Price: $4.4M
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Clearwater, FL 33755
  • Size: 18,187 SF

Photos

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Investment Figures

Price per square foot
$243
Price per unit
$4,420,000 across 1 units

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

KW Commercial Tampa Properties is pleased to present 1214–1242 Cleveland Street, Clearwater, FL 33755 (the “Property”). This rare, nearly 2-acre four-parcel assemblage in the heart of Downtown Clearwater now offers a fully cleared development site spanning a full city block along Cleveland Street, plus a stand-alone parking lot to the west — providing scale, flexibility, and immediate redevelopment potential. The property is zoned (D)-Downtown and features 435 feet of frontage from N Jefferson Ave to N Lincoln Ave. All existing retail improvements have been removed, allowing a developer to move forward without demolition risk or delay. Positioned steps from the new Clearwater Gardens housing community and near major projects such as the Bluff Apartments, Harborview Hotel, new City Hall, the PSTA Transit Station, and the Cleveland Street Alliance’s planned entertainment and cinema destination, the site stands as a true generational redevelopment opportunity in Clearwater’s urban core. The completed demolition further streamlines execution and enhances the property’s appeal to multifamily, hotel, or mixed-use developers seeking a shovel-ready infill opportunity. Building SF: 18187 | Land Size: 1.99 Ac | Listing Type: FOR SALE

Market Context

This multifamily in Clearwater, FL is listed for sale at $4,420,000 across 18,187 SF. Compare it against other multifamily listings for sale in Clearwater, FL — view the full market.

As of Q4 2025, the Tampa multifamily market showed a 10.3% vacancy rate, average asking rents near $1818.00/unit/mo, and cap rates around 5.7%. Source: multiple brokerage reports, Q4 2025.

Multifamily market FAQ

What is the typical cap rate for multifamily in Tampa?
About 5.7% as of Q4 2025, per multiple brokerage reports.
Is the Tampa multifamily market tightening or softening?
Vacancy is around 10.3% (Q4 2025).

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