Flex Space with
For Sale
Contact for pricing
Pending
8499 Tom Chittum Loop, New Port Richey, FL 34653
Versatile commercial building combining dedicated office areas with warehouse space, loading access, parking, and LI zoning.
Property Size11,025 SF
Lot Size1.07 Acres
Days on Market154
Property Features for 8499 Tom Chittum Loop
General Information
Standard status
Pending
Size
11,025 SF
Total Parking Spaces
33
Lot size
1.07 Acres
Property subtype
Industrial
Zoning
LI
Lease Type
NNN
Investment Type
Owner/User
Warehouse & Industrial
Warehouse Space
8,052 SF
Office Build-Out
2,973 SF
Amenities
conference rooms
kitchen/break area
Building Details
Year Renovated
2025
Buildings
1
Building Size
11,025 SF
Listing Agency:
F.I. Grey & Son
(727) 214-7764
Listed By:
Jeff Grey · License #FL 3278557
Source:
Crexi
Added: Apr 1
Changed: Aug 31
Last Checked: Aug 31 at 1:25AM
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
Investment Insights
Based on property information with market context.
This flex property combines office and warehouse functions within 11,025 square feet. The office component includes five offices, two conference rooms, three restrooms, and a spacious kitchen or break area. Warehouse operations are supported by four bay doors measuring 12 x 12, while the site provides 33 parking spaces.
The property occupies 1.07 acres at 8499 Tom Chittum Loop in New Port Richey, Florida. LI zoning supports its industrial-oriented commercial classification and complements the building’s blend of administrative and warehouse areas.
The property occupies 1.07 acres at 8499 Tom Chittum Loop in New Port Richey, Florida. LI zoning supports its industrial-oriented commercial classification and complements the building’s blend of administrative and warehouse areas.
Key Highlights
- 11,025 total sf with 2,973 sf of office and 8,052 sf of warehouse
- Five offices, two conference rooms, three restrooms, and a large kitchen/break area
- Four 12 x 12 bay doors
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
$118,673
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
4.94%
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%
$2,373,460
$2.4M
Cap Rate 7%
$1,695,329
$1.7M
Cap Rate 9%
$1,318,589
$1.3M
Market Conditions
NOI Build-Up for 11,025 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
$198.5K $18.00/SF
− Vacancy
−$15.9K −$1.44/SF
EGI
$182.6K $16.56/SF
− OpEx
−$63.9K −$5.80/SF
NOI
$118.7K $10.76/SF
Area
Pasco County, FL
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$2,373,460
Cap Rate 7%
$1,695,329
Cap Rate 9%
$1,318,589
Alternative Uses
Best Use
Flex RnD
$1.70M
$1.48M – $1.98M
NOI $118,673 @ 7.0% cap · market cap 4.94%
Second Best
Warehouse
$1.53M
$1.34M – $1.79M
NOI $107,418 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$2.51M
$2.20M – $2.93M
NOI $175,800 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
160
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile commercial building combining dedicated office areas with warehouse space, loading access, parking, and LI zoning.
Where is this flex space located?
The property is located at 8499 Tom Chittum Loop New Port Richey, FL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 11,025 total sf with 2,973 sf of office and 8,052 sf of warehouse; Five offices, two conference rooms, three restrooms, and a large kitchen/break area; Four 12 x 12 bay doors
