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    3438 N Citrus Avenue Crystal River, FL 34428

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    Claim this Listing
    For Sale
    $2,000,000

    SINGLE_FAMILY - Crystal River, FL

    Type:Office
    Lot size:
    2.53 Acres
    Added:
    Jul 19, 2025
    Days on Market:
    282
    Last Refresh:
    Apr 26 at 11:06 am

    Property Features for 3438 N Citrus Avenue

    General Information

    Property type
    Residential
    Property subtype
    Office
    Zoning
    CH
    Parking features
    Carport, Driveway, RV, Boat
    Exterior features
    PavedDriveway
    Standard status
    Active
    APN
    2653531
    Lot size
    2.53 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    TOWNSITEOF CRYSTAL PARK LOTS 460,461,462,463,464,AND 465 DESC IN OR BK 694 PG451 (OR BK 1008 PG 893) 1992 LESSOUT OR BK 904 PG 872 (16-18-17 700000-0010)
    Tax Annual Amount
    8386

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central, Electric (Heating)
    Cooling system
    Central Air
    Water source
    Well, Public

    Building Details

    Year built
    1992
    Floors in Building
    2
    Flooring type
    Vinyl, Tile, Carpet, Concrete, Laminate
    Building materials
    Block, Concrete
    Roof type
    Metal
    Additional Structures
    Garage(s)

    We can help!

    Listing Contact
    Marian Casteel

    Listing agent Marian Casteel License #3403933

    Listing office Tropic Shores Realty 6460 W Gulf to Lake Hwy, Spring Hill, FL

    Listing date Jul 19, 2025

    MLS# 846495

    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.

    Overview

    Crystal River Mixed-Use Investment Property

    This 2.53-acre commercial property in Crystal River, FL, presents a prime investment opportunity. The property features ten commercial units, a single-family residential home with the potential to be converted into two apartments, and a large storage yard. The mixed-use zoning, combined with ample parking and easy access to major roads, enhances its versatility. The property's location in Crystal River provides excellent visibility and access, making it suitable for investors or business owners seeking a versatile income property in a high-demand area. This setup offers both functionality and potential for those looking to expand their portfolio or seeking a live/work opportunity.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Marian Casteel, Town ... Hair Salon Town N Country ... Hair Salon

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Crystal River
    County
    Citrus
    State
    Florida
    Longitude
    -82.593848
    Latitude
    28.911938

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    FAQs

    What type of property is this?
    Mixed-use property - 2.53-acre commercial property with mixed-use zoning in Crystal River, FL.
    Where is this mixed-use property located?
    The property is located at 3438 N Citrus Avenue Crystal River, FL.
    What is the asking price?
    The asking price for this property is $2,000,000.
    What are key features of this property?
    This property features: Multiple Revenue Streams: Ten commercial units, a residential home (convertible to two apartments), and a storage yard offer diverse income opportunities.; Prime Commercial Location: Strategically located in Crystal River with excellent visibility and access.; Mixed‑Use Zoning: Provides flexibility for various business or investment ventures.
    (352) 601-6367
    We can help!
    Listing Contact
    Marian Casteel
    Real Estate License ID: 3403933
    Learn More
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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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