Active Senior Community
For Sale
$169,000
11241 DOLLAR LAKE DRIVE 4, Port Richey, FL 34668
Spacious condo in a vibrant 55+ community.
Property Size1,210 SF
Lot Size5.66 Acres
Price / SF$139.67
Days on Market692
Property Features for 11241 DOLLAR LAKE DRIVE 4
General Information
Standard status
Active
Size
1,210 SF
Lot size
5.66 Acres
Property subtype
Condo/Townhome
Taxes and HOA fees
Annual Taxes
$784
Building Details
Year Built
1980
Listing Agency:
MARIANO REAL ESTATE INC.
(727) 534-1979
Listed By:
Theresa Verrengia · License #3344885
(727) 534-1979
Source:
Exitrealty
Added: Sep 19, 2024
Changed: Aug 8
Last Checked: Aug 11 at 7:16AM
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 MARIANO REAL ESTATE INC.
Investment Insights
Based on property information with market context.
This property is located within a 55 and older community that offers a social environment with numerous activities. The condo features 2 bedrooms, 2 bathrooms, and a 1210 sq ft split floor plan, not including the heated and air-conditioned sunroom. A carport is included. The kitchen has been updated with counters and appliances in 2015. A newer HVAC system was installed in 2018, along with new duct work and insulation. A new hot water heater and water softener filtration system have been installed. The building has a new roof. Community amenities include a pool, clubhouse, heated pool, spa, library, billiard room, woodworking shop, computer room, exercise room, craft room, and recreation area. The property is conveniently located near medical facilities, shopping, and other conveniences. The condo fee covers water, cable TV, internet, trash, insurance, roof, building exterior, and grounds maintenance.
Key Highlights
- Active 55+ Community: Enjoy a vibrant social life with many activities and amenities.
- Updated and Well‑Maintained: Features a new roof, newer HVAC (2018), updated kitchen (2015), new hot water heater, water softener, and new insulation.
- Comprehensive Condo Fee: Covers water, cable TV, internet, trash, insurance, roof, building exterior, and grounds 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
$11,128
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
6.58%
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%
$222,560
$222.6K
Cap Rate 7%
$158,971
$159.0K
Cap Rate 9%
$123,644
$123.6K
Market Conditions
NOI Build-Up for 1,210 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
$21.8K $18.00/SF
− Vacancy
−$1.5K −$1.28/SF
EGI
$20.2K $16.72/SF
− OpEx
−$9.1K −$7.52/SF
NOI
$11.1K $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%
$222,560
Cap Rate 7%
$158,971
Cap Rate 9%
$123,644
Alternative Uses
Best Use
Apartment 5plus
$159.0K
$139.1K – $185.5K
NOI $11,128 @ 7.0% cap · market cap 6.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$275.6K
$241.2K – $321.6K
NOI $19,294 @ 7.0% cap · market cap 11.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
181
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Senior housing / Retirement Home - Spacious condo in a vibrant 55+ community.
Where is this senior housing / retirement home located?
The property is located at 11241 DOLLAR LAKE DRIVE 4 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: Active 55+ Community: Enjoy a vibrant social life with many activities and amenities.; Updated and Well‑Maintained: Features a new roof, newer HVAC (2018), updated kitchen (2015), new hot water heater, water softener, and new insulation.; Comprehensive Condo Fee: Covers water, cable TV, internet, trash, insurance, roof, building exterior, and grounds maintenance.
