Vacant Concrete-Block
New
For Sale
$299,900
5403 DRINKARD DRIVE, New Port Richey, FL 34653
Two separate units offer flexible renovation and occupancy options in New Port Richey.
Property Size2,464 SF
Price / SF$121.71
Days on Market4
Property Features for 5403 DRINKARD DRIVE
General Information
Standard status
Active
Size
2,464 SF
Property subtype
Duplex
Property Condition
Severity
Repairs Needed
Evidence
dated
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Asking Price
$299,900
Building Details
Year Built
1984
Construction
concrete-block
Listing Agency:
SANDPEAK REALTY
(727) 232-2192
Listed By:
Michael Dumas · License #3077998
(727) 835-5122
Source:
Dennisrealty
Added: Sep 21
Changed: Sep 23
Last Checked: Sep 24 at 9:58AM
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 SANDPEAK REALTY
Investment Insights
Based on property information with market context.
Built in 1984, this concrete-block duplex contains two separate 2-bedroom, 1-bath residences totaling approximately 2,464 square feet. Both units are vacant, allowing the next owner to address improvements and establish occupancy without existing leases. One side is in better overall condition, while the other offers additional updating potential.
The property is located at 5403 Drinkard Drive in New Port Richey, near Downtown New Port Richey’s restaurants, shopping, parks, entertainment, and community events. The two-unit layout supports a range of ownership approaches, including occupying one residence while leasing the other or renovating both for rental use.
The property is located at 5403 Drinkard Drive in New Port Richey, near Downtown New Port Richey’s restaurants, shopping, parks, entertainment, and community events. The two-unit layout supports a range of ownership approaches, including occupying one residence while leasing the other or renovating both for rental use.
Key Highlights
- Two separate 2‑bedroom, 1‑bath units
- Approximately 2,464 total square feet
- Both units are currently vacant
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
$22,662
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
7.56%
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%
$453,240
$453.2K
Cap Rate 7%
$323,743
$323.7K
Cap Rate 9%
$251,800
$251.8K
Market Conditions
NOI Build-Up for 2,464 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
$44.4K $18.00/SF
− Vacancy
−$3.1K −$1.28/SF
EGI
$41.2K $16.72/SF
− OpEx
−$18.5K −$7.52/SF
NOI
$22.7K $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%
$453,240
Cap Rate 7%
$323,743
Cap Rate 9%
$251,800
Alternative Uses
Best Use
Multifamily LT 5
$410.9K
$359.5K – $479.4K
NOI $28,761 @ 7.0% cap · market cap 9.59%
Second Best
Apartment 5plus
$323.7K
$283.3K – $377.7K
NOI $22,662 @ 7.0% cap · market cap 7.56%
Theoretical Best
Office A
$561.3K
$491.1K – $654.8K
NOI $39,290 @ 7.0% cap · market cap 13.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
717
Businesses Nearby
Explore this area
Business Placement
Demographics for 34653, FL
33,381
Population
17,752
Households
1.9
Avg Household Size
49
Median Age
18%
College-Educated
90%
High-School Grad
10.9 sq mi
ZIP Area
3,062
Density / Sq Mi
$47,660
Median Household Income
$35,327
Median Earnings
$1,222
Median Rent
$180,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate units offer flexible renovation and occupancy options in New Port Richey.
Where is this duplex located?
The property is located at 5403 DRINKARD DRIVE New Port Richey, FL.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Two separate 2‑bedroom, 1‑bath units; Approximately 2,464 total square feet; Both units are currently vacant
