Air-Conditioned Flex
For Sale
$375,000
10120 RIDGEWAY Drive, Port Richey, FL 34668
Commercial Sale, PORT RICHEY, FL
Property Size1,860 SF
Lot Size0.09 Acres
Price / SF$201.61
Days on Market593
Property Features for 10120 RIDGEWAY Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C2
Security features
Security Lighting
Subdivision
CRESCENT PARK
Directions
US19 heading south, turn West onto Graphic Drive. Turn right onto Scenic Drive and property will be on your right. Park outside the gated area.
Standard status
Active
APN
16-25-16-0010-00800-0260
Size
1,860 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
CRESCENT PARK PB 2 PG 51 LOT 26 BLOCK 8 OR 9276 PG 2377
Tax Annual Amount
1380
Legal Description
CRESCENT PARK PB 2 PG 51 LOT 26 BLOCK 8 OR 9276 PG 2377
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Heating system
Ductless (Heating), Electric (Heating)
Water source
Public
Amenities
video surveillance
Building Details
Year built
1982
Floors in Building
1
Flooring type
Concrete, Tile - Ceramic
Building materials
Block
Roof type
Built-Up
Listing Agency:
CHARLES RUTENBERG REALTY INC
(727) 538-9200
Listed By:
Jan Amis · License #3295983
(727) 667-2520
Added: Jan 9, 2025
Changed: Aug 24
Last Checked: Aug 25 at 9:06AM
MLS# TB8337216
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 1,860-square-foot flex building occupies a 0.09-acre site and was constructed in 1982 with block construction, concrete and ceramic tile flooring, and a built-up roof replaced in 2018. The layout includes a reception and office area, bathroom, storage closet, high ceilings, and a loft that can support additional storage or office use. A 10-by-10-foot roll-up door provides warehouse access, while ductless mini-split systems serve both the warehouse and office areas.
The property is fully fenced and gated, with video surveillance cameras included. Its C2 zoning is located in an industrial area near US19, with access to the Suncoast Expressway and regional destinations including Tampa Airport, Clearwater, and area beaches. Existing improvements include a custom kitchen cabinet showroom build-out and granite displays.
The property is fully fenced and gated, with video surveillance cameras included. Its C2 zoning is located in an industrial area near US19, with access to the Suncoast Expressway and regional destinations including Tampa Airport, Clearwater, and area beaches. Existing improvements include a custom kitchen cabinet showroom build-out and granite displays.
Key Highlights
- 1,860‑square‑foot flex building on a 0.09‑acre site
- C2 zoning in an industrial area near US19
- 10‑by‑10‑foot roll‑up door for warehouse access
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
$20,021
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
5.34%
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%
$400,420
$400.4K
Cap Rate 7%
$286,014
$286.0K
Cap Rate 9%
$222,456
$222.5K
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
$33.5K $18.00/SF
− Vacancy
−$2.7K −$1.44/SF
EGI
$30.8K $16.56/SF
− OpEx
−$10.8K −$5.80/SF
NOI
$20.0K $10.76/SF
Area
Pasco County, FL
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$400,420
Cap Rate 7%
$286,014
Cap Rate 9%
$222,456
Alternative Uses
Best Use
Flex RnD
$286.0K
$250.3K – $333.7K
NOI $20,021 @ 7.0% cap · market cap 5.34%
Second Best
Retail
$260.9K
$228.3K – $304.4K
NOI $18,261 @ 7.0% cap · market cap 4.87%
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
Lease Details
Single-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
520
Businesses Nearby
Under-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.
Frequently Asked Questions
What type of property is this?
Flex space - C2-zoned building with showroom improvements, roll-up access, office space, storage, and gated security features.
Where is this flex space located?
The property is located at 10120 RIDGEWAY Drive 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: 1,860‑square‑foot flex building on a 0.09‑acre site; C2 zoning in an industrial area near US19; 10‑by‑10‑foot roll‑up door for warehouse access
