New Port Richey Multiplex
For Sale
$459,999
5100 SOUTH RD, New Port Richey, FL 34652
Well-maintained, fully-leased multiplex in desirable New Port Richey location.
Property Size2,753 SF
Days on Market508
Property Features for 5100 SOUTH RD
General Information
Standard status
Active
Size
2,753 SF
Property subtype
Multi-Family 5+
Taxes and HOA fees
Annual Taxes
$5,455
Building Details
Building Size
2,753 SF
Year Built
1956
Listing Agency:
FUTURE HOME REALTY INC
(813) 484-8655
Listed By:
Susan McGowan · License #3155686
Source:
Kingofrealestate
Added: Apr 4, 2025
Changed: Aug 23
Last Checked: Aug 22 at 7:03AM
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 FUTURE HOME REALTY INC
Investment Insights
Based on property information with market context.
This well-maintained multiplex property presents an investment opportunity with five fully-leased units, generating consistent income. Each unit has been renovated with new A/C units, water heaters, remodeled kitchens, and remodeled bathrooms. Situated in a desirable New Port Richey neighborhood, the property benefits from strong demand for rental units. Its location provides easy access to major transportation routes, shopping centers, and local amenities. The property is in turnkey condition, with regular maintenance and updates. It features a block structure, a separate laundry building, and a newer roof installed in 2020. This multiplex offers investors a chance for a stable, income-producing asset with long-term appreciation potential.
Key Highlights
- Five fully‑leased, renovated units generate consistent income.
- Prime New Port Richey location with high rental demand and future growth potential.
- Turnkey condition minimizes immediate capital expenditures.
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
$25,320
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
5.50%
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%
$506,400
$506.4K
Cap Rate 7%
$361,714
$361.7K
Cap Rate 9%
$281,333
$281.3K
Market Conditions
NOI Build-Up for 2,753 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
$49.6K $18.00/SF
− Vacancy
−$3.5K −$1.28/SF
EGI
$46.0K $16.72/SF
− OpEx
−$20.7K −$7.52/SF
NOI
$25.3K $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%
$506,400
Cap Rate 7%
$361,714
Cap Rate 9%
$281,333
Alternative Uses
Best Use
Apartment 5plus
$361.7K
$316.5K – $422.0K
NOI $25,320 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$627.1K
$548.7K – $731.6K
NOI $43,898 @ 7.0% cap · market cap 9.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,491
Businesses Nearby
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 Multifamily 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?
Apartment building - Well-maintained, fully-leased multiplex in desirable New Port Richey location.
Where is this apartment building located?
The property is located at 5100 SOUTH RD New Port Richey, FL.
What is the asking price?
The asking price for this property is $459,999.
What are key features of this property?
This property features: Five fully‑leased, renovated units generate consistent income.; Prime New Port Richey location with high rental demand and future growth potential.; Turnkey condition minimizes immediate capital expenditures.
