Ground-Floor Apartment
For Sale
$6,499,999
950 BELTREES STREET, Dunedin, FL 34698
Eight residential buildings contain two- and three-bedroom units with private fenced yards and open kitchen-living layouts.
Property Size24,943 SF
Days on Market139
Property Features for 950 BELTREES STREET
General Information
Standard status
Active
Size
24,943 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$3,912,416
Building Details
Building Size
24,943 SF
Year Built
1989
Units
25
Listing Agency:
KLEIN & HEUCHAN, INC
(813) 559-1117
Listed By:
Ulrike Cramer · License #3432225
(813) 559-1117
Source:
Mbifloridarealty
Added: Apr 15
Changed: Aug 28
Last Checked: Aug 29 at 10:18AM
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.
Built in 1989, this multifamily property consists of eight block buildings with 25 ground-floor apartments. The unit mix includes 12 three-bedroom, two-bathroom residences and 13 two-bedroom, two-bathroom residences. Each apartment incorporates a kitchen and great room in an open shared layout, along with walk-in closets and two bathrooms. Large fully fenced yards serve each unit.
The property is located in downtown Dunedin at 950 Beltrees Street, with proximity to Honeymoon Island, Caladesi Island, and the Pinellas Trail. Its combination of ground-level residences, private outdoor areas, and multiple-bedroom floor plans defines the physical configuration of the offering.
The property is located in downtown Dunedin at 950 Beltrees Street, with proximity to Honeymoon Island, Caladesi Island, and the Pinellas Trail. Its combination of ground-level residences, private outdoor areas, and multiple-bedroom floor plans defines the physical configuration of the offering.
Key Highlights
- 25 apartments across 8 block buildings
- Unit mix includes 12 three‑bedroom, two‑bathroom apartments and 13 two‑bedroom, two‑bathroom apartments
- All units are on the ground floor
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
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight residential buildings contain two- and three-bedroom units with private fenced yards and open kitchen-living layouts.
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 8 block buildings; Unit mix includes 12 three‑bedroom, two‑bathroom apartments and 13 two‑bedroom, two‑bathroom apartments; All units are on the ground floor
