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    8406 Massachusetts Ave New Port Richey, FL 34653-3100
    Property profile & analytics

    8406 Massachusetts Ave New Port Richey, FL 34653-3100

    View on Map
    • Office buildings
    • 7,000 SF
    • 0.69 lot acres
    Off-Market
    Last Sale Jul 19, 2021
    $1,617,000
    Property ID
    US18-3692388
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $1,235,000
    Show details
    Cap Rate Potential
    4.9%
    Office buildings
    Location Intelligence

    Current Use by Public Records

    • Heartland Title Company / Title Company / Escrow Service
    • Evolutions Healthcare Systems / Financial Advisor / Insurance Agency
    • Baycare HomeCare, New Port Ritchey / Home Health Care Service
    • Capstone Insurance, LLC / Insurance Agency
    • Mass Ave NPR / Media Distribution

    Property Details for 8406 Massachusetts Ave

    Year built
    1980
    Lot size
    0.69 lot acres
    Property size
    7,000 SF
    Zone code
    00C2
    Property type
    Office buildings
    APN
    02-26-16-0010-01500-0021
    APU
    226160010015000021

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,020,000
      ML approach
      $1,285,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $840,000
      6.5%
      $775,000
      7%
      $720,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,305,000
      Market price range: $699k - $1.39M
      AI Estimate
      $1,028,000
      Market price range: $399k - $1.29M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,045,000
      Current use
      RETAIL STORES
      $1,975,000
      Change: +89% Conversion: Moderate
      MEDICAL BUILDING
      $1,360,000
      Change: +30% Conversion: Easy
      COMMERCIAL (GENERAL)
      $1,205,000
      Change: +15% Conversion: Easy
      WAREHOUSE, STORAGE
      $970,000
      Change: -7% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    New Port Richey
    County
    Pasco
    State
    Florida
    Longitude
    -82.676
    Latitude
    28.2583
    CBSA code
    45300
    CBSA name
    TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $12,396
    $73,650
    $610,738
    $684,388
    -
    $73,650
    $610,738
    $684,388

    Comparable in this City

    • Value Estimation by Request
      2,376 SF

      New Port

      OFFICE BUILDING • 2,376 SF
      New Port, Richey, FL 34653
      View Details
    • Value Estimation by Request
      1,116 SF

      7640 Congress St

      OFFICE BUILDING • 1,116 SF
      7640 Congress St, New Port Richey, FL 34653-1127
      View Details
    • Value Estimation
      $785,000
      10,398 SF

      7700 Massachusetts Ave

      OFFICE BUILDING (MULTI-STORY) • 10,398 SF
      7700 Massachusetts Ave, New Port Richey, FL 34653-3024
      View Details
    • Value Estimation by Request
      3,000 SF

      4013 Crestwood Blvd

      OFFICE BUILDING • 3,000 SF
      4013 Crestwood Blvd, New Port Richey, FL 34653-5900
      View Details
    • Value Estimation by Request
      765 SF

      6318 Rowan Rd

      OFFICE BUILDING • 765 SF
      6318 Rowan Rd, New Port Richey, FL 34653-3400
      View Details
    • Value Estimation by Request
      1,932 SF

      6235 Rowan Rd

      OFFICE BUILDING • 1,932 SF
      6235 Rowan Rd, New Port Richey, FL 34653-4048
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,844 SF

      New Port Richey Investment Property

      Free-standing commercial building with investment and user opportunities.
      6703-6707 Massachusetts Ave, New Port Richey, FL 34653
      View Details
    • $180,000
      Pending

      Office/Storefront Near Hospital

      Commercial building suitable for office or retail use near hospital.
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      Congress Street Commercial Property

      Mixed-use commercial property for sale on Congress Street.
      7210 Congress St, New Port Richey, FL 34653
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    • Contact for pricing

      Main Street Duplex Opportunity

      Two detached homes in downtown New Port Richey.
      6100 Main St, New Port Richey, FL 34653
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr

      Renovated Office and Retail Property

      Multi-tenant office and retail property with recent renovations.
      6219 Massachusetts Ave, New Port Richey, FL 34653
      View Details
    • $11,700 /Mo

      New Port Richey Office Space

      760 Sq. Ft. office with bathroom and storage.
      7218 Congress St, New Port Richey, FL 34653
      View Details
    • Contact for pricing
      1,600 SF

      Medical Office Space Available

      1,500 SF medical office space for lease.
      6325 State Road 54, New Port Richey, FL 34653
      View Details

    Property Visit Statistics

    • Visits by month
      1.6k
    • Visitors by month
      1.8k
    • Avg Time on site
      12 min
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    New Port Richey, FL 34653-3100
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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