25-Unit Ground-Floor Apartment
For Sale
$6,499,999
950 BELTREES STREET, Dunedin, FL 34698
Eight block buildings offer two-bedroom and three-bedroom apartments with private fenced yards in downtown Dunedin.
Property Size24,943 SF
Days on Market143
Property Features for 950 BELTREES STREET
General Information
Standard status
Active
Size
24,943 SF
Units
Unit Mix
12 x 3BR/2BA, 13 x 2BR/2BA
Multifamily Units
25
Taxes and HOA fees
Annual Taxes
$3,912,416
Building Details
Building Size
24,943 SF
Year Built
1989
Buildings
8
Listing Agency:
KLEIN & HEUCHAN, INC
Listed By:
Ulrike Cramer · License #3432225
(813) 559-1117
Source:
Rockmelinvestments
Added: Apr 15
Changed: Sep 3
Last Checked: Sep 2 at 1:14PM
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 KLEIN & HEUCHAN, INC
Investment Insights
Based on property information with market context.
This multifamily property includes 25 apartments distributed among eight block buildings. The unit mix consists of 12 three-bedroom, two-bathroom residences and 13 two-bedroom, two-bathroom residences. Built in 1989, every apartment is on the ground floor and includes a kitchen and great room arranged as a combined living area, along with walk-in closets and two bathrooms. Each unit also has a fully fenced yard.
The property is located in downtown Dunedin, with access to Honeymoon Island, Caladesi Island, and the Pinellas Trail. Honeymoon Island is identified as the #1 State Park in Florida. The consistent unit layouts, ground-level configuration, and outdoor yard areas provide clearly defined physical features across the apartment community.
The property is located in downtown Dunedin, with access to Honeymoon Island, Caladesi Island, and the Pinellas Trail. Honeymoon Island is identified as the #1 State Park in Florida. The consistent unit layouts, ground-level configuration, and outdoor yard areas provide clearly defined physical features across the apartment community.
Key Highlights
- 25 apartments across eight block buildings
- Unit mix includes 12 three‑bedroom, two‑bathroom units and 13 two‑bedroom, two‑bathroom units
- All units are ground floor with fully fenced yards
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
$229,403
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
3.53%
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%
$4,588,060
$4.6M
Cap Rate 7%
$3,277,186
$3.3M
Cap Rate 9%
$2,548,922
$2.5M
Market Conditions
NOI Build-Up for 24,943 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
$449.0K $18.00/SF
− Vacancy
−$31.9K −$1.28/SF
EGI
$417.1K $16.72/SF
− OpEx
−$187.7K −$7.52/SF
NOI
$229.4K $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%
$4,588,060
Cap Rate 7%
$3,277,186
Cap Rate 9%
$2,548,922
Alternative Uses
Best Use
Apartment 5plus
$3.28M
$2.87M – $3.82M
NOI $229,403 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.49M
$5.68M – $7.57M
NOI $454,151 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
25
Residential units
Location Intelligence
Trade Area within ½ mile
801
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Eight block buildings offer two-bedroom and three-bedroom apartments with private fenced yards in downtown Dunedin.
Where is this apartment building located?
The property is located at 950 BELTREES STREET Dunedin, FL.
What is the asking price?
The asking price for this property is $6,499,999.
What are key features of this property?
This property features: 25 apartments across eight block buildings; Unit mix includes 12 three‑bedroom, two‑bathroom units and 13 two‑bedroom, two‑bathroom units; All units are ground floor with fully fenced yards
