Corporate-Guaranteed Absolute NNN
For Sale
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6445 Massachusetts Ave, New Port Richey, FL 34653
Two properties leased on a corporate-guaranteed absolute NNN basis, providing in-place cash flow with combined NOI of $282,689.
Property Size19,910 SF
Price / SF$198.39
Days on Market224
Property Features for 6445 Massachusetts Ave
General Information
Standard status
Active
Size
19,910 SF
Property subtype
RETAIL
Listing Agency:
RIPCO Real Estate | Tampa
(813) 320-0050
Listed By:
Gene Ruiz · License #SL3522718
(813) 921-5641
Source:
Moodyscre
Added: Feb 2
Changed: Sep 9
Last Checked: Sep 13 at 10:27AM
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 RIPCO Real Estate | Tampa
Investment Insights
Based on property information with market context.
This offering includes two retail properties with corporate-guaranteed absolute NNN leases and a combined NOI of $282,689, supported by a three-year WALT. The leases are structured as “absolute NNN,” with tenants responsible for property taxes, insurance, CAM, roof, and structure.
The properties are positioned at a four-way signalized intersection with approximately 1,450 feet of combined frontage along Massachusetts Avenue. Major capital expenditures have been completed, including a new roof and parking lot at 6507 Massachusetts Avenue (Aaron’s Dark).
The Dollar General location is described as ranking in the top 90% nationally and as the #1 performing store out of 25 within a 15-mile radius, per Placer AI. ALDI and McDonald’s are also noted as having recent investments along the Massachusetts Avenue corridor.
The properties are positioned at a four-way signalized intersection with approximately 1,450 feet of combined frontage along Massachusetts Avenue. Major capital expenditures have been completed, including a new roof and parking lot at 6507 Massachusetts Avenue (Aaron’s Dark).
The Dollar General location is described as ranking in the top 90% nationally and as the #1 performing store out of 25 within a 15-mile radius, per Placer AI. ALDI and McDonald’s are also noted as having recent investments along the Massachusetts Avenue corridor.
Key Highlights
- Corporate‑guaranteed absolute NNN leases with combined NOI of $282,689 and a 3‑year WALT
- Tenants pay property taxes, insurance, CAM, roof, and structure under the NNN structure
- Major capex completed: new roof and parking lot at 6507 Massachusetts Avenue (Aaron’s Dark)
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
$195,466
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
4.95%
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%
$3,909,320
$3.9M
Cap Rate 7%
$2,792,371
$2.8M
Cap Rate 9%
$2,171,844
$2.2M
Market Conditions
NOI Build-Up for 19,910 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
$298.7K $15.00/SF
− Vacancy
−$19.4K −$0.98/SF
EGI
$279.2K $14.03/SF
− OpEx
−$83.8K −$4.21/SF
NOI
$195.5K $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%
$3,909,320
Cap Rate 7%
$2,792,371
Cap Rate 9%
$2,171,844
Alternative Uses
Best Use
Retail
$2.79M
$2.44M – $3.26M
NOI $195,466 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.54M
$3.97M – $5.29M
NOI $317,477 @ 7.0% cap · market cap 8.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
680
Businesses Nearby
49k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 68%
Groceries 26%
Dining 6%
Dollar Tree
Shops & Services
11,664 visits/mo
0.2 miles
Dollar General
Shops & Services
8,683 visits/mo
0.1 miles
Save-A-Lot
Groceries
7,378 visits/mo
0.2 miles
Chevron
Shops & Services
6,713 visits/mo
0.2 miles
Winn-Dixie
Groceries
5,169 visits/mo
0.2 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Two properties leased on a corporate-guaranteed absolute NNN basis, providing in-place cash flow with combined NOI of $282,689.
Where is this nnn property located?
The property is located at 6445 Massachusetts Ave New Port Richey, FL.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: Corporate‑guaranteed absolute NNN leases with combined NOI of $282,689 and a 3‑year WALT; Tenants pay property taxes, insurance, CAM, roof, and structure under the NNN structure; Major capex completed: new roof and parking lot at 6507 Massachusetts Avenue (Aaron’s Dark)
