Renovated Duplex with Detached
For Sale
$279,900
5045 Green Key Rd, New Port Richey, FL 34652
Fully occupied two-unit property with separate living areas, updated interiors, and no HOA.
Property Size1,205 SF
Lot Size0.27 Acres
Price / SF$232.28
Days on Market138
Property Features for 5045 Green Key Rd
General Information
Standard status
Active
Size
1,205 SF
Lot size
0.27 Acres
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
1 x 2BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$1,573
Amenities
screened lanai
enclosed porch
Building Details
Buildings
2
Listing Agency:
REAL BROKER, LLC
(855) 450-0442
Listed By:
Chris Jhoda · License #3479013
(813) 388-0036
Source:
Exprealty
Added: Apr 19
Changed: Aug 31
Last Checked: Sep 1 at 8:42PM
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 REAL BROKER, LLC
Investment Insights
Based on property information with market context.
Located at 5045 Green Key Rd in New Port Richey, this 1,205-square-foot duplex includes a 2-bedroom, 2-bathroom main residence and a detached 1-bedroom, 1-bathroom unit. Both residences provide separate living spaces. Interior and exterior renovations include new flooring, countertops, kitchen cabinets, and an updated bathroom. A screened lanai and enclosed porch add covered outdoor areas.
The property occupies 0.27 acres and is fully occupied. Electric service is separately metered for each unit, while water is shared through one meter. Major system updates include a roof installed in 2026, HVAC replaced in 2025, and a 2025 water heater. A completed 4-point inspection, wind mitigation report, and floor plan are included with the listing. The property is near Green Key Beach, downtown New Port Richey, Sims Park, the Cotee River, shopping, dining, and major roadways.
The property occupies 0.27 acres and is fully occupied. Electric service is separately metered for each unit, while water is shared through one meter. Major system updates include a roof installed in 2026, HVAC replaced in 2025, and a 2025 water heater. A completed 4-point inspection, wind mitigation report, and floor plan are included with the listing. The property is near Green Key Beach, downtown New Port Richey, Sims Park, the Cotee River, shopping, dining, and major roadways.
Key Highlights
- Fully occupied 1,205‑square‑foot duplex at 5045 Green Key Rd, New Port Richey, FL
- Main residence offers 2 bedrooms and 2 bathrooms; detached unit has 1 bedroom and 1 bathroom
- Set on a 0.27‑acre lot with a screened lanai and enclosed porch
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
$14,065
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
5.03%
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%
$281,300
$281.3K
Cap Rate 7%
$200,929
$200.9K
Cap Rate 9%
$156,278
$156.3K
Market Conditions
NOI Build-Up for 1,205 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
$21.5K $17.88/SF
− Vacancy
−$1.5K −$1.21/SF
EGI
$20.1K $16.67/SF
− OpEx
−$6.0K −$5.00/SF
NOI
$14.1K $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%
$281,300
Cap Rate 7%
$200,929
Cap Rate 9%
$156,278
Alternative Uses
Best Use
Multifamily LT 5
$200.9K
$175.8K – $234.4K
NOI $14,065 @ 7.0% cap · market cap 5.03%
Second Best
Apartment 5plus
$158.3K
$138.5K – $184.7K
NOI $11,083 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$274.5K
$240.2K – $320.2K
NOI $19,214 @ 7.0% cap · market cap 6.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
719
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 - Fully occupied two-unit property with separate living areas, updated interiors, and no HOA.
Where is this duplex located?
The property is located at 5045 Green Key Rd New Port Richey, FL.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Fully occupied 1,205‑square‑foot duplex at 5045 Green Key Rd, New Port Richey, FL; Main residence offers 2 bedrooms and 2 bathrooms; detached unit has 1 bedroom and 1 bathroom; Set on a 0.27‑acre lot with a screened lanai and enclosed porch
