Adaptable Commercial Property on Little
For Sale
$599,988
10129 LITTLE ROAD, New Port Richey, FL 34654
Versatile 2,300+ sq. ft. commercial property on over an acre.
Property Size2,337 SF
Lot Size1.09 Acres
Price / SF$256.73
Days on Market537
Property Features for 10129 LITTLE ROAD
General Information
Standard status
Active
Size
2,337 SF
Lot size
1.09 Acres
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$2,607
Building Details
Year Built
1979
Listing Agency:
KELLER WILLIAMS REALTY- PALM HARBOR
(813) 917-1894
Listed By:
Brandon Rimes · License #3228106
(813) 917-1894
Source:
Exitrealty
Added: Feb 20, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:24AM
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 KELLER WILLIAMS REALTY- PALM HARBOR
Investment Insights
Based on property information with market context.
This commercial property offers over 2,300 sq. ft. of space on over an acre along Little Road. The location provides outstanding exposure and accessibility on a highly traveled six-lane corridor. It is in close proximity to SR 52, US-19, the Suncoast Parkway, and public transportation. Formerly a chiropractic office, the property is designed for maximum flexibility, making it suitable for a wide range of professional, medical, or commercial uses. The building features no interior load-bearing walls, allowing for easy customization and reconfiguration. Two curb cuts and a circular driveway provide seamless ingress and egress, while over a dozen paved parking spaces accommodate clients and staff. The property also offers an ADA-compliant entrance ramp and restroom, a spacious reception area with administrative office space, an integrated garage/storage area, a kitchen or break room, and a functional illuminated monument sign. The load-bearing structural setup supports easy interior modifications. Additional amenities include two full bathrooms and two half bathrooms, a rear screened porch, and a paved rear patio, offering flexibility for expansion, outdoor workspace, or guest-use areas. A new roof was installed in 2020. The property also presents a unique opportunity for conversion to an income-producing short-term rental or Airbnb-style use, subject to zoning and local regulations.
Key Highlights
- High‑visibility location on Little Road with easy access to major highways and public transportation.
- 2,300+ sq. ft. building on over an acre with a flexible layout suitable for various uses.
- Seamless ingress/egress and ample parking with two curb cuts, circular driveway, and over a dozen paved parking spaces.
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
$22,943
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
3.82%
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%
$458,860
$458.9K
Cap Rate 7%
$327,757
$327.8K
Cap Rate 9%
$254,922
$254.9K
Market Conditions
NOI Build-Up for 2,337 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
$35.1K $15.00/SF
− Vacancy
−$2.3K −$0.98/SF
EGI
$32.8K $14.03/SF
− OpEx
−$9.8K −$4.21/SF
NOI
$22.9K $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%
$458,860
Cap Rate 7%
$327,757
Cap Rate 9%
$254,922
Alternative Uses
Best Use
Retail
$327.8K
$286.8K – $382.4K
NOI $22,943 @ 7.0% cap · market cap 3.82%
Second Best
Healthcare Medical
$307.9K
$269.4K – $359.3K
NOI $21,555 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$532.4K
$465.8K – $621.1K
NOI $37,265 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
191
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34654, FL
23,508
Population
10,372
Households
2.3
Avg Household Size
48
Median Age
22%
College-Educated
88%
High-School Grad
25.3 sq mi
ZIP Area
929
Density / Sq Mi
$64,210
Median Household Income
$41,221
Median Earnings
$1,449
Median Rent
$257,500
Median Home Value
Market
Vacancy Rate% for Office 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?
Medical Office Space - Versatile 2,300+ sq. ft. commercial property on over an acre.
Where is this medical office space located?
The property is located at 10129 LITTLE ROAD New Port Richey, FL.
What is the asking price?
The asking price for this property is $599,988.
What are key features of this property?
This property features: High‑visibility location on Little Road with easy access to major highways and public transportation.; 2,300+ sq. ft. building on over an acre with a flexible layout suitable for various uses.; Seamless ingress/egress and ample parking with two curb cuts, circular driveway, and over a dozen paved parking spaces.
