Apartment Building with
For Sale
$459,900
5100 SOUTH Road, New Port Richey, FL 34652
Residential Income, NEW PORT RICHEY, FL
Property Size2,753 SF
Lot Size0.34 Acres
Price / SF$167.05
Days on Market508
Property Features for 5100 SOUTH Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1MH
Bedrooms
3
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Bathroom 4, Bedroom 3, Bedroom 2, Bathroom 5, Bathroom 3
Parking features
Assigned, Guest
Pets allowed
Yes
Interior features
Built-in Features, Ceiling Fans(s), Open Floorplan, Thermostat
Exterior features
Outbuildings, Lighting, Private Mailbox
Appliances
Electric Water Heater, Range, Refrigerator, Tankless Water Heater
Subdivision
TAMPA TARPON SPGS LAND CO
Middle school
Gulf Middle-PO
High school
Gulf High-PO
Directions
US Hwy 19 to East on South Rd.
Standard status
Active
APN
16-26-08-001.0-022.00-001.0
Size
2,753 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
TAMPA TARPON SPRINGS LAND COMPANY PB 1 PGS 68-70 WEST 100.00 FT OF NORTH 150.00 FT OF TRACT 22
Tax Annual Amount
5455
Legal Description
TAMPA TARPON SPRINGS LAND COMPANY PB 1 PGS 68-70 WEST 100.00 FT OF NORTH 150.00 FT OF TRACT 22
Utilities
Sewer type
Septic Tank
Heating system
Central, Ductless (Heating), Electric (Heating)
Cooling system
Central Air, Window Unit(s), Wall/Window Unit(s)
Water source
Public
Amenities
separate laundry building
Building Details
Year built
1956
Floors in Building
1
Number of units
5
Flooring type
Tile - Ceramic
Building materials
Block, Concrete, Stucco
Additional Structures
Outbuilding
Listing Agency:
FUTURE HOME REALTY INC
(813) 855-4982
Listed By:
Susan McGowan · License #3155686
(813) 484-8655
Added: Apr 4, 2025
Changed: Aug 23
Last Checked: Aug 24 at 4:06AM
MLS# TB8370544
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 2,753-square-foot apartment property contains five fully leased units on 0.34 acres. Interior improvements include remodeled kitchens and bathrooms, new air-conditioning units, water heaters, ceramic tile flooring, ceiling fans, and open floor plans. The block, concrete, and stucco construction is complemented by a newer roof installed in 2020 and a separate laundry building.
Located in New Port Richey, the property has assigned and guest parking, public water, and a septic tank. Additional features include private mailboxes, exterior lighting, an outbuilding, electric and central heating, and central air conditioning. The property is zoned R1MH and was built in 1956.
Located in New Port Richey, the property has assigned and guest parking, public water, and a septic tank. Additional features include private mailboxes, exterior lighting, an outbuilding, electric and central heating, and central air conditioning. The property is zoned R1MH and was built in 1956.
Key Highlights
- Five fully leased apartment units
- 2,753 square feet on 0.34 acres
- Remodeled kitchens and bathrooms in the units
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
$25,320
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
5.51%
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%
$506,400
$506.4K
Cap Rate 7%
$361,714
$361.7K
Cap Rate 9%
$281,333
$281.3K
Market Conditions
NOI Build-Up for 2,753 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
$49.6K $18.00/SF
− Vacancy
−$3.5K −$1.28/SF
EGI
$46.0K $16.72/SF
− OpEx
−$20.7K −$7.52/SF
NOI
$25.3K $9.20/SF
Area
Pasco 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%
$506,400
Cap Rate 7%
$361,714
Cap Rate 9%
$281,333
Alternative Uses
Best Use
Apartment 5plus
$361.7K
$316.5K – $422.0K
NOI $25,320 @ 7.0% cap · market cap 5.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$627.1K
$548.7K – $731.6K
NOI $43,898 @ 7.0% cap · market cap 9.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,491
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
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 - Five-unit property with renovated interiors, updated mechanical systems, and a separate laundry structure.
Where is this apartment building located?
The property is located at 5100 SOUTH Road New Port Richey, FL.
What is the asking price?
The asking price for this property is $459,900.
What are key features of this property?
This property features: Five fully leased apartment units; 2,753 square feet on 0.34 acres; Remodeled kitchens and bathrooms in the units
