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    Waterfront Multifamily Investment Opportunity Title is generated by Realmo AI

    439 CAUSEWAY BOULEVARD, Dunedin, FL 34698

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    Claim this Listing
    For Sale
    $3,750,000

    Multi-Family 5+ - DUNEDIN, FL

    Property size:
    6,437 SF
    Lot size:
    0.36 Acres
    Price / SF:
    $582/SF
    Added:
    Apr 22, 2026
    Days on Market:
    43
    Last Refresh:
    Jun 3 at 8:06 pm

    Property Features for 439 CAUSEWAY BOULEVARD

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    RV
    Security features
    Closed Circuit Camera(s), Security Gate, Security Lighting, Security System, Security System Owned, Smoke Detector(s)
    Exterior features
    Paved, Dock, Security Lights
    Dock
    1
    Fencing
    Gate
    Appliances
    Dishwasher, Microwave, Refrigerator, Washer
    Standard status
    Active
    APN
    15-28-15-23166-006-0500
    Size
    6,437 SF
    Lot size
    0.36 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    22535

    Utilities

    Heating system
    Central, Natural Gas
    Cooling system
    Central Air
    Water front features
    Waterfront
    Water front
    1

    Building Details

    Year built
    1981
    Number of units
    4
    Flooring type
    Tile
    Building materials
    Block, Frame, HardiPlank Type
    Roof type
    Metal, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Tiffany Spyridakos
    Tiffany Spyridakos

    Listing agent Tiffany Spyridakos License #3307155

    Listing office SMITH & ASSOCIATES REAL ESTATE 14581 Walsingham Road, Tampa, FL

    Listing date Apr 22, 2026

    MLS# TB8500346 Listing URL

    Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Rare waterfront property, zoned FX‑M, allowing up to 10 multifamily units.
    • Income‑producing with two renovated 2‑bedroom units and a 1‑bedroom unit for immediate cash flow.
    • Enjoy direct water access, private pool and spa, and RV hookup.
    • Located on the Dunedin Causeway, minutes from Downtown Dunedin and Toronto Blue Jays spring training.
    • Durable concrete block construction with impact‑rated windows/doors (2015) and refreshed stucco (2022).
    • Modernized kitchens (2020 & 2023), in‑unit laundry, and six dedicated parking spaces.

    Overview

    Located along the Dunedin Causeway, this property presents an investor developer opportunity. Zoned FX-M, the property allows multifamily development of up to 10 units. Currently configured with two income-producing units plus a main residence, the property generates immediate cash flow while preserving long-term redevelopment potential. The site features concrete block construction on slab, with exterior paint and stucco refreshed in 2022. Each structure benefits from impact-rated windows and doors (2015), three HVAC systems (2015), and separate electric meters. Unit 439 has been renovated as a 2-bedroom, 2-bath residence with a modernized kitchen (2020), in-unit washer and dryer, new baseboards and tile. Unit 437 mirrors the 2-bedroom, 2-bath layout, featuring a 2023 kitchen remodel, epoxy flooring, and in-unit laundry. Unit 438 functions as a 1-bedroom, 1-bath space ideal for office, gym, or ancillary rental use, with plumbing in place for washer/dryer installation. The exterior infrastructure offers six dedicated parking spaces along with a fully equipped RV hookup including 50 AMP service, sewer, and water. A private pool and spa elevate the lifestyle component, while direct water access enhances recreational appeal and future value positioning. The property benefits from walkability to dining, retail, marinas, and the Pinellas Trail. The area is golf cart friendly and sits adjacent to the TD Hotel, home of Toronto Blue Jays spring training, which drives seasonal demand and premium rental rates. The property is situated on a 0.36-acre lot with a property size of 6437 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Dunedin
    County
    Pinellas
    State
    Florida
    Longitude
    -82.784529
    Latitude
    28.050535

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    FAQs

    What type of property is this?
    Quadplex - Income-producing waterfront property with redevelopment potential in Dunedin, Florida.
    Where is this quadplex located?
    The property is located at 439 CAUSEWAY BOULEVARD Dunedin, FL.
    What is the asking price?
    The asking price for this property is $3,750,000.
    What are key features of this property?
    This property features: Rare waterfront property, zoned FX‑M, allowing up to 10 multifamily units.; Income‑producing with two renovated 2‑bedroom units and a 1‑bedroom unit for immediate cash flow.; Enjoy direct water access, private pool and spa, and RV hookup.
    (727) 641-9869
    We can help!
    Listing Contact
    Tiffany Spyridakos
    Tiffany Spyridakos
    Real Estate License ID: 3307155
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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