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    The Largest CRE Database in the US with Over 1 Million Listings

    21051 SE 42Nd St Morriston, FL 32668

    Sponsored
    For Sale
    $1,595,000

    Farm, Custom - MORRISTON, FL

    Type:Farm
    Property size:
    1,400 SF
    Lot size:
    10.00 Acres
    Days on Market:
    3
    Last Refresh:
    Feb 26 at 3:06 am

    Property Features for 21051 SE 42Nd St

    General Information

    Property type
    Residential
    Property subtype
    Farm
    Standard status
    Active
    Zoning
    A1
    Rooms
    Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Kitchen, Living Room
    Bedrooms
    5
    Bathrooms
    2
    APN
    1799500200
    Pets allowed
    Yes
    Interior features
    Ceiling Fans(s), Kitchen/Family Room Combo, Living Room/Dining Room Combo, Open Floorplan, Primary Bedroom Main Floor
    Exterior features
    Level, Paved, Lighting
    Appliances
    Microwave, Range, Refrigerator
    Size
    1,400 SF
    Lot size
    10.00 Acres

    Taxes and HOA fees

    Expense value
    133.33000183105
    Expense
    Home Owner Assessments Fee
    Expense freq.
    Monthly

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    2007
    Flooring type
    Laminate
    Building materials
    Block, Concrete
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Liz Gray

    Showcase Properties of Central Florida (352) 351-4718

    Listing agent Liz Gray (352) 351-4718 License #3450675

    Listing date Feb 24, 2026

    MLS# OM717505 Listing URL

    Copyright © 2026 Stellar MLS. 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

    Morriston Turnkey Equestrian Show Farm

    Located on 10 acres in the heart of Central Florida’s horse country, this turnkey show farm offers equestrian elegance and purposeful design. Situated within the Starting Point Complex, the property is suited to various equestrian disciplines. The fully fenced and gated farm features an oak-lined drive leading to the main improvements. The centerpiece is a custom-designed 40-stall concrete block barn, arranged into three wings. The West Wing includes 18 stalls, a combined lounge and tack room, and two wash racks with running water. The East Wing features 12 stalls, an air-conditioned lounge, three bedrooms, a full bathroom, and a laundry room, each equipped with newer AC and heat units. The North Wing offers a renovated one-bedroom, one-bath apartment with updated plumbing and electrical, central AC and heat, new flooring, and updated windows. The farm provides approximately 1,400 square feet of living space across five bedrooms and two bathrooms. Equestrian amenities include four paddocks with water lines, three round pens, a grass jump field, and three-board fencing. A 140 x 250’ all-weather arena is equipped with irrigation, and the 60’ wide lunging ring features all-weather footing. RV hookups are available, and existing infrastructure allows for the expansion of additional paddocks. Residents have access to bridle paths and optional use of the community’s 5/8-mile training track. Located four miles from HITS and approximately 15 miles from the World Equestrian Center, this property is suitable for year-round training, competition, and spectating.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Horse & equestrian properties

    Suggested Use

    Building Supply Big Box & Wholesale Store Hotel & Motel Food Market Bed & Breakfast Farmer's Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Morriston
    County
    Levy
    State
    Florida
    Longitude
    -82.41987
    Latitude
    29.270422

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    FAQs

    What type of property is this?
    Horse & equestrian property - 10-acre show farm in Central Florida's horse country.
    Where is this horse & equestrian property located?
    The property is located at 21051 SE 42Nd St Morriston, FL.
    What is the asking price?
    The asking price for this property is $1,595,000.
    What are key features of this property?
    This property features: - Turnkey show farm on 10 acres in Central Florida's horse country, within the Starting Point Complex.; - Custom-designed **40-stall concrete block barn** with three distinct wings for comfort and flexibility.; - Includes living space: a renovated one-bedroom apartment and three newly constructed bedrooms with potential for barndominium conversion.
    (352) 351-4718
    Request Owner's contact information
    21051 SE 42Nd St Morriston, FL 32668
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    Morriston, FL 32668
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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
    21051 SE 42Nd St Morriston, FL 32668
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    We can help!
    Listing Contact
    Liz Gray
    Real Estate License ID: 3450675
    (352) 351-4718 (502) 314-8055
    Learn more
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