Profitable Retail Property with
For Sale
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4132 Little Road, New Port Richey, FL 34653
Fully leased retail with development opportunity in New Port Richey.
Property Size16,178 SF
Price / SF$216.34
Days on Market107
Property Features for 4132 Little Road
General Information
Standard status
Active
Size
16,178 SF
Class
B
Total Parking Spaces
70
Property subtype
Retail
Zoning
C2
Lease Type
Modified Gross
Investment Type
Redevelopment
Building Details
Year Built
2008
Tenancy
Single
Listing Agency:
Mazi Realty
Listed By:
Thano Mazas · License #BK3432799
Source:
Crexi
Added: May 18
Changed: Aug 31
Last Checked: Aug 29 at 10:28PM
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 Mazi Realty
Investment Insights
Based on property information with market context.
This Florida retail property features a fully-leased, recession-resistant asset. The property is anchored by an established Ace Hardware franchisee under a 10-year lease extending through 2031, with three 5-year options extending visibility through 2046. A contractual 10% rent step-up is scheduled for October 2026. Adjacent to the storefront is a 5,500 square foot pad, subdivided, leveled, with infrastructure in place and lease-protected. The property offers the potential for a QSR or drive-thru build.
Key Highlights
- Fully‑leased property with Ace Hardware tenant through 2031, potentially to 2046, for stable cash flow.
- Recession‑resistant Ace Hardware ensures consistent income.
- Significant 10% rent increase contractually locked in for October 2026.
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
$158,828
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
4.54%
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%
$3,176,560
$3.2M
Cap Rate 7%
$2,268,971
$2.3M
Cap Rate 9%
$1,764,756
$1.8M
Market Conditions
NOI Build-Up for 16,178 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
$242.7K $15.00/SF
− Vacancy
−$15.8K −$0.98/SF
EGI
$226.9K $14.03/SF
− OpEx
−$68.1K −$4.21/SF
NOI
$158.8K $9.82/SF
Area
Pasco County, FL
Vacancy
6.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$3,176,560
Cap Rate 7%
$2,268,971
Cap Rate 9%
$1,764,756
Alternative Uses
Best Use
Retail
$2.27M
$1.99M – $2.65M
NOI $158,828 @ 7.0% cap · market cap 4.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.69M
$3.22M – $4.30M
NOI $257,968 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
399
Businesses Nearby
20k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 49%
Shops & Services 45%
Dining 6%
D's Ace Hardware #4
Home Improvements & Furnishings
10,068 visits/mo
0.1 miles
Citgo
Shops & Services
3,412 visits/mo
0.2 miles
TD Bank
Shops & Services
2,675 visits/mo
0.2 miles
Amscot
Shops & Services
2,139 visits/mo
0.1 miles
Krispy Krunchy Chicken
Dining
1,259 visits/mo
0.2 miles
Demographics for 34653, FL
33,381
Population
17,752
Households
1.9
Avg Household Size
49
Median Age
18%
College-Educated
90%
High-School Grad
10.9 sq mi
ZIP Area
3,062
Density / Sq Mi
$47,660
Median Household Income
$35,327
Median Earnings
$1,222
Median Rent
$180,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Fully leased retail with development opportunity in New Port Richey.
Where is this retail space located?
The property is located at 4132 Little Road New Port Richey, FL.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Fully‑leased property with Ace Hardware tenant through 2031, potentially to 2046, for stable cash flow.; Recession‑resistant Ace Hardware ensures consistent income.; Significant 10% rent increase contractually locked in for October 2026.
