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    Waterfront Homesite Ready For Development Title is generated by Realmo AI

    3520 COBIA DRIVE, Hernando Beach, FL 34607

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    For Sale
    $53,000

    Land - HERNANDO BEACH, FL

    Lot size:
    0.17 Acres
    Added:
    Feb 3, 2026
    Days on Market:
    120
    Last Refresh:
    Jun 3 at 1:06 pm

    Property Features for 3520 COBIA DRIVE

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R1B
    Pets allowed
    Yes
    Exterior features
    Paved
    Standard status
    Active
    APN
    R24-223-16-2370-0135-0350
    Lot size
    0.17 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    1044.71
    Expense value
    27.5
    Expense
    Home Owner Assessments Fee
    Expense freq.
    Monthly

    Utilities

    Water front features
    Freshwater Canal W/Lift To Saltwater Canal, Waterfront
    Water front
    1

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Sarah Hill

    Listing agent Sarah Hill License #3447180

    Listing office JT REALTY & ASSOCIATES 1205 N Franklin St, Tampa, FL

    Listing date Feb 3, 2026

    MLS# TB8472163 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.

    HighLights

    • Waterfront homesite with Gulf access via community boat ramp or lift.
    • Ready for development: Includes survey, geotechnical report, and construction plans.
    • Low HOA fee ($330 annually) includes lawn maintenance and community boat ramp access.
    • No build time requirement: Build now, later, or hold as an investment.
    • Deed restricted community with no short‑term rentals, preserving a peaceful atmosphere.
    • Water, sewer, and electric available at the street.

    Overview

    This 7,500 square foot waterfront homesite is located in the deed-restricted community of Hernando Beach South. The property is ready for development and includes a survey, geotech report, and construction plans. The R1B zoning is for single-family homes only, and mobile homes are not permitted. Water, sewer, and electric are available at the street and will need to be connected to the future residence. There is no build time requirement. RV living is not permitted. The low $330 annual HOA fee includes lawn maintenance until construction begins and access to the community boat ramp. No short-term rentals are allowed (3 month minimum rentals). Future homes must be elevated due to the property's location in a flood zone. Residents enjoy Gulf access through the community boat lift or community boat ramp, making it easy to enjoy boating, fishing, kayaking, and the Florida waterfront lifestyle. Hernando Beach is known for its laid-back lifestyle, scenic waterways, and excellent boating access. Nearby attractions include Weeki Wachee Springs State Park, waterfront dining, marinas, golf courses, shopping, and entertainment. The property is 0.17 acres. No seawall is currently present on the property.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Law Firm Building Supply Big Box & Wholesale Store Auto Repair Shop Nail Salon Restaurant Kitchen & Bath Showroom Food Market Grocery & Convenience Store Furniture & Home Goods

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

    Location Insight

    • Map
    • Local Demand
    City
    Hernando Beach
    County
    Hernando
    State
    Florida
    Longitude
    -82.653759
    Latitude
    28.474575

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    FAQs

    What type of property is this?
    Residential land & home lot - Waterfront homesite in Hernando Beach South ready for development.
    Where is this residential land & home lot located?
    The property is located at 3520 COBIA DRIVE Hernando Beach, FL.
    What is the asking price?
    The asking price for this property is $53,000.
    What are key features of this property?
    This property features: Waterfront homesite with Gulf access via community boat ramp or lift.; Ready for development: Includes survey, geotechnical report, and construction plans.; Low HOA fee ($330 annually) includes lawn maintenance and community boat ramp access.
    (352) 670-4455
    We can help!
    Listing Contact
    Sarah Hill
    Real Estate License ID: 3447180
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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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    3520 COBIA DRIVE, HERNANDO BEACH, FL 34607
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