5623 US Hwy 19 - Office FOR SALE


New Port Richey, FL 34652- Greater New Port Richey South
$1,999,000 USD
727-777-5296
5623 US Hwy 19, New Port Richey, FL for Sale
$1,999,000 USD
Office - FOR SALE
1/21
null | 12.67% Cap Rate

5623 US Hwy 19
New Port Richey, FL 34652
Greater New Port Richey South


HIGHLIGHTS

  • Offered well below replacement costs, Pasco Professional Center provides considerable value and upside potential through vacancy lease-up.
  • Recent capital improvements include new flooring, paint, LED lighting, and mechanical upgrades, offering a refreshed workspace for productivity.
  • Situated on a 1.21-acre site, 5623 US Highway 19 showcases future redevelopment potential in New Port Richey's high-growth corridor.
  • Prime location with exposure to over 60,000 vehicles per day and proximity to major markets like Tampa, Clearwater, and Saint Petersburg.
  • With a surge in recent developments, the property is in an expanding trade area projected to grow by 4.1% annually within a two-mile radius by 2029.

OVERVIEW

Along the bustling US Highway 19 corridor, Pasco Professional Center offers investors the rare opportunity to acquire a prime office asset in one of Florida’s fastest-growing regions. This three-story, 27,510-square-foot professional building, renovated in 2022, features workspaces designed for medical, retail, and professional service tenants. Recent capital improvements include new woodgrain flooring, fresh paint across all suites and common areas, complete LED lighting conversion, upgraded electrical breakers, and a new lift station pump. On a generous 1.21-acre parcel, Pasco Professional Center presents future redevelopment potential plus near-term leasing upside opportunities. In New Port Richey, Pasco Professional Center is projected to see a 4.1% annual population growth within a two-mile radius through 2029. This demographic surge, coupled with the area’s affordability and accessibility, has fueled increased demand from regional medical providers and national businesses. The property boasts unmatched visibility, with signage exposure to over 60,000 vehicles per day (VPD), and offers direct connectivity to Tampa, Clearwater, and St. Petersburg, all within an hour’s drive. Nearby national retailers include Publix, Starbucks, Big Lots, and Sam’s Club, further reinforcing the area’s strong consumer draw. With considerable upside through vacancy lease-up, strong long-term fundamentals, and future redevelopment possibilities, this asset is well-appointed for investors seeking stable income with room to grow in a flourishing Florida market.

FOR SALE DETAILS

PRICE

$1,999,000 USD

PRICE/SF

$73 USD /SF

CAP RATE

12.67%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Pasco Professional Center

PROPERTY TYPE

Office

ADD'L SUBTYPES

Storefront Retail/Office

TOTAL BUILDING SIZE

-

STORIES

3

BUILDING CLASS

C

YEAR BUILT

1974

SPRINKLERS

-

PARKING SPACES

115

LAND DETAILS

LAND ACRES

1.21 AC

LAND SF

52,708 SF

ZONING

C, New Port Richey

APN/PARCEL ID

08-26-16-0010-03200-0060

ASK ABOUT THIS PROPERTY

Ray TurchiMarcus & MillichapMore Info
727-777-5296

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Ray TurchiMarcus & MillichapMore Info
727-777-5296

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.