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    Waterfront Land in Crystal River Title is generated by Realmo AI

    216 NW Bay Path Drive, Crystal River, FL 34428

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    Claim this Listing
    For Sale
    $450,000

    LAND - Crystal River, FL

    Lot size:
    0.40 Acres
    Added:
    Aug 6, 2025
    Days on Market:
    303
    Last Refresh:
    Jun 4 at 10:06 am

    Property Features for 216 NW Bay Path Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    PD
    Standard status
    Active
    APN
    3526363
    Lot size
    0.40 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    SPRINGS ON KINGS BAY PB 15 PG 30 LOTS 13
    Tax Annual Amount
    2324

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public
    Water front features
    River Front, Waterfront
    Water front
    1

    We can help!

    Listing Contact
    Kathleen "Kathy" J. Tolle

    Listing agent Kathleen "Kathy" J. Tolle License #452047

    Listing office Century 21 Nature Coast 835 NE Highway 19, Crystal River, FL

    Listing date Aug 6, 2025

    MLS# 847003 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

    • Direct waterfront property on Crystal River in Springs on Kings Bay.
    • Located in a gated community in Historic Downtown Crystal River.
    • Potential to build a custom dream home.
    • Opportunity to add a private dock for boating.
    • Enjoy views of Kings Bay with manatees and dolphins.
    • Public water and sewer connections available.

    Overview

    This waterfront property is located in the Springs on Kings Bay, a gated community in the heart of Historic Downtown Crystal River. The property overlooks Kings Bay of Crystal River. This homesite offers views of Kings Bay. The lot size is 0.4 acres. The zoning is PD. The property is intended for building a home. A dock can be added for boat access. The location allows for watching manatees and dolphins.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Big Box & Wholesale Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Crystal River
    County
    Citrus
    State
    Florida
    Longitude
    -82.595125
    Latitude
    28.896174

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    FAQs

    What type of property is this?
    Waterfront Land - Prime waterfront homesite in gated Crystal River community.
    Where is this waterfront land located?
    The property is located at 216 NW Bay Path Drive Crystal River, FL.
    What is the asking price?
    The asking price for this property is $450,000.
    What are key features of this property?
    This property features: Direct waterfront property on Crystal River in Springs on Kings Bay.; Located in a gated community in Historic Downtown Crystal River.; Potential to build a custom dream home.
    (352) 302-9572
    We can help!
    Listing Contact
    Kathleen "Kathy" J. Tolle
    Real Estate License ID: 452047
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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.

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