Duplex with Separate Living
For Sale
$425,000
5117 MALLETT Drive, Port Richey, FL 34668
Residential Income, PORT RICHEY, FL
Property Size1,928 SF
Lot Size0.24 Acres
Price / SF$220.44
Days on Market11
Property Features for 5117 MALLETT Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R2
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 4, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 4, Bedroom 5
Parking features
Oversize, Driveway
Patio and Porch features
Patio
Pets allowed
Yes
Interior features
Ceiling Fans(s), Open Floorplan, Solid Surface Counters
Exterior features
Balcony, Lighting, Storage
Appliances
Microwave, Range, Refrigerator
Subdivision
BEHMS SUB
Lot features
Street Dead- End
Elementary school
Richey Elementary School
Middle school
Gulf Middle-PO
High school
Gulf High-PO
Directions
From US-19, turn west onto Cedar Ln. Turn right onto Pier Rd, then left onto Mallett Dr. Property is at the end of the street on the right.
Standard status
Active
APN
32-25-16-0190-00A00-0070
Size
1,928 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BEHMS SUBDIVISION PB 3 PG 139 W 70 FT OF N 150 FT OF LOT A
Tax Annual Amount
4614
Legal Description
BEHMS SUBDIVISION PB 3 PG 139 W 70 FT OF N 150 FT OF LOT A
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Ductless (Heating)
Water source
Public
Amenities
ceiling fans
stainless steel appliances
tile flooring
mini-split A/C
screened balcony
exterior storage
patio
mature landscaping
Building Details
Year built
1968
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Tile
Building materials
Block, Concrete, Stucco
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
54 REALTY LLC
(813) 435-5411
Listed By:
Brian Kanicki · License #3507547
(813) 553-5440
Added: Sep 23
Changed: Oct 3
Last Checked: Oct 3 at 5:06AM
MLS# TB8551605
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This R2-zoned duplex contains 1,928 square feet across two residences, with a combined five bedrooms and four full bathrooms. The front unit has three bedrooms and two baths, while the rear residence spans two levels and includes two bedrooms and two baths. Each residence has a kitchen, and the rear unit also features a screened balcony. Tile and vinyl flooring, ductless cooling, exterior storage, and an oversized driveway are among the property’s features.
The 0.24-acre parcel includes a backyard, patio, and parking space for a boat. The roof was installed in 2020, and the property has no HOA.
The 0.24-acre parcel includes a backyard, patio, and parking space for a boat. The roof was installed in 2020, and the property has no HOA.
Key Highlights
- Two residences with a combined 5 bedrooms and 4 full bathrooms
- 1,928 square feet on a 0.24‑acre lot
- R2 zoning
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
$22,504
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
5.30%
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%
$450,080
$450.1K
Cap Rate 7%
$321,486
$321.5K
Cap Rate 9%
$250,044
$250.0K
Market Conditions
NOI Build-Up for 1,928 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
$34.5K $17.88/SF
− Vacancy
−$2.3K −$1.21/SF
EGI
$32.1K $16.67/SF
− OpEx
−$9.6K −$5.00/SF
NOI
$22.5K $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%
$450,080
Cap Rate 7%
$321,486
Cap Rate 9%
$250,044
Alternative Uses
Best Use
Multifamily LT 5
$321.5K
$281.3K – $375.1K
NOI $22,504 @ 7.0% cap · market cap 5.30%
Second Best
Apartment 5plus
$253.3K
$221.7K – $295.5K
NOI $17,732 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$439.2K
$384.3K – $512.4K
NOI $30,743 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
548
Businesses Nearby
Explore this area
Business Placement
Demographics for 34668, FL
48,781
Population
23,883
Households
2
Avg Household Size
45
Median Age
13%
College-Educated
88%
High-School Grad
15.5 sq mi
ZIP Area
3,147
Density / Sq Mi
$45,760
Median Household Income
$35,610
Median Earnings
$1,278
Median Rent
$168,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 residences have independent living spaces, kitchens, and separate exterior access.
Where is this duplex located?
The property is located at 5117 MALLETT Drive Port Richey, FL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two residences with a combined 5 bedrooms and 4 full bathrooms; 1,928 square feet on a 0.24‑acre lot; R2 zoning
