Zephyrhills Condo with Pond
For Sale
$115,000
Pending
36121 LAKE CHASE BOULEVARD 204, Zephyrhills, FL 33541
Two-bedroom condo in Zephyrhills with community amenities.
Property Size1,149 SF
Lot Size10.13 Acres
Days on Market701
Property Features for 36121 LAKE CHASE BOULEVARD 204
General Information
Standard status
Pending
Size
1,149 SF
Lot size
10.13 Acres
Property subtype
Condo/Townhome
Taxes and HOA fees
Annual Taxes
$2,103
Building Details
Year Built
2002
Listing Agency:
RE/MAX REALTY UNLIMITED
(813) 684-0016
Listed By:
Belitza Cadiz · License #3286538
(813) 684-0016
Source:
Exitrealty
Added: Sep 11, 2024
Changed: Aug 8
Last Checked: Aug 12 at 5:47AM
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 RE/MAX REALTY UNLIMITED
Investment Insights
Based on property information with market context.
This 1,149 square foot condo is located on the second floor in Zephyrhills. The unit features two bedrooms and two full bathrooms. The building has a new roof and overlooks a pond with a fountain. The interior is freshly painted and well-maintained, with new appliances. The rooms are spacious with ample storage, high ceilings, fans, and window treatments. The property offers convenient access to shopping, restaurants, and malls in Wesley Chapel, as well as the AdventHealth Center Ice Center and two hospitals, with a third hospital under construction. Interstate I-75 is nearby, providing access to Downtown Tampa, beaches, the University of South Florida, and other amenities. Community features include a clubhouse, swimming pool, fitness room, volleyball sand court, playground park, and mailbox kiosk. The condo fee covers water, sewer, and trash services.
Key Highlights
- Spacious 2‑bedroom, 2‑full bathroom condo with 1,149 sq ft.
- New roof on the building and pond view with fountain.
- Condo fee includes water, sewer, and trash.
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
$10,567
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
9.19%
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%
$211,340
$211.3K
Cap Rate 7%
$150,957
$151.0K
Cap Rate 9%
$117,411
$117.4K
Market Conditions
NOI Build-Up for 1,149 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
$20.7K $18.00/SF
− Vacancy
−$1.5K −$1.28/SF
EGI
$19.2K $16.72/SF
− OpEx
−$8.6K −$7.52/SF
NOI
$10.6K $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%
$211,340
Cap Rate 7%
$150,957
Cap Rate 9%
$117,411
Alternative Uses
Best Use
Apartment 5plus
$151.0K
$132.1K – $176.1K
NOI $10,567 @ 7.0% cap · market cap 9.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$261.7K
$229.0K – $305.4K
NOI $18,321 @ 7.0% cap · market cap 15.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
139
Businesses Nearby
Explore this area
Business Placement
Demographics for 33541, FL
22,692
Population
14,159
Households
1.6
Avg Household Size
56
Median Age
19%
College-Educated
90%
High-School Grad
23.8 sq mi
ZIP Area
953
Density / Sq Mi
$55,556
Median Household Income
$38,639
Median Earnings
$1,243
Median Rent
$111,300
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condo in Zephyrhills with community amenities.
Where is this residential income property located?
The property is located at 36121 LAKE CHASE BOULEVARD 204 Zephyrhills, FL.
What is the asking price?
The asking price for this property is $115,000.
What are key features of this property?
This property features: Spacious 2‑bedroom, 2‑full bathroom condo with 1,149 sq ft.; New roof on the building and pond view with fountain.; Condo fee includes water, sewer, and trash.
