8-Unit Garden-Style
For Sale
Contact for pricing
Pending
5638 River Rd, New Port Richey, FL 34652
Sunshine Commons is an 8-unit garden-style multifamily property with updated interiors, split across three single-story buildings.
Property Size5,400 SF
Lot Size0.52 Acres
Days on Market221
Property Features for 5638 River Rd
General Information
Standard status
Pending
Size
5,400 SF
Total Parking Spaces
12
Lot size
0.52 Acres
Property subtype
Multifamily
Zoning
MF-30
Additional Details
Multifamily Units
8
Building Details
Year Built
1973
Year Renovated
2022
Buildings
3
Stories
1
Units
8
Tenancy
Multi
Listing Agency:
MRG Realty Partners
Listed By:
Doug McNicoll · License #40492260
(651) 900-4386
Source:
Crexi
Added: Feb 3
Changed: Sep 10
Last Checked: Sep 12 at 4:10AM
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 MRG Realty Partners
Investment Insights
Based on property information with market context.
Sunshine Commons is an 8-unit garden-style multifamily community built in 1973. The property consists of three single-story buildings offering efficient 1 bed/1 bath layouts, and it received a full interior remodel completed in 2022. On-site surface parking is available at a ratio of 1.5 spaces per unit.
The site is located in New Port Richey, Florida just off River Road, with proximity to the downtown core and coastal amenities.
The community totals approximately 5,400 square feet and sits on about 0.52 acres. The property is zoned MF-30 (High Density Residential), supporting continued multifamily use.
The site is located in New Port Richey, Florida just off River Road, with proximity to the downtown core and coastal amenities.
The community totals approximately 5,400 square feet and sits on about 0.52 acres. The property is zoned MF-30 (High Density Residential), supporting continued multifamily use.
Key Highlights
- 8‑unit garden‑style multifamily community in New Port Richey, FL across three single‑story buildings
- Built in 1973; full interior remodel completed in 2022 with updated finishes and 1 bed / 1 bath layouts
- Approx. 5,400 SF total with efficient unit sizes averaging 675 SF per unit
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
$49,664
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
4.32%
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%
$993,280
$993.3K
Cap Rate 7%
$709,486
$709.5K
Cap Rate 9%
$551,822
$551.8K
Market Conditions
NOI Build-Up for 5,400 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
$97.2K $18.00/SF
− Vacancy
−$6.9K −$1.28/SF
EGI
$90.3K $16.72/SF
− OpEx
−$40.6K −$7.52/SF
NOI
$49.7K $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%
$993,280
Cap Rate 7%
$709,486
Cap Rate 9%
$551,822
Alternative Uses
Best Use
Apartment 5plus
$709.5K
$620.8K – $827.7K
NOI $49,664 @ 7.0% cap · market cap 4.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.23M
$1.08M – $1.44M
NOI $86,106 @ 7.0% cap · market cap 7.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,293
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
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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?
Apartment building - Sunshine Commons is an 8-unit garden-style multifamily property with updated interiors, split across three single-story buildings.
Where is this apartment building located?
The property is located at 5638 River Rd New Port Richey, FL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 8‑unit garden‑style multifamily community in New Port Richey, FL across three single‑story buildings; Built in 1973; full interior remodel completed in 2022 with updated finishes and 1 bed / 1 bath layouts; Approx. 5,400 SF total with efficient unit sizes averaging 675 SF per unit
