Concrete Block
For Sale
$399,999
Pending
38234 ROOSEVELT AVENUE, Dade City, FL 33525
Separately metered apartments feature updated roofing and a shaded outdoor area.
Property Size2,376 SF
Days on Market524
Property Features for 38234 ROOSEVELT AVENUE
General Information
Standard status
Pending
Size
2,376 SF
Property subtype
Multi Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$2,654
Building Details
Year Built
1971
Buildings
1
Construction
concrete block
Listing Agency:
HARBOR HAUS REAL ESTATE GROUP LLC
(813) 781-9571
Listed By:
Teresa Yoho · License #3398339
(813) 781-9571
Source:
Exitrealty
Added: Mar 25, 2025
Changed: Aug 30
Last Checked: Aug 30 at 2:32PM
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 HARBOR HAUS REAL ESTATE GROUP LLC
Investment Insights
Based on property information with market context.
This 2,376-square-foot quadplex contains four apartments, each configured with two bedrooms and one bathroom. The concrete block building dates to 1971 and received new roofs in 2024. Individual electric and water meters serve each residence, allowing utility usage to be separately tracked.
The property sits on a spacious lot with a large shaded yard for outdoor use. Located in Dade City near shopping, dining, and local attractions, the address is 38234 Roosevelt Avenue, Dade City, FL 33525.
The property sits on a spacious lot with a large shaded yard for outdoor use. Located in Dade City near shopping, dining, and local attractions, the address is 38234 Roosevelt Avenue, Dade City, FL 33525.
Key Highlights
- Four apartments, each with two bedrooms and one bathroom
- 2,376‑square‑foot concrete block quadplex
- New roofs installed in 2024
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
$27,734
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
6.93%
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%
$554,680
$554.7K
Cap Rate 7%
$396,200
$396.2K
Cap Rate 9%
$308,156
$308.2K
Market Conditions
NOI Build-Up for 2,376 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
$42.5K $17.88/SF
− Vacancy
−$2.9K −$1.21/SF
EGI
$39.6K $16.67/SF
− OpEx
−$11.9K −$5.00/SF
NOI
$27.7K $11.67/SF
Area
Pasco County, FL
Vacancy
6.74%
Lease Rate
$17.88 /SF/Yr
Expense Ratio
30.00%
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%
$554,680
Cap Rate 7%
$396,200
Cap Rate 9%
$308,156
Alternative Uses
Best Use
Multifamily LT 5
$396.2K
$346.7K – $462.2K
NOI $27,734 @ 7.0% cap · market cap 6.93%
Second Best
Apartment 5plus
$312.2K
$273.2K – $364.2K
NOI $21,852 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$541.2K
$473.6K – $631.5K
NOI $37,887 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
808
Businesses Nearby
Explore this area
Business Placement
Demographics for 33525, FL
18,620
Population
8,700
Households
2.1
Avg Household Size
48
Median Age
28%
College-Educated
90%
High-School Grad
96.0 sq mi
ZIP Area
194
Density / Sq Mi
$69,697
Median Household Income
$42,178
Median Earnings
$1,045
Median Rent
$228,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Separately metered apartments feature updated roofing and a shaded outdoor area.
Where is this quadplex located?
The property is located at 38234 ROOSEVELT AVENUE Dade City, FL.
What is the asking price?
The asking price for this property is $399,999.
What are key features of this property?
This property features: Four apartments, each with two bedrooms and one bathroom; 2,376‑square‑foot concrete block quadplex; New roofs installed in 2024
