Updated Duplex with Private
For Sale
$649,000
536 PATRICIA Avenue, Dunedin, FL 34698
Residential Income, DUNEDIN, FL
Property Size2,400 SF
Lot Size0.16 Acres
Price / SF$271.78
Days on Market59
Property Features for 536 PATRICIA Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Dining Room, Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 5, Bathroom 3, Bathroom 1, Bathroom 2, Bedroom 6, Bedroom 4
Interior features
Ceiling Fans(s), Living Room/Dining Room Combo, Open Floorplan, Primary Bedroom Main Floor, Stone Counters, Thermostat, Vaulted Ceiling(s)
Exterior features
Private Yard, Sidewalk
Appliances
Dishwasher, Disposal, Dryer, Microwave, Range, Range Hood, Washer
Subdivision
DUNEDIN LAKEWOOD ESTATES 1ST ADD
Directions
Take 580 turn South on Patricia Ave to Address on Right.
Standard status
Active
APN
35-28-15-23418-000-0410
Size
2,388 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
DUNEDIN LAKEWOOD ESTATES 1ST ADD LOT 41
Tax Annual Amount
3675
Legal Description
DUNEDIN LAKEWOOD ESTATES 1ST ADD LOT 41
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
private outdoor spaces
separate laundry facilities
Building Details
Year built
1960
Floors in Building
1
Flooring type
Vinyl, Laminate
Building materials
Block, Stucco
Roof type
Membrane
Listing Agency:
PALM LIFE REALTY
(888) 877-4040
Listed By:
Chiyeen Penachio · License #3572692
(727) 686-8281
Added: Jul 9
Changed: Sep 4
Last Checked: Sep 5 at 3:06PM
MLS# TB8527596
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 1960 duplex contains two separately entered residences with a combined 2,388 square feet. The front unit has 3 bedrooms and 1 bath, while the rear unit includes 3 bedrooms and 1.5 baths. Interior features include open living and dining areas, vaulted ceilings, stone counters, laminate and vinyl flooring, central heating, and central air. One residence includes an updated kitchen with shaker cabinets, stainless steel appliances, refreshed countertops, and a tile backsplash. Both units have individual laundry facilities, and the property includes a private yard, mature shade trees, exterior improvements, and off-street parking.
The property is at 536 Patricia Avenue in Dunedin, near restaurants, cafes, grocery stores, fresh markets, bowling, pizza, and other daily conveniences. Downtown Dunedin, the Dunedin Marina, the Pinellas Trail, TD Ballpark, Honeymoon Island State Park, Caladesi Island, and Clearwater beaches are all described as nearby. Public water and public sewer serve the property, and the site is identified as being outside a flood zone.
The property is at 536 Patricia Avenue in Dunedin, near restaurants, cafes, grocery stores, fresh markets, bowling, pizza, and other daily conveniences. Downtown Dunedin, the Dunedin Marina, the Pinellas Trail, TD Ballpark, Honeymoon Island State Park, Caladesi Island, and Clearwater beaches are all described as nearby. Public water and public sewer serve the property, and the site is identified as being outside a flood zone.
Key Highlights
- Two residences with 3 bedrooms each and bath counts of 1 and 1.5
- 2,388 square feet on a 0.16‑acre lot
- Separate entrances and laundry facilities for each residence
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
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 - Two residences offer flexible layouts, separate laundry, off-street parking, and public water and sewer service.
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: Two residences with 3 bedrooms each and bath counts of 1 and 1.5; 2,388 square feet on a 0.16‑acre lot; Separate entrances and laundry facilities for each residence
