439 Causeway Blvd 2,816 SF Vacant Office Building Dunedin, FL 34698 $3,750,000 ($1,331.68/SF) 4.80% Cap Rate

Investor and developer opportunity positioned along the highly sought-after Dunedin Causeway. This rare, income-producing waterfront assemblage includes 2 parcels being sold together, currently configured as a waterfront main residence plus an adjacent income-producing multi-unit property with exceptional upside and long-term redevelopment potential.
DEVELOPMENT & ZONING POTENTIAL: Zoned FX-M with short-term rentals approved, the property offers multifamily development potential for up to 10 units, making this a strategic acquisition for investors, developers, boutique hospitality operators, or buyers seeking scale in one of Tampa Bay’s most supply-constrained coastal corridors.
PROPERTY CONFIGURATION: The income-producing building currently consists of 3 separate units, including 2 renovated 2-bedroom, 2-bath units that each accommodate up to 6 guests. *One unit features a modernized kitchen (2020), in-unit washer and dryer, new baseboards, and updated tile flooring. *The second includes a 2023 kitchen remodel, epoxy flooring, and in-unit laundry, making it ideal for short- or long-term leasing. *The third flexible unit functions as a versatile 1-bedroom, 1-bath space ideal for office, gym, or ancillary rental use, with plumbing already in place for washer/dryer installation. *The adjacent waterfront residence currently offers 3 bedrooms with the potential to add 3 additional bedrooms and can accommodate up to 10 guests, creating additional flexibility for expanded living, luxury rental use, or boutique hospitality potential.
PROPERTY IMPROVEMENTS & FEATURES: Constructed with durable concrete block construction on slab, the property has been extensively improved with refreshed stucco and exterior paint (2022), impact-rated windows and doors (2015), 3 HVAC systems (2015), and separate electric meters for operational flexibility. Additional features include 6 dedicated parking spaces and a fully equipped RV hookup with 50-amp service, sewer, and water connections, expanding rental versatility.
WATERFRONT LIFESTYLE: A heated saltwater pool and spa overlook the Intracoastal Waterway, while direct water access, a private dock, deep-water slips, boat lift, and jet ski lifts create exceptional boating appeal, recreational value, and strong lifestyle-driven rental demand.
LOCATION & CONVENIENCE: Located just minutes from Downtown Dunedin, the property is within walking distance to waterfront dining, retail, marinas, entertainment, and the Pinellas Trail. Positioned adjacent to the Toronto Blue Jays Spring Training facilities and within a golf-cart-friendly community, the location continues to drive strong seasonal demand and premium rental rates. With flexible zoning, strong in-place income, irreplaceable waterfront positioning, and future redevelopment opportunity, this is a truly rare coastal investment opportunity along the iconic Dunedin Causeway.
Property consists of 2 parcels being sold together, including 1 income-producing triplex property and 1 adjacent waterfront residence. The triplex includes 3 units: 2 renovated 2-bedroom, 2-bath units that each sleep up to 6 guests, plus 1 flexible unit with future 1-bedroom potential. The waterfront residence currently offers 3 bedrooms with the potential to add 3 additional bedrooms and can accommodate up to 10 guests. Both parcels MUST be sold together or closed simultaneously. MLS#TB8500346