Updated Condo in Douglas
For Sale
$139,000
Pending
200 GLENNES LANE 111, Dunedin, FL 34698
Charming, updated 2-bedroom condo in 55+ Dunedin community.
Property Size970 SF
Days on Market649
Property Features for 200 GLENNES LANE 111
General Information
Standard status
Pending
Size
970 SF
Property subtype
Condo/Townhome
Taxes and HOA fees
Annual Taxes
$1,222
Building Details
Year Built
1968
Listing Agency:
BLAKE REAL ESTATE INC
(727) 420-4041
Listed By:
Annette Lawrence · License #572195
(727) 420-4041
Source:
Exitrealty
Added: Nov 11, 2024
Changed: Aug 8
Last Checked: Aug 8 at 6:25AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of BLAKE REAL ESTATE INC
Investment Insights
Based on property information with market context.
This charming ground floor condo in Douglas Arms is a 55+ community. The property features 2 bedrooms and 2 bathrooms. Updated in 2021, the condo is move-in ready. The modern kitchen includes shaker cabinets, quartz countertops, and Samsung appliances. Additional features include a Florida room and convenient covered parking. The community provides a heated pool. The property is located in a non-evacuation zone. There is green space located behind the property. The unit has a size of 970 square feet.
Key Highlights
- Ground floor unit in a 55+ community
- Updated in 2021 with a MODERN KITCHEN featuring SHAKER CABINETS, QUARTZ COUNTERTOPS, and SAMSUNG APPLIANCES
- Located in a non‑evacuation zone
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$8,921
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.42%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$178,420
$178.4K
Cap Rate 7%
$127,443
$127.4K
Cap Rate 9%
$99,122
$99.1K
Market Conditions
NOI Build-Up for 970 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$17.5K $18.00/SF
− Vacancy
−$1.2K −$1.28/SF
EGI
$16.2K $16.72/SF
− OpEx
−$7.3K −$7.52/SF
NOI
$8.9K $9.20/SF
Area
Pinellas County, FL
Vacancy
7.10%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$178,420
Cap Rate 7%
$127,443
Cap Rate 9%
$99,122
Alternative Uses
Best Use
Apartment 5plus
$127.4K
$111.5K – $148.7K
NOI $8,921 @ 7.0% cap · market cap 6.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$252.3K
$220.8K – $294.4K
NOI $17,661 @ 7.0% cap · market cap 12.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,363
Businesses Nearby
Explore this area
Business Placement
Demographics for 34698, FL
38,010
Population
22,016
Households
1.7
Avg Household Size
56
Median Age
36%
College-Educated
95%
High-School Grad
11.2 sq mi
ZIP Area
3,394
Density / Sq Mi
$67,323
Median Household Income
$44,747
Median Earnings
$1,571
Median Rent
$335,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Charming, updated 2-bedroom condo in 55+ Dunedin community.
Where is this residential income property located?
The property is located at 200 GLENNES LANE 111 Dunedin, FL.
What is the asking price?
The asking price for this property is $139,000.
What are key features of this property?
This property features: Ground floor unit in a 55+ community; Updated in 2021 with a MODERN KITCHEN featuring SHAKER CABINETS, QUARTZ COUNTERTOPS, and SAMSUNG APPLIANCES; Located in a non‑evacuation zone
