Building Details

Year Built 1951

Listing Agency: A-TEAM HOME SALES & RENTALS k***@a-teamre.com Show Phone

Listed By: Karen Czarnik · License #3275556 Show Phone

Source: Exitrealty

Added: Nov 15, 2024 Changed: Aug 30 Last Checked: Aug 31 at 3:14PM

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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 A-TEAM HOME SALES & RENTALS

Investment Insights

Based on property information with market context.

The 3,594-square-foot multifamily property at 17002 Dolphin Drive was built in 1951 and is being offered in its current as-is condition. The building was flooded by Helene and requires remediation and buildout before returning to use. The roof was replaced in 2023.

Located in North Redington Beach, the property is approximately 0.2 miles from the beach, a walk of less than five minutes. Current photos are not available in the provided property information; prior images predate the flooding and do not reflect present conditions.

Key Highlights

• 3,594‑square‑foot multifamily property
• Roof replaced in 2023
• Built in 1951

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

$33,054

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

3.48%

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%

$661,080 $661.1K

Cap Rate 7%

$472,200 $472.2K

Cap Rate 9%

$367,267 $367.3K

Market Conditions

NOI Build-Up for 3,594 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

$64.7K $18.00/SF

− Vacancy

−$4.6K −$1.28/SF

EGI

$60.1K $16.72/SF

− OpEx

−$27.0K −$7.52/SF

NOI

$33.1K $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%

$661,080

Cap Rate 7%

$472,200

Cap Rate 9%

$367,267

Alternative Uses

Best Use

Apartment 5plus

$472.2K

$413.2K – $550.9K (±1% cap)

NOI $33,054 @ 7.0% cap · market cap 3.48%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$934.8K

$818.0K – $1.09M (±1% cap)

NOI $65,438 @ 7.0% cap · market cap 6.90%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Multifamily properties

Suggested Use

Top Pick Dental Office HVAC Service Law Firm (Bike/Boat/Book/etc) Store Plumbing Service Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

289

Businesses Nearby

Explore this area Business Placement

Demographics for 33708, FL

16,034

Population

13,211

Households

1.2

Avg Household Size

60

Median Age

44%

College-Educated

96%

High-School Grad

3.4 sq mi

ZIP Area

4,716

Density / Sq Mi

$83,773

Median Household Income

$49,403

Median Earnings

$1,961

Median Rent

$463,700

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Multifamily property - As-is multifamily property near the beach, requiring remediation and interior buildout.

Where is this multifamily property located?

The property is located at 17002 DOLPHIN DRIVE North Redington Beach, FL.

What is the asking price?

The asking price for this property is $949,000.

What are key features of this property?

This property features: 3,594‑square‑foot multifamily property; Roof replaced in 2023; Built in 1951