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    Citrus Springs Buildable Residential Lot Title is generated by Realmo AI

    11019 Morrell Drive, Citrus Springs, FL 34434

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    LAND - Citrus Springs, FL

    Lot size:
    0.27 Acres
    Added:
    Apr 28, 2026
    Days on Market:
    37
    Last Refresh:
    Jun 3 at 10:06 pm

    Property Features for 11019 Morrell Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    PDR
    Standard status
    Active
    APN
    2141794
    Lot size
    0.27 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    CITRUS SPGS UNIT 27 PB 8 PG 54 LOT 8 BLK 1461
    Tax Annual Amount
    207

    Utilities

    Sewer type
    Septic Needed
    Water source
    Public

    We can help!

    Listing Contact
    Donna Dorsey

    Listing agent Donna Dorsey License #3160930

    Listing office Citrus Realty, LLC 1014 W Citrus Springs Blvd, Citrus Springs, FL

    Listing date Apr 28, 2026

    MLS# 854391 Listing URL

    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.

    HighLights

    • Buildable lot in a growing community with no HOA fees
    • Power and water available at the street
    • Deed‑restricted neighborhood with well‑maintained, affordably priced homes
    • Access to community amenities: Withlacoochee State Trail, library, community center, tennis courts, and children's park
    • Close proximity to boating, fishing, diving, and freshwater springs
    • Conveniently located near dining, shopping, healthcare, supermarkets, and a highly rated school system

    Overview

    This buildable lot in Citrus Springs, Florida, offers an opportunity for developers, investors, or individuals seeking to build in a growing community. Power and water are available at the street. Located in a deed-restricted neighborhood known for its well-maintained and affordably priced homes, the 0.27-acre lot has no HOA fees. Citrus Springs provides community amenities such as the Withlacoochee State Trail for biking, hiking, and walks, a public library, a community center, lighted tennis courts, and a children's park. A nearby golf course includes a restaurant, putting green, and a driving range. The property is located a short drive from boating, fishing, diving, and freshwater springs. Dining, shopping, healthcare facilities, supermarkets, and access to a highly rated school system are also nearby. This homesite represents an investment opportunity in a thriving area.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Citrus Springs
    County
    Citrus
    State
    Florida
    Longitude
    -82.467855
    Latitude
    29.024259

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    FAQs

    What type of property is this?
    Residential land & home lot - Buildable lot in a growing community with available utilities.
    Where is this residential land & home lot located?
    The property is located at 11019 Morrell Drive Citrus Springs, FL.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Buildable lot in a growing community with no HOA fees; Power and water available at the street; Deed‑restricted neighborhood with well‑maintained, affordably priced homes
    (352) 613-2718
    We can help!
    Listing Contact
    Donna Dorsey
    Real Estate License ID: 3160930
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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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