12-Unit Apartment
For Sale
Contact for pricing
Pending
2005 McMullen Ave, Dunedin, FL 34698
Townhome-style residences feature substantial private garage and storage areas within a six-building community.
Property Size28,800 SF
Lot Size0.18 Acres
Days on Market181
Property Features for 2005 McMullen Ave
General Information
Standard status
Pending
Size
28,800 SF
Lot size
0.18 Acres
Property subtype
Multifamily
Zoning
MF-7.5
Units
Unit Mix
12 x 2BR/2BA
Multifamily Units
12
Building Details
Year Built
1984
Year Renovated
2025
Buildings
6
Stories
2
Units
12
Listing Agency:
Roma Management
Listed By:
Sam Colucci · License #FSBO, FLBO
Source:
Crexi
Added: Mar 5
Changed: Aug 31
Last Checked: Sep 1 at 9:02PM
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 Roma Management
Investment Insights
Based on property information with market context.
This multifamily property comprises 6 buildings and 12 townhome-style units, each offering approximately 1,288 SF plus garage and storage space. Every residence includes 2 bedrooms and 2 bathrooms, combined living and dining areas, a kitchen with pantry, an oversized utility room with washer/dryer hookups, and a primary suite with walk-in closet and private balcony access. Each unit also includes an approximately 850 SF tandem 2-car garage, storage, and access to a private backyard. Hurricane impact windows were installed in 2023, and the exteriors were recently painted.
The community is located at 2005 McMullen Ave in Dunedin, directly on the Pinellas Trail and near downtown Dunedin, Honeymoon Island State Park, and Gulf of America beaches. The property sits on an approximately 70 x 115 lot, includes a private cul-de-sac setting, and is zoned MF-7.5. Constructed in 1984, the asset combines residential scale with generous unit layouts and substantial storage capacity.
The community is located at 2005 McMullen Ave in Dunedin, directly on the Pinellas Trail and near downtown Dunedin, Honeymoon Island State Park, and Gulf of America beaches. The property sits on an approximately 70 x 115 lot, includes a private cul-de-sac setting, and is zoned MF-7.5. Constructed in 1984, the asset combines residential scale with generous unit layouts and substantial storage capacity.
Key Highlights
- 6‑building, 12‑unit multifamily community
- Approximately 1,288 SF per unit plus garage and storage area
- Approximately 850 SF tandem 2‑car garage with 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
$264,876
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
4.61%
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%
$5,297,520
$5.3M
Cap Rate 7%
$3,783,943
$3.8M
Cap Rate 9%
$2,943,067
$2.9M
Market Conditions
NOI Build-Up for 28,800 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
$518.4K $18.00/SF
− Vacancy
−$36.8K −$1.28/SF
EGI
$481.6K $16.72/SF
− OpEx
−$216.7K −$7.52/SF
NOI
$264.9K $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%
$5,297,520
Cap Rate 7%
$3,783,943
Cap Rate 9%
$2,943,067
Alternative Uses
Best Use
Apartment 5plus
$3.78M
$3.31M – $4.41M
NOI $264,876 @ 7.0% cap · market cap 4.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.49M
$6.55M – $8.74M
NOI $524,377 @ 7.0% cap · market cap 9.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
253
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 - Townhome-style residences feature substantial private garage and storage areas within a six-building community.
Where is this apartment building located?
The property is located at 2005 McMullen Ave Dunedin, FL.
What is the asking price?
The asking price for this property is $5,750,000.
What are key features of this property?
This property features: 6‑building, 12‑unit multifamily community; Approximately 1,288 SF per unit plus garage and storage area; Approximately 850 SF tandem 2‑car garage with each unit
