Waterfront Duplex with In-Law
For Sale
$499,900
5822 RIVER Road, New Port Richey, FL 34652
MULTI_FAMILY - NEW PORT RICHEY, FL
Property Size2,283 SF
Lot Size0.38 Acres
Price / SF$218.97
Days on Market92
Property Features for 5822 RIVER Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R2
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 3, Bathroom 2, Bedroom 1, Bathroom 1
Interior features
Ceiling Fans(s)
Subdivision
SEMINOLE POINT
View
Water, River
Directions
From US HWY 19 and Gulf DR Turn E on Gulf Dr to N on River Rd to house on right.
Standard status
Active
APN
16-26-08-016.0-000.00-017.0
Size
2,283 SF
Lot size
0.38 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SEMINOLE POINT PB 2 PG 31 THE SOUTH 45 FT OF LOT 17 EXC WEST 5 FT THEREOF & THE NORTH 30 FT OF LOT 18 LESS WEST 5 FT THEREOF OR 3305 PG 1429
Tax Annual Amount
8428
Legal Description
SEMINOLE POINT PB 2 PG 31 THE SOUTH 45 FT OF LOT 17 EXC WEST 5 FT THEREOF & THE NORTH 30 FT OF LOT 18 LESS WEST 5 FT THEREOF OR 3305 PG 1429
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Water front features
River Front
Water front
1
Building Details
Year built
1945
Floors in Building
1
Number of units
2
Flooring type
Hardwood
Building materials
Block
Roof type
Shingle
Listing Agency:
RE/MAX SUNSET REALTY · RE/MAX International
(727) 863-2402
Listed By:
Louis Petruzzelli PA · License #698210
(727) 505-5111
Added: May 12
Changed: Aug 2
Last Checked: Aug 11 at 8:06PM
MLS# W7883897
Copyright © 2026 West Pasco Board of Realtors. 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 waterfront duplex features a fully remodeled main house with three bedrooms, two full bathrooms, a bonus room, dining room, living room, and inside laundry. The home is described as having granite countertops, stainless steel appliances, plantation shutters and blinds, hurricane sliding doors, and ceiling fans, with hardwood flooring and central heating and central air conditioning. Waterfront features include 83 feet of deep-water frontage, plus a fully reconstructed newer concrete seawall. The main home includes a large 30X15 side porch, a large 31X8 fully screened-in rear porch overlooking the river, and an enclosed 11X20 glass side lanai that may serve as a fourth bedroom. The property also includes separate in-law/guest quarters/apartment with one bedroom, one full bathroom with a large glass shower stall, a brand-new kitchen with granite countertops and brand-new stainless-steel appliances, plus a private entry and parking.
The property is block construction with a shingle roof and is described as having a brand-new roof. It is served by public water and public sewer, with cable available. Set on a 0.38-acre lot in Pasco County, the listing notes no HOA and no CDD fees and no deed restrictions. An extra-large driveway provides room for an RV or boat, and there is an additional side driveway for the apartment. A 12X32 workshop with sliding glass doors and a side yard are also included. The property is zoned R2.
The property is block construction with a shingle roof and is described as having a brand-new roof. It is served by public water and public sewer, with cable available. Set on a 0.38-acre lot in Pasco County, the listing notes no HOA and no CDD fees and no deed restrictions. An extra-large driveway provides room for an RV or boat, and there is an additional side driveway for the apartment. A 12X32 workshop with sliding glass doors and a side yard are also included. The property is zoned R2.
Key Highlights
- Zoned R2 duplex on a 0.38‑acre lot in Pasco County
- 83 feet of deep‑water river frontage plus reconstructed newer concrete seawall
- Main house: 2,283 SF living space; 3,123 SF total under roof
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
$26,648
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
5.33%
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%
$532,960
$533.0K
Cap Rate 7%
$380,686
$380.7K
Cap Rate 9%
$296,089
$296.1K
Market Conditions
NOI Build-Up for 2,283 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
$40.8K $17.88/SF
− Vacancy
−$2.8K −$1.21/SF
EGI
$38.1K $16.67/SF
− OpEx
−$11.4K −$5.00/SF
NOI
$26.6K $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 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%
$532,960
Cap Rate 7%
$380,686
Cap Rate 9%
$296,089
Alternative Uses
Best Use
Multifamily LT 5
$380.7K
$333.1K – $444.1K
NOI $26,648 @ 7.0% cap · market cap 5.33%
Second Best
Apartment 5plus
$300.0K
$262.5K – $350.0K
NOI $20,997 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$520.1K
$455.1K – $606.7K
NOI $36,404 @ 7.0% cap · market cap 7.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,618
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Zoned R2 waterfront duplex with remodeled main home plus in-law/guest suite, public water and sewer, and no HOA or CDD fees.
Where is this duplex located?
The property is located at 5822 RIVER Road New Port Richey, FL.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Zoned R2 duplex on a 0.38‑acre lot in Pasco County; 83 feet of deep‑water river frontage plus reconstructed newer concrete seawall; Main house: 2,283 SF living space; 3,123 SF total under roof
