Renovated Duplex with Trail
For Sale
$499,000
1863 PASADENA DRIVE, Dunedin, FL 34698
Two-unit property with updated systems and private gated access to the Pinellas Trail.
Property Size1,288 SF
Price / SF$387.42
Days on Market11
Property Features for 1863 PASADENA DRIVE
General Information
Standard status
Active
Size
1,288 SF
Property subtype
Duplex
Building Details
Year Built
1958
Listing Agency:
KELLER WILLIAMS REALTY- PALM HARBOR
(727) 772-0772
Listed By:
Jaime Mumma · License #3175400
Source:
Endlesssummerrealty
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 30 at 6:29PM
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 KELLER WILLIAMS REALTY- PALM HARBOR
Investment Insights
Based on property information with market context.
This 1288 SF duplex, built in 1958, has been fully renovated and includes two separate units. Each side has private gated access to the Pinellas Trail, while the A/C systems and ductwork were replaced in 2024. The configuration supports separate rental use or owner occupancy in one unit with the other available for rent.
The property sits near Hammock Park, with Downtown Dunedin, the Dunedin Golf Course, and the Gulf close by. Honeymoon Island and area beaches are also within minutes, and the surrounding area supports golf-cart travel. Access to the trail provides a direct connection for walking and biking, with natural surroundings and recreational destinations nearby.
The property sits near Hammock Park, with Downtown Dunedin, the Dunedin Golf Course, and the Gulf close by. Honeymoon Island and area beaches are also within minutes, and the surrounding area supports golf-cart travel. Access to the trail provides a direct connection for walking and biking, with natural surroundings and recreational destinations nearby.
Key Highlights
- 1288 SF duplex with two separate units
- Fully renovated property with A/C systems and ductwork replaced in 2024
- Private gated Pinellas Trail access from each unit
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
$15,034
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
3.01%
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%
$300,680
$300.7K
Cap Rate 7%
$214,771
$214.8K
Cap Rate 9%
$167,044
$167.0K
Market Conditions
NOI Build-Up for 1,288 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
$23.0K $17.88/SF
− Vacancy
−$1.6K −$1.21/SF
EGI
$21.5K $16.67/SF
− OpEx
−$6.4K −$5.00/SF
NOI
$15.0K $11.67/SF
Area
Pinellas 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%
$300,680
Cap Rate 7%
$214,771
Cap Rate 9%
$167,044
Alternative Uses
Best Use
Multifamily LT 5
$214.8K
$187.9K – $250.6K
NOI $15,034 @ 7.0% cap · market cap 3.01%
Second Best
Apartment 5plus
$169.2K
$148.1K – $197.4K
NOI $11,846 @ 7.0% cap · market cap 2.37%
Theoretical Best
Office A
$335.0K
$293.1K – $390.9K
NOI $23,451 @ 7.0% cap · market cap 4.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
241
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with updated systems and private gated access to the Pinellas Trail.
Where is this duplex located?
The property is located at 1863 PASADENA DRIVE Dunedin, FL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 1288 SF duplex with two separate units; Fully renovated property with A/C systems and ductwork replaced in 2024; Private gated Pinellas Trail access from each unit
