Remodeled Office Units with Flexible
New
For Sale
$349,999
6609 Ridge Road 2&4, Port Richey, FL 34668
Remodeled commercial office property with separate work areas, kitchen, bathrooms, waiting room, and security wiring.
Property Size2,080 SF
Price / SF$168.27
Days on Market3
Property Features for 6609 Ridge Road 2&4
General Information
Standard status
Active
Size
2,080 SF
Additional Details
HOA Fee
$530
Building Details
Year Built
1981
Listing Agency:
F I GREY & SON RESIDENTIAL
Listed By:
Jeanine Affetto · License #3026821
(727) 967-4487
Source:
Livewelltampabay
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 10 at 3:15PM
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 remodeled office property offers 2080 square feet across Buildings #2 and #4, with a layout that can function as one larger office or two separate work areas. A recently installed movable wall supports flexible occupancy arrangements. Building #4 includes a kitchen and bathroom, while Building #2 provides an additional bathroom and its own waiting room. The property is wired for security and has a new roof installed in March 2025.
Located at 6609 Ridge Road in Port Richey, the office benefits from direct positioning on Ridge Road. The improvements date to 1981, with the interior remodeled for current office use. The configuration allows an occupant to use the full space or maintain distinct office areas within the property.
Located at 6609 Ridge Road in Port Richey, the office benefits from direct positioning on Ridge Road. The improvements date to 1981, with the interior remodeled for current office use. The configuration allows an occupant to use the full space or maintain distinct office areas within the property.
Key Highlights
- 2080 square feet across Buildings #2 and #4
- Flexible configuration for one or 2 offices
- New roof installed in March 2025
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
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 property with separate work areas, kitchen, bathrooms, waiting room, and security wiring.
Where is this office units located?
The property is located at 6609 Ridge Road 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: 2080 square feet across Buildings #2 and #4; Flexible configuration for one or 2 offices; New roof installed in March 2025
