Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    8661 Citizens Dr New Port Richey, FL 34654-5557

    • Office buildings
    • 49,972 SF
    • 4.87 lot acres
    OFF-MARKET
    Last Sale
    Apr 26, 2021
    $14,000,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5112532
    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.

    Current Use by Public Records

    • Pasco County Building Construction Services / Government Office
    • Pasco County Sheriff’s Office Administrative Building / Sheriff'S Department
    • Pasco County Citizens Center / Government Office
    • New Port Richey Social Security Office / Social Security Office

    Property Details for 8661 Citizens Dr

    Year built
    2009
    Lot size
    4.87 lot acres
    Property size
    49,972 SF
    Zone code
    00C1
    Property type
    Office buildings
    APN
    35-25-16-0030-01000-0014
    APU
    3525160030010000014

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    New Port Richey
    County
    Pasco
    State
    Florida
    Longitude
    -82.6724
    Latitude
    28.2687
    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
    $0.00
    $402,822
    $3,823,615
    $4,226,437
    -
    $402,822
    $3,823,615
    $4,226,437

    Comparable in this City

    • Value Estimation
      $840,000
      6,143 SF

      7239 Little Rd

      PROFESSIONAL BUILDING (MULTI-STORY) • 6,143 SF
      7239 Little Rd, New Port Richey, FL 34654-5517
      View Details
    • Value Estimation by Request
      2,250 SF

      11321 Little Rd

      OFFICE BUILDING • 2,250 SF
      11321 Little Rd, New Port Richey, FL 34654-1218
      View Details
    • Value Estimation by Request
      1,751 SF

      7317 Little Rd

      OFFICE BUILDING • 1,751 SF
      7317 Little Rd, New Port Richey, FL 34654-5519
      View Details
    • Value Estimation
      $2,080,000
      19,780 SF

      7432 Little Rd

      OFFICE BUILDING (MULTI-STORY) • 19,780 SF
      7432 Little Rd, New Port Richey, FL 34654-5520
      View Details
    • Value Estimation by Request
      3,308 SF

      7026 Little Rd

      OFFICE BUILDING (MULTI-STORY) • 3,308 SF
      7026 Little Rd, New Port Richey, FL 34654-5512
      View Details
    • Value Estimation
      $2,030,000
      14,712 SF

      7619 Little Rd

      OFFICE BUILDING (MULTI-STORY) • 14,712 SF
      7619 Little Rd, New Port Richey, FL 34654-5566
      View Details

    Similar Nearby for Sale

    • $899,000
      1,440 SF

      Prime New Port Richey Mixed-Use

      1,440 SF Office/Retail, High Visibility
      8821 Ridge Rd, New Port Richey, FL 34654
      View Details
    • $599,988

      Versatile Commercial Property on Little Road

      Adaptable commercial property with high visibility and multiple potential uses.
      10129 Little Rd, New Port Richey, FL 34654
      View Details
    • $899,000
      1,440 SF

      Ridge Road Office Space

      Office property for sale on Ridge Road.
      8821 Ridge Rd, New Port Richey, FL 34654
      View Details
    • New
      $589,988
      2,337 SF

      Adaptable Commercial Property on Little Road

      Highly visible and accessible commercial property with multiple potential uses.
      10129 Little Rd, New Port Richey, FL 34654
      View Details
    • $3,899,800
      4,328 SF

      New Construction Heartland Dental Outparcel

      New construction Heartland Dental with long-term NNN lease.
      Decubellis Rd, New Port Richey, FL 34654
      View Details
    • $795,000
      1.75 Acres

      Prime 1.75-Acre Commercial Land

      C-2 zoned land, ideal for retail, office, or residential.
      7108 Little Rd, New Port Richey, FL 34654
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      97,000 SF

      Counsel Square Office Park

      Prime FL Office Space Available
      7601 Little Rd, New Port Richey, FL 34654
      View Details
    • $4,250 /Mo
      2,400 SF

      New Port Richey Office Space

      Well-appointed office building in a high-demand commercial corridor.
      7517 Little Rd, New Port Richey, FL 34654
      View Details
    • $1,900 /Mo
      1,400 SF

      New Port Richey Office Space

      Prime office space in high-traffic area, across from Pasco County.
      7511 Little Rd, New Port Richey, FL 34654
      View Details
    • $24 SF/Yr
      130,937 SF

      Shoppes at Golden Acres Retail Space

      Prime New Port Richey retail/office suites.
      9736 Little Rd, New Port Richey, FL 34654
      View Details
    • Contact for pricing
      2,400 SF

      Retail Space on Little Road

      Retail space available in high-traffic New Port Richey shopping center.
      9023-9217 Little Rd, New Port Richey, FL 34654
      View Details
    • $31,350

      Retail Space Available For Rent

      Retail space available for lease.
      9326 Little Rd, New Port Richey, FL 34654
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    8661 Citizens Dr
    New Port Richey, FL 34654-5557
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.