Turnkey Duplex with Private
For Sale
$649,000
536 PATRICIA AVENUE, Dunedin, FL 34698
Turnkey duplex with two 3-bedroom residences, private entrances, separate laundry, and ample off-street parking.
Property Size2,388 SF
Price / SF$271.78
Days on Market58
Property Features for 536 PATRICIA AVENUE
General Information
Standard status
Active
Size
2,388 SF
Property subtype
Duplex
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Year Built
1960
Tenancy
Multi
Listing Agency:
PALM LIFE REALTY
(888) 877-4040
Listed By:
Chiyeen Penachio · License #3572692
(727) 686-8281
Source:
Dennisrealty
Added: Jul 10
Changed: Sep 4
Last Checked: Sep 5 at 7:07AM
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 PALM LIFE REALTY
Investment Insights
Based on property information with market context.
Turnkey duplex offering two spacious residences with private entrances and comfortable, well-designed layouts. The front residence features 3 bedrooms and 1 bath, while the rear residence offers 3 bedrooms and 1.5 baths. Bright open living areas are complemented by vaulted ceilings that add an airy feel throughout. One unit includes an updated kitchen with shaker cabinetry, stainless steel appliances, updated countertops, and a tile backsplash, along with a redesigned bathroom. The second residence provides a well-maintained interior with durable flooring and generous living space, suited for immediate occupancy or continued rental income.
Outside, mature shade trees and private outdoor spaces help round out the property. Separate laundry facilities are available for each residence, along with ample off-street parking and attractive exterior updates. The property is described as located in a No Flood Zone.
The duplex is currently generating approximately $58,800 in annual gross rental income.
Outside, mature shade trees and private outdoor spaces help round out the property. Separate laundry facilities are available for each residence, along with ample off-street parking and attractive exterior updates. The property is described as located in a No Flood Zone.
The duplex is currently generating approximately $58,800 in annual gross rental income.
Key Highlights
- Turnkey duplex built in 1960 with approx. 2,400± total SF, including two nearly 1,200 SF residences
- Front unit has 3 bedrooms and 1 bath with a private entrance
- Rear unit has 3 bedrooms and 1.5 baths with a private entrance
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
$27,874
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
4.29%
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%
$557,480
$557.5K
Cap Rate 7%
$398,200
$398.2K
Cap Rate 9%
$309,711
$309.7K
Market Conditions
NOI Build-Up for 2,388 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
$42.7K $17.88/SF
− Vacancy
−$2.9K −$1.21/SF
EGI
$39.8K $16.67/SF
− OpEx
−$11.9K −$5.00/SF
NOI
$27.9K $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%
$557,480
Cap Rate 7%
$398,200
Cap Rate 9%
$309,711
Alternative Uses
Best Use
Multifamily LT 5
$398.2K
$348.4K – $464.6K
NOI $27,874 @ 7.0% cap · market cap 4.29%
Second Best
Apartment 5plus
$313.8K
$274.5K – $366.1K
NOI $21,963 @ 7.0% cap · market cap 3.38%
Theoretical Best
Office A
$621.1K
$543.5K – $724.7K
NOI $43,480 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
736
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 - Turnkey duplex with two 3-bedroom residences, private entrances, separate laundry, and ample off-street parking.
Where is this duplex located?
The property is located at 536 PATRICIA AVENUE Dunedin, FL.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Turnkey duplex built in 1960 with approx. 2,400± total SF, including two nearly 1,200 SF residences; Front unit has 3 bedrooms and 1 bath with a private entrance; Rear unit has 3 bedrooms and 1.5 baths with a private entrance
