2-Unit Duplex with Separate
For Sale
$425,000
5117 MALLETT DRIVE, Port Richey, FL 34668
Two residences provide a combined five bedrooms and four full bathrooms.
Property Size1,928 SF
Price / SF$220.44
Days on Market30
Property Features for 5117 MALLETT DRIVE
General Information
Standard status
Active
Size
1,928 SF
Property subtype
Duplex
Building Details
Year Built
1968
Listing Agency:
54 REALTY LLC
(813) 435-5411
Listed By:
Brian Kanicki · License #3507547
(813) 553-5440
Source:
Dennisrealty
Added: Sep 29
Changed: Oct 27
Last Checked: Oct 26 at 4:07PM
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 54 REALTY LLC
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Investment Insights
Based on property information with market context.
This 1,928-square-foot duplex contains two residences with separate exterior entrances. The front unit has three bedrooms, two full bathrooms, a living area, and an updated kitchen with stainless steel appliances. The rear unit spans two levels and includes two bedrooms, two full bathrooms, a kitchenette, a full kitchen, storage, and a screened upper balcony. A spiral staircase connects its lower-level studio-style space to the upper floor. Tile and luxury vinyl flooring, multiple cooling systems, and newer interior and exterior paint are among the property’s updates; the roof was installed in 2020.
The property sits at the end of Mallett Drive in Port Richey. An oversized driveway provides substantial parking, with room for a boat. The backyard is nearly one-quarter acre and includes patio space and mature landscaping. Shopping, dining, marinas, boat launches, boating destinations, Gulf Coast recreation, and area beaches are identified in the surrounding area. The property has no HOA or CDD.
The property sits at the end of Mallett Drive in Port Richey. An oversized driveway provides substantial parking, with room for a boat. The backyard is nearly one-quarter acre and includes patio space and mature landscaping. Shopping, dining, marinas, boat launches, boating destinations, Gulf Coast recreation, and area beaches are identified in the surrounding area. The property has no HOA or CDD.
Key Highlights
- Two separate residences totaling 5 bedrooms and 4 full bathrooms
- 1,928 square feet of interior space
- Roof installed in 2020
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,504
Cap Rate
5.30%
Suggested Prices Based on Cap Rates
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
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 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.
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Location Intelligence
Trade Area within ½ mile
548
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two residences provide a combined five bedrooms and four full bathrooms.
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 separate residences totaling 5 bedrooms and 4 full bathrooms; 1,928 square feet of interior space; Roof installed in 2020
