Renovated Six-Unit Apartment
New
For Sale
$1,325,000
Pending
153 NEW YORK, Dunedin, FL 34698
Three duplex structures offer updated interiors, separate utility metering, and on-site coin-operated laundry in a walkable coastal community.
Property Size4,440 SF
Days on Market4
Property Features for 153 NEW YORK
General Information
Standard status
Pending
Size
4,440 SF
Property subtype
Investment
Zoning
MF-15
Occupancy
100%
Units
Unit Mix
2 x 2BR/2BA, 2 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
6
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$10,932
Amenities
on-site coin-operated laundry
Building Details
Building Size
4,440 SF
Year Built
1968
Buildings
3
Units
6
Listing Agency:
CHARLES RUTENBERG REALTY INC
Listed By:
Lance Willard LLC · License #3384517
(727) 487-1894
Source:
Elliman
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 24 at 12:56PM
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 CHARLES RUTENBERG REALTY INC
Investment Insights
Based on property information with market context.
Located at 153 New York in Dunedin, this apartment property comprises three separate duplex buildings with approximately 4,440 square feet of living area. The six-unit configuration includes two two-bedroom, two-bath residences, two two-bedroom, one-bath residences, and two one-bedroom, one-bath residences. All units are occupied, and extensive interior updates completed within the past six months include luxury vinyl plank flooring, kitchen cabinetry, countertops, fixtures, appliances installed between 2025 and 2026, bathroom improvements, and fresh paint. Four residences have granite countertops.
The property also includes coin-operated laundry, separately metered electric and water service, updated water heaters, and HVAC systems replaced between 2021 and 2022. The exterior was painted in 2025, while tree trimming and site improvements have been completed. The asset is in Flood Zone X and is zoned MF-15. Dunedin's downtown, waterfront parks, Pinellas Trail, marinas, restaurants, shopping, and entertainment are nearby, with access to Clearwater, Palm Harbor, Tampa, and St. Petersburg.
The property also includes coin-operated laundry, separately metered electric and water service, updated water heaters, and HVAC systems replaced between 2021 and 2022. The exterior was painted in 2025, while tree trimming and site improvements have been completed. The asset is in Flood Zone X and is zoned MF-15. Dunedin's downtown, waterfront parks, Pinellas Trail, marinas, restaurants, shopping, and entertainment are nearby, with access to Clearwater, Palm Harbor, Tampa, and St. Petersburg.
Key Highlights
- Six‑unit apartment property with approximately 4,440 square feet of living space
- Unit mix includes two 2BR/2BA, two 2BR/1BA, and two 1BR/1BA residences
- 100% occupied across three separate duplex buildings
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
$40,835
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
3.08%
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%
$816,700
$816.7K
Cap Rate 7%
$583,357
$583.4K
Cap Rate 9%
$453,722
$453.7K
Market Conditions
NOI Build-Up for 4,440 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
$79.9K $18.00/SF
− Vacancy
−$5.7K −$1.28/SF
EGI
$74.2K $16.72/SF
− OpEx
−$33.4K −$7.52/SF
NOI
$40.8K $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%
$816,700
Cap Rate 7%
$583,357
Cap Rate 9%
$453,722
Alternative Uses
Best Use
Apartment 5plus
$583.4K
$510.4K – $680.6K
NOI $40,835 @ 7.0% cap · market cap 3.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.15M
$1.01M – $1.35M
NOI $80,842 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
631
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Three duplex structures offer updated interiors, separate utility metering, and on-site coin-operated laundry in a walkable coastal community.
Where is this apartment building located?
The property is located at 153 NEW YORK Dunedin, FL.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: Six‑unit apartment property with approximately 4,440 square feet of living space; Unit mix includes two 2BR/2BA, two 2BR/1BA, and two 1BR/1BA residences; 100% occupied across three separate duplex buildings
