Renovated Duplex with Detached
For Sale
$279,900
5045 GREEN KEY Road, New Port Richey, FL 34652
Residential Income, NEW PORT RICHEY, FL
Property Size1,205 SF
Lot Size0.27 Acres
Price / SF$232.28
Days on Market148
Property Features for 5045 GREEN KEY Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R3
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 1
Pets allowed
Cats OK, Dogs OK
Interior features
Thermostat
Exterior features
Fence
Fencing
Fenced
Subdivision
PORT RICHEY LAND CO SUB
Elementary school
James M Marlow Elementary-PO
Middle school
Gulf Middle-PO
High school
Gulf High-PO
Directions
FROM US-19 N TURN LEFT ON GREEN KEY ROAD. 0.2 MILES DESTINATION ON RIGHT.
Standard status
Active
APN
05-26-16-0180-01200-0030
Size
1,205 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PORT RICHEY LAND COMPANY SUB PB 1 PG 61 S 200 FT OF E 66 FT OF TRACT 12 LESS RD R/W OR 4349 PG 967
Tax Annual Amount
1573
Legal Description
PORT RICHEY LAND COMPANY SUB PB 1 PG 61 S 200 FT OF E 66 FT OF TRACT 12 LESS RD R/W OR 4349 PG 967
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Amenities
screened lanai
enclosed porch
Building Details
Year built
1930
Building materials
Block
Roof type
Shingle, Membrane
Listing Agency:
REAL BROKER, LLC
(855) 450-0442
Listed By:
Chris Jhoda · License #3479013
(813) 388-0036
Added: Apr 17
Changed: Sep 6
Last Checked: Sep 11 at 12:06AM
MLS# TB8499091
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex includes a 1-bedroom, 1-bathroom main residence and a detached 1-bedroom, 1-bathroom unit, with 1205 square feet of property size. The interiors and exterior have been renovated with updated flooring, countertops, kitchen cabinets, and a bathroom. Improvements include a brand-new roof installed in 2026, HVAC from 2025, and a water heater from 2025. A screened lanai and enclosed porch add shared amenity space, while fencing, block construction, public water, and public sewer are also present.
The property is fully occupied and situated on a 0.27-acre lot in New Port Richey, Florida. It is near Green Key Beach, downtown New Port Richey, Sims Park, the Cotee River, shopping, dining, and major roadways. Electric service is separately metered for each unit, while water uses one shared meter. The property is zoned R3 and includes a clean 4 point inspection and wind mitigation report.
The property is fully occupied and situated on a 0.27-acre lot in New Port Richey, Florida. It is near Green Key Beach, downtown New Port Richey, Sims Park, the Cotee River, shopping, dining, and major roadways. Electric service is separately metered for each unit, while water uses one shared meter. The property is zoned R3 and includes a clean 4 point inspection and wind mitigation report.
Key Highlights
- Duplex with a 1‑bedroom, 1‑bathroom main residence plus detached 1‑bedroom, 1‑bathroom unit
- Fully occupied property measuring 1205 square feet on a 0.27‑acre lot
- Brand‑new roof installed in 2026; HVAC and water heater were installed in 2025
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
$14,065
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
5.03%
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%
$281,300
$281.3K
Cap Rate 7%
$200,929
$200.9K
Cap Rate 9%
$156,278
$156.3K
Market Conditions
NOI Build-Up for 1,205 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
$21.5K $17.88/SF
− Vacancy
−$1.5K −$1.21/SF
EGI
$20.1K $16.67/SF
− OpEx
−$6.0K −$5.00/SF
NOI
$14.1K $11.67/SF
Area
Pasco 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%
$281,300
Cap Rate 7%
$200,929
Cap Rate 9%
$156,278
Alternative Uses
Best Use
Multifamily LT 5
$200.9K
$175.8K – $234.4K
NOI $14,065 @ 7.0% cap · market cap 5.03%
Second Best
Apartment 5plus
$158.3K
$138.5K – $184.7K
NOI $11,083 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$274.5K
$240.2K – $320.2K
NOI $19,214 @ 7.0% cap · market cap 6.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,058
Businesses Nearby
Explore this area
Business Placement
Demographics for 34652, FL
26,697
Population
14,700
Households
1.8
Avg Household Size
51
Median Age
20%
College-Educated
88%
High-School Grad
8.6 sq mi
ZIP Area
3,104
Density / Sq Mi
$52,396
Median Household Income
$36,819
Median Earnings
$1,189
Median Rent
$198,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied two-unit property with separate living areas, recent system upgrades, and individually metered electric service.
Where is this duplex located?
The property is located at 5045 GREEN KEY Road New Port Richey, FL.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Duplex with a 1‑bedroom, 1‑bathroom main residence plus detached 1‑bedroom, 1‑bathroom unit; Fully occupied property measuring 1205 square feet on a 0.27‑acre lot; Brand‑new roof installed in 2026; HVAC and water heater were installed in 2025
