Azul Ave Coastal Townhome Development
21 Fully Entitled STR-Compatible Units • Dunedin, Florida
Fully Entitled Coastal STR Community in Dunedin, Florida
1380 Pinehurst Road, Dunedin, FL 34698
21 Fully Entitled STR-Compatible Units • Dunedin, Florida
Development risk substantially reduced through comprehensive entitlements and municipal progress
Fully entitled fee-simple townhomes with completed architectural review and municipal approval
Premium infill location on Pinehurst Road in high-demand Dunedin corridor
1400+/- SF standard units optimized for short-term rental income generation
FX-M zoning permits short-term rentals - rare in Dunedin's infill locations
Self-contained infrastructure and HOA structure minimize municipal dependencies
Environmentally compliant design with extensive native vegetation preservation
Approved coastal vernacular design with Ocean City Blue siding and Bahama shutters
Significant entitlement milestones achieved, traffic study commissioned
Scarce STR-compatible infill opportunities in Dunedin's high-tourism corridor
Tourism-driven market with limited STR-compatible infill land
1.5 miles to vibrant downtown district with restaurants, breweries, and cultural attractions
3 miles to pristine Gulf Coast beaches and #1 ranked state park in Florida
25 minutes to TPA - major gateway for tourism and business travel
Tourism-driven economy with strong year-round rental demand and occupancy rates
Limited availability of STR-compatible infill land in established Dunedin neighborhoods
Coastal vernacular architecture approved by City of Dunedin
Complete development rendering showing unit layout and common areas
Coastal vernacular design with Ocean City Blue siding
Privacy-focused layout with quiet walkways
Bahama shutters, Galvalume roofing, coastal colors
Art wall feature and landscaped entries
Optimized for short-term rental income generation
Comprehensive entitlements and compliance achievements
Exceeds municipal requirements for green space and common areas
Native landscaping with 94% compliance for environmental preservation
Underground detention system engineered for site drainage requirements
Impact analysis underway with municipal traffic engineering
Coastal vernacular design approved through DRB revision process
Self-contained utilities and HOA minimize ongoing municipal dependencies
Design Review approved by City of Dunedin after 12-month entitlement process. All development approvals in place—ready to break ground.
Download Development ApprovalApplication No. DR-2025-0004 | 1380 Pinehurst Road, Dunedin, FL 34698
Proforma based on 21 units at 70% occupancy · $500 ADR · Full underwriting upon NDA
10 carts at $60/day generate $219,000 in annual revenue on a $100,000 investment — a 119% first-year ROI. Golf carts are a high-demand amenity for coastal STR guests visiting Honeymoon Island, downtown Dunedin, and the Pinellas Trail.
Key Benefit: Pure incremental income on top of STR NOI — adds $219K/year with minimal overhead, pushing total portfolio NOI to $2.03M and portfolio value to $28.9M at a 7% cap rate.
Investment structure allows for strategic pivots based on market conditions
Operate all 21 units as professionally managed STR portfolio. At 70% occupancy, the portfolio generates $2.68M in annual gross revenue with $2M NOI ($127,750 gross / $95,238 NOI per unit), with opportunities for value-add services including golf cart rentals.
Sell individual units to owner-occupants or investors as fee-simple townhomes upon completion or during pre-construction. Net proceeds calculated at 94% of gross sales to account for sales commissions (6%) and closing costs. Build costs to be determined by buyer.
Note: Net profit and ROI will vary based on buyer's construction costs, financing terms, and timeline efficiency.
Retain select units for STR operation while selling remainder to retail buyers - optimizing for both immediate capital return and long-term cash flow. Example scenario: 10 STR Hold / 11 Fee-Simple Sellout. The 10 retained units generate approximately $952,380 annual net operating income (positive cash flow). Buyer underwrites STR portfolio build costs and operating assumptions.
Conservative (8 STR / 13 Sellout): Higher immediate capital return, less ongoing income
Balanced (10 STR / 11 Sellout): Optimal mix of capital return and cash flow
Aggressive (12 STR / 9 Sellout): Lower upfront capital, higher long-term income
Additional income streams that enhance returns on minimal investment
Dunedin's walkable downtown and Honeymoon Island proximity create strong demand for golf cart rentals. This value-add service generates significant incremental income on a modest upfront investment with rapid payback.
Minimal upfront investment per unit with rapid ROI
Enhanced guest experience increases booking rates and reviews
Dunedin's downtown and beach access drive golf cart rental demand
Pure profit stream with minimal ongoing operating costs
Strategic Value: Golf cart rentals add $153K in annual revenue on an $80K investment—a 191% return over 12 months with minimal overhead. This value-add service enhances guest experience, increases booking rates, and provides nearly pure-profit incremental income.
Proven track record in entitlement navigation and municipal relationships
Special purpose entity formed for the development of 21 fee-simple townhomes at 1380 Pinehurst Road. Seasoned entitlement and municipal approval experience in Dunedin market.
Local real estate development and advisory firm with deep market knowledge, municipal relationships, and proven execution capabilities in coastal Florida markets.
Confidential offering memorandum and financial model available upon NDA