Residential Income Property with Private
For Sale
$624,000
15620 HAYS ROAD, Spring Hill, FL 34610
Income-oriented residential property with flexible living areas, central air, storage, and a private outdoor setting.
Property Size3,904 SF
Price / SF$204.72
Days on Market22
Property Features for 15620 HAYS ROAD
General Information
Standard status
Active
Size
3,904 SF
Property subtype
Residential Income
Zoning
AR
Taxes and HOA fees
Annual Taxes
$2,974
Amenities
Central Air
Central, Ductless
Dishwasher, Disposal, Dryer, Electric Water Heater, Microwave, Range, Range Hood, Refrigerator, Washer
Eat-in Kitchen, High Ceilings, Open Floorplan, Walk-In Closet(s)
Family Room, Living Room, Stone, Wood Burning
Garden, Trees/Woods
Attached
Garden, Lighting, Private Entrance, Private Yard, Storage
Building Details
Building Size
3,904 SF
Year Built
1991
Listing Agency:
FUTURE HOME REALTY INC
(813) 368-9013
Listed By:
Esther Reyes-Todd, PA · License #701013
(813) 368-9013
Source:
Evrealestate
Added: Jul 18
Changed: Aug 5
Last Checked: Aug 8 at 6:01AM
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 residential income property at 15620 Hays Road includes 3,048 square feet of space and was built in 1991. Interior features include central air, ductless cooling, an open floorplan, high ceilings, an eat-in kitchen, and walk-in closets. The kitchen is equipped with a dishwasher, disposal, electric water heater, microwave, range, range hood, refrigerator, washer, and dryer. Living and family rooms feature stone and wood-burning elements.
The property includes attached parking, a private entrance, private yard, storage, garden areas, lighting, and views of trees and woods. AR zoning is identified for the site. Access is from SR 52 via Hays Road, with the property located on the right at 15620 Hays Road in Spring Hill, Pasco County.
The property includes attached parking, a private entrance, private yard, storage, garden areas, lighting, and views of trees and woods. AR zoning is identified for the site. Access is from SR 52 via Hays Road, with the property located on the right at 15620 Hays Road in Spring Hill, Pasco County.
Key Highlights
- 3,048 square feet of residential income property space
- Built in 1991
- AR zoning
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
$32,215
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
5.16%
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%
$644,300
$644.3K
Cap Rate 7%
$460,214
$460.2K
Cap Rate 9%
$357,944
$357.9K
Market Conditions
NOI Build-Up for 3,048 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
$62.2K $20.40/SF
− Vacancy
−$3.6K −$1.18/SF
EGI
$58.6K $19.22/SF
− OpEx
−$26.4K −$8.65/SF
NOI
$32.2K $10.57/SF
Area
Spring Hill, FL
Vacancy
5.80%
Lease Rate
$20.40 /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%
$644,300
Cap Rate 7%
$460,214
Cap Rate 9%
$357,944
Alternative Uses
Best Use
Apartment 5plus
$460.2K
$402.7K – $536.9K
NOI $32,215 @ 7.0% cap · market cap 5.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$974.5K
$852.7K – $1.14M
NOI $68,216 @ 7.0% cap · market cap 10.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
33
Businesses Nearby
Explore this area
Business Placement
Demographics for 34610, FL
15,400
Population
6,447
Households
2.4
Avg Household Size
44
Median Age
23%
College-Educated
87%
High-School Grad
68.0 sq mi
ZIP Area
226
Density / Sq Mi
$73,878
Median Household Income
$46,090
Median Earnings
$1,265
Median Rent
$254,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Income-oriented residential property with flexible living areas, central air, storage, and a private outdoor setting.
Where is this residential income property located?
The property is located at 15620 HAYS ROAD Spring Hill, FL.
What is the asking price?
The asking price for this property is $624,000.
What are key features of this property?
This property features: 3,048 square feet of residential income property space; Built in 1991; AR zoning
