Newly Built Duplex with
For Sale
$540,000
5023 MAGPIE DRIVE, New Port Richey, FL 34652
Two leased residences offer private fenced outdoor space and interior laundry rooms.
Property Size2,442 SF
Price / SF$221.13
Days on Market569
Property Features for 5023 MAGPIE DRIVE
General Information
Standard status
Active
Size
2,442 SF
Total Parking Spaces
2
Property subtype
Multi Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$6,440
Amenities
interior laundry room
storage
fenced yard
Building Details
Year Built
2023
Listing Agency:
CENTURY 21 COASTAL ALLIANCE
(727) 771-8880
Listed By:
Francine Spector · License #3170409
(727) 479-9906
Source:
Exitrealty
Added: Feb 11, 2025
Changed: Sep 2
Last Checked: Sep 2 at 3:19PM
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 CENTURY 21 COASTAL ALLIANCE
Investment Insights
Based on property information with market context.
Completed in 2023, this duplex contains two separate residences, each arranged with two bedrooms, two full bathrooms, a den or office, and a one-car garage. One unit contains 1,226 SF and the other contains 1,134 SF, with approximately 255 SF of garage space per unit. Both homes feature rigid-core vinyl plank flooring, porcelain tile in the bathrooms, stone countertops, decorative cabinetry, six-panel doors, ceiling fan lights, interior laundry rooms, and additional storage.
The property includes fenced yard areas serving both residences, providing private outdoor space suitable for barbecuing. Both units are leased, and the property is near public transportation, schools, shopping, restaurants, beaches, parks, and golf courses. The source information also states that short-term rentals have no restrictions.
The property includes fenced yard areas serving both residences, providing private outdoor space suitable for barbecuing. Both units are leased, and the property is near public transportation, schools, shopping, restaurants, beaches, parks, and golf courses. The source information also states that short-term rentals have no restrictions.
Key Highlights
- Two separate 2‑bedroom, 2‑bath units, each with a den or office and 1‑car garage
- Unit sizes are 1,226 SF and 1,134 SF; garages are approximately 255 SF each
- Built in 2023
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
$28,504
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
5.28%
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%
$570,080
$570.1K
Cap Rate 7%
$407,200
$407.2K
Cap Rate 9%
$316,711
$316.7K
Market Conditions
NOI Build-Up for 2,442 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
$43.7K $17.88/SF
− Vacancy
−$2.9K −$1.21/SF
EGI
$40.7K $16.67/SF
− OpEx
−$12.2K −$5.00/SF
NOI
$28.5K $11.67/SF
Area
Pasco County, FL
Vacancy
6.74%
Lease Rate
$17.88 /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%
$570,080
Cap Rate 7%
$407,200
Cap Rate 9%
$316,711
Alternative Uses
Best Use
Multifamily LT 5
$407.2K
$356.3K – $475.1K
NOI $28,504 @ 7.0% cap · market cap 5.28%
Second Best
Apartment 5plus
$320.8K
$280.7K – $374.3K
NOI $22,459 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$556.3K
$486.7K – $649.0K
NOI $38,939 @ 7.0% cap · market cap 7.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,372
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two leased residences offer private fenced outdoor space and interior laundry rooms.
Where is this duplex located?
The property is located at 5023 MAGPIE DRIVE New Port Richey, FL.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: Two separate 2‑bedroom, 2‑bath units, each with a den or office and 1‑car garage; Unit sizes are 1,226 SF and 1,134 SF; garages are approximately 255 SF each; Built in 2023
