Multi-Tenant Office
For Sale
$1,275,000
5636 GRAND Boulevard, New Port Richey, FL 34652
Commercial Sale, NEW PORT RICHEY, FL
Property Size6,950 SF
Lot Size0.94 Acres
Price / SF$183.45
Days on Market86
Property Features for 5636 GRAND Boulevard
General Information
Property type
Commercial Sale
Property subtype
Office
Directions
Take I-4 West toward Tampa. Merge onto I-275 North toward St. Petersburg/Tampa International Airport. Take Exit 39 for FL-60 West briefly, then connect to US-19 North. Continue north on US-19 through Clearwater and Palm Harbor. In New Port Richey, turn left onto Main Street (FL-54). Turn right onto Grand Boulevard. Arrive at 5636 Grand Blvd, which will be on your left
Subdivision
34652 - New Port Richey
Standard status
Active
APN
08 26 16 0340 00000 00B0
Lot size
0.94 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
RIVER VILLAS PB 10 PGS 110 & 111 POR LOT B COM NE COR LOT B FOR POB TH S 115FT TH W 50FT TH S 77.51FT TH W 143.37FT TH N 44.14FT TH N 128.35FT TH ALG ARC OF CV R N 44DG E 21.21FT TH N 89DG E 10FT TH[full...]
Tax Annual Amount
16069
Legal Description
RIVER VILLAS PB 10 PGS 110 & 111 POR LOT B COM NE COR LOT B FOR POB TH S 115FT TH W 50FT TH S 77.51FT TH W 143.37FT TH N 44.14FT TH N 128.35FT TH ALG ARC OF CV R N 44DG E 21.21FT TH N 89DG E 10FT TH[full...]
Utilities
Cooling system
Central Air
Building Details
Year built
1977
Building materials
Block
Listing Agency:
KELLER WILLIAMS ADVANTAGE III · Keller Williams Realty
(407) 207-0825
Listed By:
Jeremy Miller · License #3387570
(407) 508-0347
Added: Jun 17
Changed: Sep 10
Last Checked: Sep 10 at 4:06PM
MLS# S5152146
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 multi-tenant office building is located at 5636 Grand Boulevard in New Port Richey, Florida. The property was constructed in 1977 using block construction and is equipped with central air conditioning.
The site encompasses 0.94 acres in Pasco County and carries a New Port Richey address within ZIP Code 34652. Its multi-tenant layout provides an established office configuration for an owner-user or investor, as identified in the property information.
The site encompasses 0.94 acres in Pasco County and carries a New Port Richey address within ZIP Code 34652. Its multi-tenant layout provides an established office configuration for an owner-user or investor, as identified in the property information.
Key Highlights
- Multi‑tenant office building
- 0.94‑acre site
- Block construction
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
$46,900
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
3.68%
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%
$938,000
$938.0K
Cap Rate 7%
$670,000
$670.0K
Cap Rate 9%
$521,111
$521.1K
Market Conditions
NOI Build-Up for 6,950 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
$76.7K $11.04/SF
− Vacancy
−$14.2K −$2.04/SF
EGI
$62.5K $9.00/SF
− OpEx
−$15.6K −$2.25/SF
NOI
$46.9K $6.75/SF
Area
Pasco County, FL
Vacancy
18.50%
Lease Rate
$11.04 /SF/Yr
Expense Ratio
25.00%
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%
$938,000
Cap Rate 7%
$670,000
Cap Rate 9%
$521,111
Alternative Uses
Best Use
Office B
$670.0K
$586.3K – $781.7K
NOI $46,900 @ 7.0% cap · market cap 3.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.58M
$1.39M – $1.85M
NOI $110,822 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,255
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Block-built property with central air and a multi-tenant configuration.
Where is this office building located?
The property is located at 5636 GRAND Boulevard New Port Richey, FL.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: Multi‑tenant office building; 0.94‑acre site; Block construction
