New Port Richey
For Sale
$247,000
Pending
11437 SPECTACLED DRIVE, New Port Richey, FL 34654
Three-bedroom home with modern amenities in a convenient location.
Property Size1,440 SF
Lot Size0.03 Acres
Days on Market724
Property Features for 11437 SPECTACLED DRIVE
General Information
Standard status
Pending
Size
1,440 SF
Lot size
0.03 Acres
Property subtype
Condo/Townhome
Building Details
Year Built
2025
Listing Agency:
MALTBIE REALTY GROUP
(813) 819-5255
Listed By:
Bill Maltbie · License #3493842
(813) 819-5255
Source:
Exitrealty
Added: Aug 20, 2024
Changed: Aug 8
Last Checked: Aug 12 at 3:24AM
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 MALTBIE REALTY GROUP
Investment Insights
Based on property information with market context.
Located in the Bear Creek community, this property offers 1440 square feet of living space. The Flamingo floorplan features 3 bedrooms and 2.5 baths, along with a 1-car garage. The owner’s suite bathroom includes double sinks. The open-concept layout incorporates granite countertops and a kitchen island. Additional features include a covered lanai, choice of cabinet color and tile, stainless steel kitchen appliances, a washer, and a dryer. The community has a low monthly HOA fee that covers exterior maintenance, cable TV, and high-speed internet. Located in the heart of New Port Richey, the property is near shopping, dining, parks, and the beach. All homes include a WIFI-enabled garage opener and Ecobee thermostat. The community is CDD-free.
Key Highlights
- CDD‑free community with low monthly HOA including exterior maintenance, cable TV, and high‑speed internet.
- Open‑concept layout with 3 bedrooms, 2.5 baths, and 1‑car garage.
- Granite countertops, kitchen island, stainless steel kitchen appliances, washer, and dryer included.
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
$13,244
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
5.36%
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%
$264,880
$264.9K
Cap Rate 7%
$189,200
$189.2K
Cap Rate 9%
$147,156
$147.2K
Market Conditions
NOI Build-Up for 1,440 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
$25.9K $18.00/SF
− Vacancy
−$1.8K −$1.28/SF
EGI
$24.1K $16.72/SF
− OpEx
−$10.8K −$7.52/SF
NOI
$13.2K $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%
$264,880
Cap Rate 7%
$189,200
Cap Rate 9%
$147,156
Alternative Uses
Best Use
Apartment 5plus
$189.2K
$165.6K – $220.7K
NOI $13,244 @ 7.0% cap · market cap 5.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$328.0K
$287.0K – $382.7K
NOI $22,962 @ 7.0% cap · market cap 9.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
70
Businesses Nearby
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom home with modern amenities in a convenient location.
Where is this residential income property located?
The property is located at 11437 SPECTACLED DRIVE New Port Richey, FL.
What is the asking price?
The asking price for this property is $247,000.
What are key features of this property?
This property features: CDD‑free community with low monthly HOA including exterior maintenance, cable TV, and high‑speed internet.; Open‑concept layout with 3 bedrooms, 2.5 baths, and 1‑car garage.; Granite countertops, kitchen island, stainless steel kitchen appliances, washer, and dryer included.
