Remodeled Commercial Office on
For Sale
$349,999
6609 RIDGE Rd 2&4, Port Richey, FL 34668
Remodeled commercial office with new roof, flexible layout.
Property Size2,080 SF
Lot Size2.12 Acres
Price / SF$168.27
Days on Market153
Property Features for 6609 RIDGE Rd 2&4
General Information
Standard status
Active
Size
2,080 SF
Lot size
2.12 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,997
Building Details
Building Size
2,080 SF
Year Built
1981
Stories
1
Listing Agency:
F I GREY & SON RESIDENTIAL
(727) 967-4487
Listed By:
Jeanine Affetto · License #3026821
(727) 967-4487
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 12:39PM
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 F I GREY & SON RESIDENTIAL
Investment Insights
Based on property information with market context.
This commercial office space, located on busy Ridge Road, offers flexibility for various business needs. The property, with a new roof planned for March 2025, can function as one or two separate offices. The layout is adaptable due to an easily movable wall, allowing for a single 2080 square foot space or two individual units. Building #4 includes a bathroom and kitchen, while Building #2 has a bathroom and a waiting room. The property is wired for security. Currently, there is a tenant in Building #4 on a month-to-month lease, paying $1600 per month, who is willing to remain but can vacate upon closing. The Homeowner's Association (HOA) covers all outside maintenance, including roof maintenance, for a monthly fee of $530.
Key Highlights
- Reduced price by $150,000.
- Potential rental income of $1600/month from existing tenant in Building #4.
- Option to use as one large office space (2080 sq ft) or two separate offices.
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
$14,036
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
4.01%
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%
$280,720
$280.7K
Cap Rate 7%
$200,514
$200.5K
Cap Rate 9%
$155,956
$156.0K
Market Conditions
NOI Build-Up for 2,080 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
$23.0K $11.04/SF
− Vacancy
−$4.2K −$2.04/SF
EGI
$18.7K $9.00/SF
− OpEx
−$4.7K −$2.25/SF
NOI
$14.0K $6.75/SF
Area
Pasco County, FL
Vacancy
18.50%
Lease Rate
$11.04 /SF/Yr
Expense Ratio
25.00%
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%
$280,720
Cap Rate 7%
$200,514
Cap Rate 9%
$155,956
Alternative Uses
Best Use
Office B
$200.5K
$175.5K – $233.9K
NOI $14,036 @ 7.0% cap · market cap 4.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$473.8K
$414.6K – $552.8K
NOI $33,167 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Remodeled commercial office with new roof, flexible layout.
Where is this office units located?
The property is located at 6609 RIDGE Rd 2&4 Port Richey, FL.
What is the asking price?
The asking price for this property is $349,999.
What are key features of this property?
This property features: Reduced price by $150,000.; Potential rental income of $1600/month from existing tenant in Building #4.; Option to use as one large office space (2080 sq ft) or two separate offices.
