Renovated Medical Office
New
For Sale
$395,000
6102 INDIANA AVENUE, New Port Richey, FL 34653
Vacant vanilla-shell building across from Morton Plant North Bay Hospital, with central HVAC and paved on-site parking.
Property Size1,908 SF
Lot Size0.15 Acres
Price / SF$207.02
Days on Market7
Property Features for 6102 INDIANA AVENUE
General Information
Standard status
Active
Size
1,908 SF
Lot size
0.15 Acres
Property subtype
Office
Additional Details
Furnished
No
Asking Price
$395,000
Taxes and HOA fees
Annual Taxes
$318
Amenities
Central Air
3
City Road, Paved Road.
Building Details
Year Built
1962
Year Renovated
2026
Buildings
1
Stories
1
Construction
concrete block
Listing Agency:
RE/MAX PREMIER GROUP
(813) 929-7600
Listed By:
Shelly Sidhu · License #3306017
Source:
Xome
Added: Aug 16
Changed: Aug 22
Last Checked: Aug 22 at 3:53AM
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 RE/MAX PREMIER GROUP
Investment Insights
Based on property information with market context.
Built in 1962 and fully renovated in 2026, this single-story medical office property offers 1,908 SF of space on a 6,534 SF lot. The concrete-block building has a stucco exterior, central HVAC, and a vanilla-shell interior suited to owner-occupant build-out or an NNN lease structure. It is vacant and available for immediate occupancy.
The property is directly across from Morton Plant North Bay Hospital, BayCare’s 222-bed acute-care facility and West Pasco County’s only not-for-profit community hospital. Its setting places the building within an active medical corridor serving hospital patients, employees, physicians, and visitors. The site is within the New Port Richey Community Redevelopment Area, CRA 2002, and includes paved on-site parking.
The building’s configuration and location support medical, healthcare-related, and professional office applications identified for the property, including clinics, therapy, behavioral health, billing, legal, accounting, insurance, and financial services uses.
The property is directly across from Morton Plant North Bay Hospital, BayCare’s 222-bed acute-care facility and West Pasco County’s only not-for-profit community hospital. Its setting places the building within an active medical corridor serving hospital patients, employees, physicians, and visitors. The site is within the New Port Richey Community Redevelopment Area, CRA 2002, and includes paved on-site parking.
The building’s configuration and location support medical, healthcare-related, and professional office applications identified for the property, including clinics, therapy, behavioral health, billing, legal, accounting, insurance, and financial services uses.
Key Highlights
- 1,908 SF single‑story medical office building on a 6,534 SF lot
- Fully renovated in 2026; vacant vanilla shell available for immediate occupancy
- Directly across from Morton Plant North Bay Hospital, BayCare’s 222‑bed acute‑care facility
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
$17,598
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
4.46%
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%
$351,960
$352.0K
Cap Rate 7%
$251,400
$251.4K
Cap Rate 9%
$195,533
$195.5K
Market Conditions
NOI Build-Up for 1,908 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
$32.1K $16.80/SF
− Vacancy
−$2.7K −$1.43/SF
EGI
$29.3K $15.37/SF
− OpEx
−$11.7K −$6.15/SF
NOI
$17.6K $9.22/SF
Area
Pasco County, FL
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
40.00%
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%
$351,960
Cap Rate 7%
$251,400
Cap Rate 9%
$195,533
Alternative Uses
Best Use
Healthcare Medical
$251.4K
$220.0K – $293.3K
NOI $17,598 @ 7.0% cap · market cap 4.46%
Second Best
Office B
$183.9K
$161.0K – $214.6K
NOI $12,876 @ 7.0% cap · market cap 3.26%
Theoretical Best
Office A
$434.6K
$380.3K – $507.1K
NOI $30,424 @ 7.0% cap · market cap 7.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,128
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Vacant vanilla-shell building across from Morton Plant North Bay Hospital, with central HVAC and paved on-site parking.
Where is this medical office space located?
The property is located at 6102 INDIANA AVENUE New Port Richey, FL.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: 1,908 SF single‑story medical office building on a 6,534 SF lot; Fully renovated in 2026; vacant vanilla shell available for immediate occupancy; Directly across from Morton Plant North Bay Hospital, BayCare’s 222‑bed acute‑care facility
