55+ Community Condo For
For Sale
$125,000
4744 AZALEA DRIVE 203B, New Port Richey, FL 34652
Two-bedroom, two-bath condo in a 55+ community.
Property Size1,104 SF
Lot Size0.05 Acres
Price / SF$113.22
Days on Market677
Property Features for 4744 AZALEA DRIVE 203B
General Information
Standard status
Active
Size
1,104 SF
Lot size
0.05 Acres
Property subtype
Condo/Townhome
Taxes and HOA fees
Annual Taxes
$1,950
Building Details
Year Built
1972
Listing Agency:
MY REALTY GROUP, LLC.
(727) 400-2959
Listed By:
Walter Rios · License #3317112
(727) 400-2959
Source:
Exitrealty
Added: Oct 4, 2024
Changed: Aug 8
Last Checked: Aug 11 at 7:43AM
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 MY REALTY GROUP, LLC.
Investment Insights
Based on property information with market context.
This 2-bedroom, 2-bath condo is located in a 55+ community. The property features 1104 sq ft of living space and includes a one-car garage. Residents have access to a pool, laundry facility, shuffleboard courts, a recreation area, and an outdoor BBQ space. The location provides access to restaurants, shopping, medical care, and beaches.
Key Highlights
- 55+ Community
- Spacious 2‑Bedroom, 2‑Bath Condo with 1104 sq ft
- Includes a One‑Car Garage
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
$10,154
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
8.12%
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%
$203,080
$203.1K
Cap Rate 7%
$145,057
$145.1K
Cap Rate 9%
$112,822
$112.8K
Market Conditions
NOI Build-Up for 1,104 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
$19.9K $18.00/SF
− Vacancy
−$1.4K −$1.28/SF
EGI
$18.5K $16.72/SF
− OpEx
−$8.3K −$7.52/SF
NOI
$10.2K $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%
$203,080
Cap Rate 7%
$145,057
Cap Rate 9%
$112,822
Alternative Uses
Best Use
Apartment 5plus
$145.1K
$126.9K – $169.2K
NOI $10,154 @ 7.0% cap · market cap 8.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$251.5K
$220.1K – $293.4K
NOI $17,604 @ 7.0% cap · market cap 14.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,186
Businesses Nearby
Explore this area
Business Placement
Demographics for 34652, FL
26,697
Population
14,700
Households
1.8
Avg Household Size
51
Median Age
20%
College-Educated
88%
High-School Grad
8.6 sq mi
ZIP Area
3,104
Density / Sq Mi
$52,396
Median Household Income
$36,819
Median Earnings
$1,189
Median Rent
$198,400
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, two-bath condo in a 55+ community.
Where is this residential income property located?
The property is located at 4744 AZALEA DRIVE 203B New Port Richey, FL.
What is the asking price?
The asking price for this property is $125,000.
What are key features of this property?
This property features: 55+ Community; Spacious 2‑Bedroom, 2‑Bath Condo with 1104 sq ft; Includes a One‑Car Garage
