Retail Space with
For Sale
$275,000
5417 Grand Boulevard, New Port Richey, FL 34652
C1-zoned retail property with a prior fitness use and convenient on-site customer parking.
Property Size2,135 SF
Lot Size0.40 Acres
Price / SF$128.81
Days on Market340
Property Features for 5417 Grand Boulevard
General Information
Standard status
Active
Size
2,135 SF
Lot size
0.40 Acres
Property subtype
OFC, SCR
Zoning
C1
Building Details
Building Size
2,135 SF
Year Built
1977
Listing Agency:
Asset and Key
(727) 625-1100
Listed By:
Bradley Meinck · License #BK3299864
(727) 625-1100
Source:
Realnex
Added: Sep 25, 2025
Changed: Aug 29
Last Checked: Aug 29 at 7:07PM
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 Asset and Key
Investment Insights
Based on property information with market context.
The property includes approximately 2,135 square feet of retail space on a 0.4-acre parcel. Its most recent use was as a fitness gym, providing a documented commercial operating history for the space. The building dates to 1977 and is designated C1 zoning.
Positioned along Grand Boulevard in New Port Richey, the property offers a 7/1 parking ratio for customer and staff access. Nearby multifamily developments are planned, placing the site within an area identified for additional residential construction. The zoning abstract should be reviewed for specific permitted uses.
Positioned along Grand Boulevard in New Port Richey, the property offers a 7/1 parking ratio for customer and staff access. Nearby multifamily developments are planned, placing the site within an area identified for additional residential construction. The zoning abstract should be reviewed for specific permitted uses.
Key Highlights
- Approximately 2,135 sq. ft. of retail space
- 0.4‑acre parcel along Grand Boulevard
- C1 zoning designation
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
$20,960
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
7.62%
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%
$419,200
$419.2K
Cap Rate 7%
$299,429
$299.4K
Cap Rate 9%
$232,889
$232.9K
Market Conditions
NOI Build-Up for 2,135 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
$32.0K $15.00/SF
− Vacancy
−$2.1K −$0.98/SF
EGI
$29.9K $14.03/SF
− OpEx
−$9.0K −$4.21/SF
NOI
$21.0K $9.82/SF
Area
Pasco County, FL
Vacancy
6.50%
Lease Rate
$15.00 /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%
$419,200
Cap Rate 7%
$299,429
Cap Rate 9%
$232,889
Alternative Uses
Best Use
Retail
$299.4K
$262.0K – $349.3K
NOI $20,960 @ 7.0% cap · market cap 7.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$486.3K
$425.6K – $567.4K
NOI $34,044 @ 7.0% cap · market cap 12.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,258
Businesses Nearby
143k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 47%
Apparel 23%
Shops & Services 15%
Superstores 13%
Burlington
Apparel
32,323 visits/mo
0.5 miles
McDonald's
Dining
23,124 visits/mo
0.4 miles
Big Lots
Superstores
18,111 visits/mo
0.5 miles
Cracker Barrel Old Country Store
Dining
17,276 visits/mo
0.4 miles
Starbucks
Dining
13,798 visits/mo
0.4 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - C1-zoned retail property with a prior fitness use and convenient on-site customer parking.
Where is this retail space located?
The property is located at 5417 Grand Boulevard New Port Richey, FL.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Approximately 2,135 sq. ft. of retail space; 0.4‑acre parcel along Grand Boulevard; C1 zoning designation
