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    1259 S Elmwood Dr Inverness, FL 34450

    Sponsored
    For Sale
    $1,200,000

    COMMERCIAL - Inverness, FL

    Property size:
    5,400 SF
    Lot size:
    0.66 Acres
    Days on Market:
    4
    Last Refresh:
    Feb 15 at 10:06 am

    Property Features for 1259 S Elmwood Dr

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bathroom 1, Bathroom 8, Bathroom 9, Bathroom 5, Bathroom 6, Bathroom 11, Bathroom 12, Bathroom 10, Bathroom 3, Bathroom 2, Bathroom 7, Bathroom 4
    Bathrooms
    12
    Parking features
    Assigned
    Size
    5,400 SF
    Lot size
    0.66 Acres

    Utilities

    Sewer type
    Septic Tank
    Water source
    Well
    Water front
    1

    Building Details

    Year built
    1970
    Floors in Building
    2
    Number of units
    8
    Building materials
    Block, Frame, Stucco
    Roof type
    Metal

    We can help!

    Listing Contact
    Ron Valure

    Tropic Shores Realty (352) 279-4408

    Listing agent Ron Valure (352) 684-7371 License #3219711

    Listing date Feb 12, 2026

    MLS# 2255964

    Copyright © 2026 Hernando County Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Waterfront Apartments on Gulf to Lake

    A collection of ten completely renovated apartment units is available for sale. The property includes one efficiency unit, eight one-bedroom units, and one two-bedroom unit. There are also two additional two-bedroom units framed and ready to be finished, offering the potential for additional income. The property has undergone extensive renovations, including a completely new septic system, a new electrical system with a sub-panel for each unit, and a new plumbing system. New AC units have been installed, and the roofing has foam insulation. The property also features new water tanks and a filtration system. Interior renovations include new cabinets, flooring, fixtures, appliances, and painting. Exterior renovations and painting have also been completed. The property is located on the waterfront with a boat ramp leading to a chain of lakes, presenting a potential opportunity for Airbnb rentals. The property is located in Inverness, Florida, on a 0.66-acre lot. The building size is 5,400 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Building Supply Kitchen & Bath Showroom Garden Center Electronics & Wireless Store Plumbing Service (Bike/Boat/Book/etc) Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Inverness
    County
    Citrus
    State
    Florida
    Longitude
    -82.285296
    Latitude
    28.843874

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    FAQs

    What type of property is this?
    Apartment building - Renovated waterfront apartments with potential for high income.
    Where is this apartment building located?
    The property is located at 1259 S Elmwood Dr Inverness, FL.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: - Waterfront property with boat ramp access to a chain of lakes, offering potential for high income through Airbnb.; - Ten completely renovated units (efficiency, eight 1-bedroom, one 2-bedroom) ready for immediate rental income.; - Two additional 2-bedroom units framed and ready to be finished, providing opportunity for increased income.
    (352) 684-7371
    Request Owner's contact information
    1259 S Elmwood Dr Inverness, FL 34450
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    Inverness, FL 34450
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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
    1259 S Elmwood Dr Inverness, FL 34450
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    We can help!
    Listing Contact
    Ron Valure
    Real Estate License ID: 3219711
    (352) 684-7371 (845) 527-8045 (352) 686-0540
    Learn more
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