Office Condo with Three
For Sale
$169,000
6609 Ridge Rd Unit 1, Port Richey, FL 34668
Occupied office condominium with pylon signage, front and rear parking, and flexible tenant occupancy.
Property Size1,000 SF
Price / SF$169
Days on Market40
Property Features for 6609 Ridge Rd Unit 1
General Information
Standard status
Active
Size
1,000 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
pylon sign
Building Details
Year Built
1981
Tenancy
Single
Listing Agency:
FLORIDA REALTY INVESTMENTS
(813) 618-3279
Listed By:
Sujata Katikala · License #3057328
Source:
Chenoregroup
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 28 at 8:19PM
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 FLORIDA REALTY INVESTMENTS
Investment Insights
Based on property information with market context.
This office condominium at 6609 Ridge Rd Unit 1 provides 1,000 square feet with three offices and one restroom. The unit was built in 1981 and includes parking at both the front and rear of the building. A pylon sign supports property identification along Ridge Rd.
The property is less than 2 miles from US 19 Hwy and sits near retail and professional businesses. Ridge Road Center plaza is across the street with Pizza Hut, Family Dollar, and an upcoming Latin market. The monthly condominium fee covers trash, water, and exterior maintenance. The unit is currently occupied, and the tenant may either remain or vacate.
The property is less than 2 miles from US 19 Hwy and sits near retail and professional businesses. Ridge Road Center plaza is across the street with Pizza Hut, Family Dollar, and an upcoming Latin market. The monthly condominium fee covers trash, water, and exterior maintenance. The unit is currently occupied, and the tenant may either remain or vacate.
Key Highlights
- 1,000‑square‑foot office condominium with three offices and one restroom
- Pylon sign positioned along Ridge Rd
- Parking available at the front and rear of the property
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
$6,748
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
3.99%
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%
$134,960
$135.0K
Cap Rate 7%
$96,400
$96.4K
Cap Rate 9%
$74,978
$75.0K
Market Conditions
NOI Build-Up for 1,000 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
$11.0K $11.04/SF
− Vacancy
−$2.0K −$2.04/SF
EGI
$9.0K $9.00/SF
− OpEx
−$2.2K −$2.25/SF
NOI
$6.7K $6.75/SF
Area
Pasco County, FL
Vacancy
18.50%
Lease Rate
$11.04 /SF/Yr
Expense Ratio
25.00%
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%
$134,960
Cap Rate 7%
$96,400
Cap Rate 9%
$74,978
Alternative Uses
Best Use
Office B
$96.4K
$84.4K – $112.5K
NOI $6,748 @ 7.0% cap · market cap 3.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$227.8K
$199.3K – $265.8K
NOI $15,946 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,004
Businesses Nearby
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Occupied office condominium with pylon signage, front and rear parking, and flexible tenant occupancy.
Where is this office units located?
The property is located at 6609 Ridge Rd Unit 1 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: 1,000‑square‑foot office condominium with three offices and one restroom; Pylon sign positioned along Ridge Rd; Parking available at the front and rear of the property
