Renovated Strip Mall with Rental
For Sale
Contact for pricing
6219 MASSACHUSETTS AVE, New Port Richey, FL 34653
C2-zoned neighborhood retail center with flexible suites, existing occupancy, and updated building systems.
Property Size5,558 SF
Price / SF$197.91
Days on Market11
Property Features for 6219 MASSACHUSETTS AVE
General Information
Standard status
Active
Size
5,558 SF
Property subtype
Retail, Office, Mixed Use
Zoning
C2
Occupancy
63%
Lease Type
Modified Gross
Net Operating Income
$60,798
Building Details
Year Built
1968
Year Renovated
2026
Stories
1
Units
6
Tenancy
Multi
Listing Agency:
Brokers International Real Estate
(813) 992-7653
Listed By:
Peter Katsarelis · License #BK3463486
Source:
Crexi
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 28 at 7:09PM
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 Brokers International Real Estate
Investment Insights
Based on property information with market context.
This 5,558-square-foot strip mall at 6219 Massachusetts Avenue includes multiple suites with layouts suited to retail, service businesses, medical users, boutique offices, and showroom operations. The building dates to 1968 and received substantial improvements in 2026, including a new roof, new A/C systems, electrical updates, fresh stucco and paint, upgraded storefronts, and a resurfaced parking lot.
The property is currently 60% occupied, combining existing rental income with available space for additional leasing or owner occupancy. C2 zoning supports retail and service-oriented uses, while its Massachusetts Avenue setting places the center within New Port Richey’s surrounding residential area and local traffic patterns.
The property is currently 60% occupied, combining existing rental income with available space for additional leasing or owner occupancy. C2 zoning supports retail and service-oriented uses, while its Massachusetts Avenue setting places the center within New Port Richey’s surrounding residential area and local traffic patterns.
Key Highlights
- ±5558 SF strip mall at 6219 Massachusetts Avenue, New Port Richey, FL 34653
- 2026 improvements include a new roof, new A/C systems, electrical updates, stucco, paint, storefronts, and parking lot resurfacing
- Currently 60% occupied with available space for lease‑up or owner occupancy
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
$54,566
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
4.96%
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%
$1,091,320
$1.1M
Cap Rate 7%
$779,514
$779.5K
Cap Rate 9%
$606,289
$606.3K
Market Conditions
NOI Build-Up for 5,558 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
$83.4K $15.00/SF
− Vacancy
−$5.4K −$0.98/SF
EGI
$78.0K $14.03/SF
− OpEx
−$23.4K −$4.21/SF
NOI
$54.6K $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%
$1,091,320
Cap Rate 7%
$779,514
Cap Rate 9%
$606,289
Alternative Uses
Best Use
Retail
$779.5K
$682.1K – $909.4K
NOI $54,566 @ 7.0% cap · market cap 4.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,626 @ 7.0% cap · market cap 8.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
643
Businesses Nearby
45k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 66%
Groceries 28%
Dining 6%
Dollar Tree
Shops & Services
11,664 visits/mo
0.3 miles
Dollar General
Shops & Services
8,683 visits/mo
0.3 miles
Save-A-Lot
Groceries
7,378 visits/mo
0.4 miles
Chevron
Shops & Services
6,713 visits/mo
0.3 miles
Winn-Dixie
Groceries
5,169 visits/mo
0.3 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - C2-zoned neighborhood retail center with flexible suites, existing occupancy, and updated building systems.
Where is this strip mall located?
The property is located at 6219 MASSACHUSETTS AVE New Port Richey, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: ±5558 SF strip mall at 6219 Massachusetts Avenue, New Port Richey, FL 34653; 2026 improvements include a new roof, new A/C systems, electrical updates, stucco, paint, storefronts, and parking lot resurfacing; Currently 60% occupied with available space for lease‑up or owner occupancy
