Office Condo with Front
For Sale
$169,000
Pending
1-6609 Ridge Rd, Port Richey, FL 34668
Office condo on busy Ridge Rd with pylon sign, 3 offices, and 1 restroom, plus parking at front and back.
Property Size1,000 SF
Days on Market92
Property Features for 1-6609 Ridge Rd
General Information
Standard status
Pending
Size
1,000 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$1,490
Listing Agency:
FLORIDA REALTY INVESTMENTS
(407) 207-2220
Listed By:
Sujata Katikala · License #3057328
(813) 618-3279
Source:
Exprealty
Added: Jun 6
Changed: Aug 31
Last Checked: Sep 5 at 1:41PM
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 FLORIDA REALTY INVESTMENTS
Investment Insights
Based on property information with market context.
This income-producing office condo offers a spacious interior with three offices and one restroom, totaling 1,000 square feet. The condo fee is described as low and includes trash, water, and all exterior maintenance. The unit is currently occupied, and the tenant is flexible to stay or leave, with owner-occupants and investors welcomed.
Located directly on busy Ridge Rd with a pylon sign for visibility, the property places you across the street from the Ridge Road Center plaza, which includes Pizza Hut and Family Dollar and also has an upcoming Latin market. Parking is available both in front and at the back of the building, providing convenient access for employees and visitors. The property is listed as under 2 miles from US 19 Hwy.
The layout is suited to a variety of office users who need multiple private rooms, with dedicated restrooms and straightforward access from the front and rear parking areas.
Located directly on busy Ridge Rd with a pylon sign for visibility, the property places you across the street from the Ridge Road Center plaza, which includes Pizza Hut and Family Dollar and also has an upcoming Latin market. Parking is available both in front and at the back of the building, providing convenient access for employees and visitors. The property is listed as under 2 miles from US 19 Hwy.
The layout is suited to a variety of office users who need multiple private rooms, with dedicated restrooms and straightforward access from the front and rear parking areas.
Key Highlights
- Income‑producing office condo on busy Ridge Rd with a pylon sign for visibility
- 1,000 sqft interior with 3 offices and 1 restroom
- Low monthly condo fee includes trash, water, and all exterior maintenance
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
$6,748
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
3.99%
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%
$134,960
$135.0K
Cap Rate 7%
$96,400
$96.4K
Cap Rate 9%
$74,978
$75.0K
Market Conditions
NOI Build-Up for 1,000 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
$11.0K $11.04/SF
− Vacancy
−$2.0K −$2.04/SF
EGI
$9.0K $9.00/SF
− OpEx
−$2.2K −$2.25/SF
NOI
$6.7K $6.75/SF
Area
Pasco County, FL
Vacancy
18.50%
Lease Rate
$11.04 /SF/Yr
Expense Ratio
25.00%
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%
$134,960
Cap Rate 7%
$96,400
Cap Rate 9%
$74,978
Alternative Uses
Best Use
Office B
$96.4K
$84.4K – $112.5K
NOI $6,748 @ 7.0% cap · market cap 3.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$227.8K
$199.3K – $265.8K
NOI $15,946 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
906
Businesses Nearby
Explore this area
Business Placement
Demographics for 34668, FL
48,781
Population
23,883
Households
2
Avg Household Size
45
Median Age
13%
College-Educated
88%
High-School Grad
15.5 sq mi
ZIP Area
3,147
Density / Sq Mi
$45,760
Median Household Income
$35,610
Median Earnings
$1,278
Median Rent
$168,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office condo on busy Ridge Rd with pylon sign, 3 offices, and 1 restroom, plus parking at front and back.
Where is this office units located?
The property is located at 1-6609 Ridge Rd Port Richey, FL.
What is the asking price?
The asking price for this property is $169,000.
What are key features of this property?
This property features: Income‑producing office condo on busy Ridge Rd with a pylon sign for visibility; 1,000 sqft interior with 3 offices and 1 restroom; Low monthly condo fee includes trash, water, and all exterior maintenance
