Freestanding Corner Retail
For Sale
$775,000
Pending
10241 N Florida Avenue, Citrus Springs, FL 34434
SINGLE_FAMILY - Citrus Springs, FL
Property Size3,280 SF
Lot Size1.35 Acres
Days on Market541
Property Features for 10241 N Florida Avenue
General Information
Property type
Residential
Property subtype
Office
Zoning
PDR
Parking features
Driveway
Exterior features
ConcreteDriveway
Subdivision
Citrus Springs
Lot features
Cleared, Corner Lot, Flat
Directions
Property is located at the corner between US Highway 41 & N Citrus Springs Blvd
Standard status
Pending
APN
2538007
Lot size
1.35 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CITRUS SPGS UNIT 5 PB 6 PG 1 PT OF LOT 8 BLK 541 FURTHER DESC IN OR BK 985 PG 513
Tax Annual Amount
7535
Legal Description
CITRUS SPGS UNIT 5 PB 6 PG 1 PT OF LOT 8 BLK 541 FURTHER DESC IN OR BK 985 PG 513
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1988
Floors in Building
1
Flooring type
Tile
Building materials
Stucco
Roof type
Flat
Listing Agency:
Century 21 J.W.Morton R.E. · Century 21 Real Estate
(352) 726-6668
Listed By:
Thao Le · License #3390499
(352) 586-3666
Added: Feb 11, 2025
Changed: Jul 23
Last Checked: Aug 6 at 7:06PM
MLS# 841219
Copyright © 2026 REALTORS Association of Citrus County, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 10241 N Florida Avenue in Citrus Springs, Florida, this freestanding corner commercial property sits on 1.35 acres and includes a 3,280 sq.ft building. The site is described as a lighted corner with parking, positioned on US 41 across from the Citrus Springs main entrance.
The listing describes strong visibility and accessibility for walk-in and/or drive-thru concepts, and it lists a range of potential business types including fast-food restaurants, coffee shops, pharmacies, medical clinics, service industries, retail outlets, educational facilities, and dry cleaners. Zoning is listed as PDR.
For sale at $775,000, the property is presented as a single-asset offering; contact the broker for additional details or to schedule a showing.
The listing describes strong visibility and accessibility for walk-in and/or drive-thru concepts, and it lists a range of potential business types including fast-food restaurants, coffee shops, pharmacies, medical clinics, service industries, retail outlets, educational facilities, and dry cleaners. Zoning is listed as PDR.
For sale at $775,000, the property is presented as a single-asset offering; contact the broker for additional details or to schedule a showing.
Key Highlights
- Prime 1.35 acre commercial corner lot on US 41.
- High visibility location across from Citrus Springs main entrance.
- 3,280 sq.ft. free‑standing building suitable for various businesses.
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
$51,591
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
6.66%
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%
$1,031,820
$1.0M
Cap Rate 7%
$737,014
$737.0K
Cap Rate 9%
$573,233
$573.2K
Market Conditions
NOI Build-Up for 3,280 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
$72.0K $21.96/SF
− Vacancy
−$3.2K −$0.99/SF
EGI
$68.8K $20.97/SF
− OpEx
−$17.2K −$5.24/SF
NOI
$51.6K $15.73/SF
Area
Citrus County, FL
Vacancy
4.50%
Lease Rate
$21.96 /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%
$1,031,820
Cap Rate 7%
$737,014
Cap Rate 9%
$573,233
Alternative Uses
Best Use
Specialty Retail
$737.0K
$644.9K – $859.9K
NOI $51,591 @ 7.0% cap · market cap 6.66%
Second Best
Healthcare Medical
$655.2K
$573.3K – $764.4K
NOI $45,866 @ 7.0% cap · market cap 5.92%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
56
Businesses Nearby
Explore this area
Business Placement
Demographics for 34434, FL
9,582
Population
4,559
Households
2.1
Avg Household Size
47
Median Age
17%
College-Educated
90%
High-School Grad
26.3 sq mi
ZIP Area
364
Density / Sq Mi
$56,553
Median Household Income
$35,245
Median Earnings
$1,226
Median Rent
$211,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - A 3,280 sq.ft freestanding retail building on a lighted corner with parking on 1.35 acres on US 41.
Where is this retail space located?
The property is located at 10241 N Florida Avenue Citrus Springs, FL.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Prime 1.35 acre commercial corner lot on US 41.; High visibility location across from Citrus Springs main entrance.; 3,280 sq.ft. free‑standing building suitable for various businesses.
