Renovated Triplex with Attached
For Sale
$665,000
766 BELTREES STREET, Dunedin, FL 34698
Three individually metered units offer private patios, laundry hookups, and a mix of renovated and original interiors.
Property Size2,406 SF
Price / SF$276.39
Days on Market502
Property Features for 766 BELTREES STREET
General Information
Standard status
Active
Size
2,406 SF
Property subtype
Multi Family
Property Condition
Severity
Repairs Needed
Evidence
SEWER LINES ARE STARTING TO FAIL AND NEED TO BE LINED OR REPLACED
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$7,222
Amenities
private back patio
washer/dryer connections
window AC/heat units
Building Details
Year Built
1964
Listing Agency:
PHILLIP SCOTT MANAGEMENT & INV
(727) 543-9777
Listed By:
Damian Kondrotas · License #3425108
(727) 543-9777
Source:
Exitrealty
Added: Apr 18, 2025
Changed: Aug 30
Last Checked: Aug 31 at 4:02PM
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 PHILLIP SCOTT MANAGEMENT & INV
Investment Insights
Based on property information with market context.
This 2,406-square-foot triplex, built in 1964, contains three two-bedroom, one-bathroom units. Units 2 and 3 have updated flooring, cabinetry with granite countertops, appliances, and vanities, while Unit 1 retains its original condition and includes a one-car attached garage. Each residence has a private rear patio and washer/dryer connections. Window AC and heat units serve the property, and all three units are individually metered for utilities.
Two of the three units are occupied. The roof was replaced in 2007, and the property is designated FEMA Zone X. The building is 0.6 miles from the Blue Jays Stadium and 1.1 miles from downtown Dunedin. Sewer lines are beginning to fail and require lining or replacement.
Two of the three units are occupied. The roof was replaced in 2007, and the property is designated FEMA Zone X. The building is 0.6 miles from the Blue Jays Stadium and 1.1 miles from downtown Dunedin. Sewer lines are beginning to fail and require lining or replacement.
Key Highlights
- Three total units, each with 2 bedrooms and 1 bathroom
- Units 2 and 3 renovated with new flooring, cabinets, granite counters, appliances, and vanities
- Unit 1 includes a 1 car attached garage
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
$28,084
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
4.22%
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%
$561,680
$561.7K
Cap Rate 7%
$401,200
$401.2K
Cap Rate 9%
$312,044
$312.0K
Market Conditions
NOI Build-Up for 2,406 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
$43.0K $17.88/SF
− Vacancy
−$2.9K −$1.21/SF
EGI
$40.1K $16.67/SF
− OpEx
−$12.0K −$5.00/SF
NOI
$28.1K $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%
$561,680
Cap Rate 7%
$401,200
Cap Rate 9%
$312,044
Alternative Uses
Best Use
Multifamily LT 5
$401.2K
$351.1K – $468.1K
NOI $28,084 @ 7.0% cap · market cap 4.22%
Second Best
Apartment 5plus
$316.1K
$276.6K – $368.8K
NOI $22,128 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$625.8K
$547.6K – $730.1K
NOI $43,807 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
939
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?
Triplex - Three individually metered units offer private patios, laundry hookups, and a mix of renovated and original interiors.
Where is this triplex located?
The property is located at 766 BELTREES STREET Dunedin, FL.
What is the asking price?
The asking price for this property is $665,000.
What are key features of this property?
This property features: Three total units, each with 2 bedrooms and 1 bathroom; Units 2 and 3 renovated with new flooring, cabinets, granite counters, appliances, and vanities; Unit 1 includes a 1 car attached garage
