Three-Office Condo
For Sale
$169,000
6609 RIDGE ROAD #1, Port Richey, FL 34668
Occupied office unit with pylon signage, parking on both sides, and sidewalk access near surrounding retail businesses.
Property Size1,000 SF
Price / SF$169
Days on Market81
Property Features for 6609 RIDGE ROAD #1
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Commercial
Zoning
MF2
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$1,490
Building Details
Building Size
1,000 SF
Year Built
1981
Stories
1
Tenancy
Multi
Owner Occupied
No
Listing Agency:
FLORIDA REALTY INVESTMENTS
(813) 618-3279
Listed By:
Sujata Katikala · License #3057328
(813) 618-3279
Source:
Mbifloridarealty
Added: May 29
Changed: Aug 16
Last Checked: Aug 16 at 5:20AM
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 FLORIDA REALTY INVESTMENTS
Investment Insights
Based on property information with market context.
This 1,000-square-foot office condo contains three offices and one restroom within a building constructed in 1981. The unit is currently occupied, and the tenant may either remain or vacate, providing flexibility for an owner occupant or investor. MF2 zoning applies to the property.
A pylon sign serves the Ridge Road frontage, while parking is available in front and behind the building. Sidewalks connect the property with the surrounding commercial area, including Ridge Road Center plaza across the street, where Pizza Hut, Family Dollar, and an upcoming Latin market are located. The property is less than 2 miles from US 19 Hwy.
A pylon sign serves the Ridge Road frontage, while parking is available in front and behind the building. Sidewalks connect the property with the surrounding commercial area, including Ridge Road Center plaza across the street, where Pizza Hut, Family Dollar, and an upcoming Latin market are located. The property is less than 2 miles from US 19 Hwy.
Key Highlights
- 1,000 SF office condo with 3 offices and 1 restroom
- Currently occupied; tenant may stay or leave
- Pylon sign on busy Ridge Road
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
$9,223
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
5.46%
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%
$184,460
$184.5K
Cap Rate 7%
$131,757
$131.8K
Cap Rate 9%
$102,478
$102.5K
Market Conditions
NOI Build-Up for 1,000 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
$16.8K $16.80/SF
− Vacancy
−$1.4K −$1.43/SF
EGI
$15.4K $15.37/SF
− OpEx
−$6.1K −$6.15/SF
NOI
$9.2K $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%
$184,460
Cap Rate 7%
$131,757
Cap Rate 9%
$102,478
Alternative Uses
Best Use
Healthcare Medical
$131.8K
$115.3K – $153.7K
NOI $9,223 @ 7.0% cap · market cap 5.46%
Second Best
Office B
$96.4K
$84.4K – $112.5K
NOI $6,748 @ 7.0% cap · market cap 3.99%
Theoretical Best
Office A
$227.8K
$199.3K – $265.8K
NOI $15,946 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,004
Businesses Nearby
Explore this area
Business Placement
Demographics for 34668, FL
48,781
Population
23,883
Households
2
Avg Household Size
45
Median Age
13%
College-Educated
88%
High-School Grad
15.5 sq mi
ZIP Area
3,147
Density / Sq Mi
$45,760
Median Household Income
$35,610
Median Earnings
$1,278
Median Rent
$168,800
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?
Office units - Occupied office unit with pylon signage, parking on both sides, and sidewalk access near surrounding retail businesses.
Where is this office units located?
The property is located at 6609 RIDGE ROAD #1 Port Richey, FL.
What is the asking price?
The asking price for this property is $169,000.
What are key features of this property?
This property features: 1,000 SF office condo with 3 offices and 1 restroom; Currently occupied; tenant may stay or leave; Pylon sign on busy Ridge Road
