Renovated Duplex with Trail
New
For Sale
$499,000
1863 PASADENA Drive, Dunedin, FL 34698
Residential Income, DUNEDIN, FL
Property Size1,288 SF
Lot Size0.17 Acres
Price / SF$387.42
Days on Market2
Property Features for 1863 PASADENA Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 4, Laundry Room, Bedroom 2
Parking features
Covered, Driveway
Interior features
Ceiling Fans(s), Thermostat
Exterior features
Fence, Storage
Fencing
Fenced
Appliances
Dishwasher, Disposal, Dryer, Electric Water Heater, Exhaust Fan, Microwave, Range, Range Hood, Refrigerator, Washer
Subdivision
DUNEDIN ISLES 1
Elementary school
San Jose Elementary-PN
Middle school
Palm Harbor Middle-PN
High school
Dunedin High-PN
Directions
Alt 19 to Pasadena to address
Standard status
Active
APN
22-28-15-23310-007-0020
Size
1,288 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
DUNEDIN ISLES NO. 1 BLK 7, LOT 2
Tax Annual Amount
3229
Legal Description
DUNEDIN ISLES NO. 1 BLK 7, LOT 2
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1958
Floors in Building
1
Number of units
2
Flooring type
Tile
Building materials
Stucco
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
KELLER WILLIAMS REALTY- PALM HARBOR
(727) 772-0772
Listed By:
Jaime Mumma
(727) 798-5292
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 7:06AM
MLS# TB8536893
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated duplex contains two residential units within a 1,288-square-foot property on a 0.17-acre lot. Each side has private gated access to the Pinellas Trail, while updated air-conditioning systems and ductwork were installed in 2024. Interior features include tile flooring, ceiling fans, thermostats, kitchens equipped with ranges, refrigerators, dishwashers, disposals, microwaves, and range hoods, along with washers and dryers. The property also offers fenced outdoor space, storage, covered parking, and a driveway.
The home is located in Dunedin near Hammock Park, Downtown Dunedin, Dunedin Golf Course, and the Gulf. Honeymoon Island and nearby beaches are also described as minutes away. Public water and public sewer serve the property, with electric central heating and central air conditioning.
The home is located in Dunedin near Hammock Park, Downtown Dunedin, Dunedin Golf Course, and the Gulf. Honeymoon Island and nearby beaches are also described as minutes away. Public water and public sewer serve the property, with electric central heating and central air conditioning.
Key Highlights
- Two‑unit duplex with 1,288 square feet of property size
- 0.17‑acre lot in Dunedin, FL 34698
- Private gated access from each unit to the Pinellas Trail
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
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
205
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?
Duplex - Two separate units include private gated entry 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: Two‑unit duplex with 1,288 square feet of property size; 0.17‑acre lot in Dunedin, FL 34698; Private gated access from each unit to the Pinellas Trail
