Six-Unit Multifamily Property with Screened
For Sale
$1,325,000
153 NEW YORK AVENUE, Dunedin, FL 34698
Six-unit multifamily with separate metering, screened porches, dedicated parking, and a shared laundry room.
Property Size4,440 SF
Price / SF$298.42
Days on Market50
Property Features for 153 NEW YORK AVENUE
General Information
Standard status
Active
Size
4,440 SF
Property subtype
Quadruplex
Occupancy
100%
Units
Unit Mix
2 x 2BR/2BA, 2 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
6
Amenities
screened-in porch
community laundry room
0.47 acres, City Limits, In County, Irregular Lot, Level, Near Golf Course, Near Marina, Near Public Transit, Paved
Shingle
Public Sewer
Additional parcels description:, Parcel Number: 35-28-15-00000-320-0200, Public Survey Range: 15, Public Survey Section: 35, Annual Amount: $10,932, Tax Book Number: 27-31, Legal Description: W 170FT OF S 1/4 OF NW 1/4 OF SW 1/4 OF SEC 35-28-15 LESS N 120FT & LESS S 97FT THEREOF, Year: 2025
Luxury Vinyl
Central Air, Wall/Window Unit(s)
Central, Electric, Ductless
Common Area, Laundry Room, Outside
Listing ID: MFRTB8532775, Standard Status: Active, MLS Status: Active, Property Subtype: Quadruplex, On market as of 2026-07-26, 15 days on market, Special Conditions: None
2 carport spaces, Common, Driveway, Guest, Off Street, Oversized, Parking Pad
Elementary School: Dunedin Elementary-PN, Middle School: Dunedin Highland Middle-PN, High School: Dunedin High-PN
10 total bedrooms
Built in 1968, Living area: 4440, Living area units: Square Feet, Levels: One, Construction Materials: Block
Subdivision: ACREAGE, MLS Area (Major): 34698 - Dunedin, County/Parish: Pinellas
Completed, Other structures: Storage
8 total bathrooms
Electricity Connected, Water - Multiple Meters, Water Source: Public, 6 separate electric meters, 6 separate water meters
Slab
Allowed: Yes
Electricity, Water
Road Surface: Paved
Patio/Porch Features: Covered, Enclosed, Front Porch, Patio, Porch, Screened, Lighting
Ceiling Fans(s), Eat-in Kitchen, High Ceilings, Kitchen/Family Room Combo, Open Floorplan, Thermostat
Electric Water Heater, Range, Refrigerator
Building Details
Year Built
1968
Buildings
3
Construction
block
Listing Agency:
CHARLES RUTENBERG REALTY INC
(727) 538-9200
Listed By:
Lance Willard LLC · License #3384517
(727) 487-1894
Source:
Miharaandassociates
Added: Jul 26
Changed: Sep 12
Last Checked: Sep 12 at 5:48AM
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.
Six-unit multifamily property built in 1968 featuring three separate block construction buildings, with all units separately metered. The layout includes two 2-bedroom, 2-bath units, two 2-bedroom, 1-bath units, and two 1-bedroom, 1-bath units. Each unit offers a large screened-in porch for additional outdoor living space.
On-site parking is set up to match the unit mix, with private carports for the 2-bedroom, 2-bath units and dedicated parking pads for the remaining units. A shared community laundry room provides convenience for residents.
The property is currently fully occupied. Existing updates include cosmetic renovations completed within the last year. Located at 153 New York Avenue in Dunedin, Florida, the property is described as being in a high and dry location with no flooding during the seller’s ownership.
On-site parking is set up to match the unit mix, with private carports for the 2-bedroom, 2-bath units and dedicated parking pads for the remaining units. A shared community laundry room provides convenience for residents.
The property is currently fully occupied. Existing updates include cosmetic renovations completed within the last year. Located at 153 New York Avenue in Dunedin, Florida, the property is described as being in a high and dry location with no flooding during the seller’s ownership.
Key Highlights
- Three separate block construction buildings with all units separately metered
- Current tenant occupancy: property is fully occupied
- Unit mix: two 2‑bedroom, 2‑bath; two 2‑bedroom, 1‑bath; two 1‑bedroom, 1‑bath
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
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Current Use
Lease Details
6
Residential units
100%
Occupancy
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit multifamily with separate metering, screened porches, dedicated parking, and a shared laundry room.
Where is this apartment building located?
The property is located at 153 NEW YORK AVENUE 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: Three separate block construction buildings with all units separately metered; Current tenant occupancy: property is fully occupied; Unit mix: two 2‑bedroom, 2‑bath; two 2‑bedroom, 1‑bath; two 1‑bedroom, 1‑bath
