Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    New Port Richey Land Opportunity Title is generated by Realmo AI

    5421 Gulf Drive, New Port Richey, FL 34652

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $349,000

    1.61 acre land parcel zoned for medical office use.

    Type:OFC, V
    Lot size:
    1.61 Acres
    Added:
    Jul 2, 2020
    Days on Market:
    2153
    Last Refresh:
    Apr 3 at 4:55 am

    Property Features for 5421 Gulf Drive

    General Information

    Standard status
    Active
    Lot size
    1.61 Acres
    Property subtype
    OFC, V

    We can help!

    Listing Contact
    Renee Landes

    Listing agent Renee Landes

    Listing office Berkshire Hathaway HomeServices FPG Commercial Division

    Listing date Jul 2, 2020

    Source Realnex

    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 Berkshire Hathaway HomeServices FPG Commercial Division

    HighLights

    • 1.61± acres of strategically located land.
    • Zoned for Medical Office use with potential for residential development.
    • Located in Flood Zone X.
    • 200± feet of frontage on Gulf Drive with high visibility.
    • Daily traffic counts of approximately 6,600 vehicles.
    • Located two blocks east of US Highway 19.

    Overview

    This offering presents an opportunity to acquire 1.61 acres of land located at the corner of Gulf Drive and Charles Street, situated two blocks east of US Highway 19 in New Port Richey, FL. The property features approximately 200 feet of frontage on Gulf Drive. Daily traffic counts reach approximately 6,600 vehicles, contributing to the property's visibility and accessibility. Located within the City of New Port Richey, the site is zoned for Medical Office use and may offer potential for residential development, making it suitable for various future uses. The property is positioned in Flood Zone X and is surrounded by residential and commercial developments.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Port Richey
    County
    Pasco
    State
    Florida
    Longitude
    -82.7245327
    Latitude
    28.239046

    Nearby Similar for Sale

    • $595,000
      1,900 SF

      Downtown New Port Richey Office

      1,900 SF professional office building in booming downtown area.
      5838 MAIN STREET, NEW PORT RICHEY, FL 34652
      View Details
    • $579,900
      2,283 SF

      Waterfront Duplex with In-Law Suite

      Remodeled waterfront duplex with in-law suite, ideal for Airbnb.
      5822 RIVER ROAD, NEW PORT RICHEY, FL 34652
      View Details
    • $485,000
      44,867 SF

      Commercial Corner Lot in Florida

      1.03-acre commercial land suitable for various business ventures.
      0 MASSACHUSETTS AVENUE, NEW PORT RICHEY, FL 34653
      View Details
    • $189,000
      2,614 SF

      Turnkey Restaurant in New Port Richey

      Fully equipped 82-seat restaurant in downtown New Port Richey, Florida.
      5414 MAIN STREET, NEW PORT RICHEY, FL 34652
      View Details
    • $1,300,000
      3,127 SF

      Versatile Land with Custom Pool Home

      6.19 acres with home, pond, and commercial zoning.
      9215 RIDGE ROAD, NEW PORT RICHEY, FL 34654
      View Details
    • $299,000
      1,205 SF

      Cash Flowing Duplex For Sale

      Turnkey, renovated duplex with dual income stream and expansion potential.
      5045 GREEN KEY ROAD, NEW PORT RICHEY, FL 34652
      View Details
    • $399,000
      2,880 SF

      Freestanding Commercial Property in New Port Richey

      Freestanding 2,880 SF commercial building on 0.32-acre lot.
      6153 MASSACHUSETTS Ave, New Port Richey, FL 34653
      View Details
    • $1,898,000
      8,476 SF

      Medical/Mixed-Use Commercial Building For Sale

      Rare opportunity: mixed-use commercial building with multiple offices and ample parking.
      8726 OLD COUNTY ROAD 54, NEW PORT RICHEY, FL 34653
      View Details
    • $319,000
      1,736 SF

      Income-Producing Duplex in New Port Richey

      Updated duplex in New Port Richey with income potential.
      6937 MCBRIDE COURT, NEW PORT RICHEY, FL 34652
      View Details
    • $249,900

      New Port Richey Acreage Opportunity

      4.83 acres in New Port Richey with established access easements.
      INDALE DRIVE, NEW PORT RICHEY, FL 34654
      View Details
    • $189,900

      New Port Richey Land Parcel

      3.19 acres in New Port Richey with flexible potential.
      INDALE DR, NEW PORT RICHEY, FL 34654
      View Details
    • $393,000

      Waterfront Land in Flor-a-Mar

      Prime waterfront parcel with dock in desirable Flor-a-Mar community.
      5008 ENSIGN LOOP, NEW PORT RICHEY, FL 34652
      View Details

    FAQs

    What type of property is this?
    Commercial land - 1.61 acre land parcel zoned for medical office use.
    Where is this commercial land located?
    The property is located at 5421 Gulf Drive New Port Richey, FL.
    What is the asking price?
    The asking price for this property is $349,000.
    What are key features of this property?
    This property features: 1.61± acres of strategically located land.; Zoned for Medical Office use with potential for residential development.; Located in Flood Zone X.
    (727) 569-2333
    We can help!
    Listing Contact
    Renee Landes
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    5421 Gulf Drive, New Port Richey, FL 34652
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!