Port Richey Warehouse with
For Sale
$375,000
10120 RIDGEWAY Dr, Port Richey, FL 34668
Well-maintained warehouse with showroom, ideal for kitchen/bath business.
Property Size1,860 SF
Lot Size0.09 Acres
Days on Market174
Property Features for 10120 RIDGEWAY Dr
General Information
Standard status
Active
Size
1,860 SF
Lot size
0.09 Acres
Property subtype
Industrial
Taxes and HOA fees
Annual Taxes
$1,380
Building Details
Building Size
1,860 SF
Year Built
1982
Stories
1
Listing Agency:
Charles Rutenberg Realty, Inc
(727) 667-2520
Listed By:
Jan Amis · License #3295983
(727) 667-2520
Source:
Elliman
Added: Mar 11
Changed: Aug 28
Last Checked: Aug 30 at 5:11PM
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 Charles Rutenberg Realty, Inc
Investment Insights
Based on property information with market context.
This well-maintained block warehouse building is situated in a small industrial area of Port Richey, near US19 and a major retail area. The property features a new roof installed in 2018, a 10' x 10’ roll-up door for convenient access, and a reception/office space that includes a bathroom and storage closet. The warehouse boasts high ceilings, along with a loft area suitable for additional storage or office space. The entire building is fully air-conditioned, utilizing mini-split AC units in both the warehouse and office areas. Security is enhanced by full fencing and a gated perimeter. Video surveillance cameras are included with the property. Previously used as a kitchen and bath remodel business, the property includes a custom kitchen cabinet showroom build-out and granite displays, making it suitable for a similar business. The location offers convenient access to the Suncoast Expressway, facilitating commutes to Tampa Airport, Clearwater, and nearby beaches. The property is zoned C2, allowing for a range of potential uses within this industrial area.
Key Highlights
- Fully air‑conditioned warehouse and office space with mini‑split AC units.
- Secure property with full fencing, gate, and video surveillance cameras.
- New roof installed in 2018.
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
$18,261
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
4.87%
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%
$365,220
$365.2K
Cap Rate 7%
$260,871
$260.9K
Cap Rate 9%
$202,900
$202.9K
Market Conditions
NOI Build-Up for 1,860 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
$27.9K $15.00/SF
− Vacancy
−$1.8K −$0.98/SF
EGI
$26.1K $14.03/SF
− OpEx
−$7.8K −$4.21/SF
NOI
$18.3K $9.82/SF
Area
Pasco County, FL
Vacancy
6.50%
Lease Rate
$15.00 /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%
$365,220
Cap Rate 7%
$260,871
Cap Rate 9%
$202,900
Alternative Uses
Best Use
Retail
$260.9K
$228.3K – $304.4K
NOI $18,261 @ 7.0% cap · market cap 4.87%
Second Best
Warehouse
$258.9K
$226.5K – $302.0K
NOI $18,122 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$423.7K
$370.7K – $494.3K
NOI $29,659 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
520
Businesses Nearby
Well-served
Demand for This Use
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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - Well-maintained warehouse with showroom, ideal for kitchen/bath business.
Where is this warehouse located?
The property is located at 10120 RIDGEWAY Dr Port Richey, FL.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Fully air‑conditioned warehouse and office space with mini‑split AC units.; Secure property with full fencing, gate, and video surveillance cameras.; New roof installed in 2018.
