New Port Richey Office
For Sale
$389,000
5427 WATER St, New Port Richey, FL 34652
2,920 SF professional office building in New Port Richey, Florida.
Property Size2,920 SF
Lot Size0.11 Acres
Price / SF$133.22
Days on Market152
Property Features for 5427 WATER St
General Information
Standard status
Active
Size
2,920 SF
Lot size
0.11 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$3,809
Building Details
Building Size
2,920 SF
Year Built
1982
Stories
1
Listing Agency:
BAY STREET COMMERCIAL LLC
(813) 625-2375
Listed By:
Michael Braccia, PA · License #3033512
(813) 625-2375
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 5:35AM
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 BAY STREET COMMERCIAL LLC
Investment Insights
Based on property information with market context.
This 2,920 SF professional office building is located in New Port Richey on a shared (2 unit) site. The space was formerly used as a medical lab but would work nicely as a medical office, as it is located in a market surrounded by dense residential and complementary medical uses. Upon entering, there is a large reception and waiting area with a waiting room large enough to accommodate 12-14 guests. The adjacent reception office is set up for two stations with an open bullpen area behind it. At the rear of the space, there are 4 private offices/exam rooms, 2 restrooms, a large open area, and another wide open bullpen area. The space is in need of some cosmetic improvement and is ready for a new occupant to put their imagination to use with this flexible open floor plan. The building is located just east of US-19 with easy access to the Suncoast Parkway and Veterans Express.
Key Highlights
- Located in New Port Richey near dense residential areas and complementary medical facilities.
- 2,920 SF professional office building** suitable for medical or general office use.
- Large reception and waiting area accommodating 12‑14 guests.**
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
$26,932
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
6.92%
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%
$538,640
$538.6K
Cap Rate 7%
$384,743
$384.7K
Cap Rate 9%
$299,244
$299.2K
Market Conditions
NOI Build-Up for 2,920 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
$49.1K $16.80/SF
− Vacancy
−$4.2K −$1.43/SF
EGI
$44.9K $15.37/SF
− OpEx
−$18.0K −$6.15/SF
NOI
$26.9K $9.22/SF
Area
Pasco County, FL
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
40.00%
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%
$538,640
Cap Rate 7%
$384,743
Cap Rate 9%
$299,244
Alternative Uses
Best Use
Healthcare Medical
$384.7K
$336.7K – $448.9K
NOI $26,932 @ 7.0% cap · market cap 6.92%
Second Best
Office B
$281.5K
$246.3K – $328.4K
NOI $19,705 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$665.2K
$582.0K – $776.0K
NOI $46,561 @ 7.0% cap · market cap 11.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,258
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34652, FL
26,697
Population
14,700
Households
1.8
Avg Household Size
51
Median Age
20%
College-Educated
88%
High-School Grad
8.6 sq mi
ZIP Area
3,104
Density / Sq Mi
$52,396
Median Household Income
$36,819
Median Earnings
$1,189
Median Rent
$198,400
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.
Similar Off Market Nearby
- Vet Wellcare Vaccinations Clinic at Pet Supermarket — 5325 U.S. Hwy 19, Port Richey, FL 34652
Frequently Asked Questions
What type of property is this?
Medical Office Space - 2,920 SF professional office building in New Port Richey, Florida.
Where is this medical office space located?
The property is located at 5427 WATER St New Port Richey, FL.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Located in New Port Richey near dense residential areas and complementary medical facilities.; 2,920 SF professional office building** suitable for medical or general office use.; Large reception and waiting area accommodating 12‑14 guests.**
