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    401 Tompkins St Inverness, FL 34450

    Sponsored
    For Sale
    Pending
    $375,000

    SINGLE_FAMILY - Inverness, FL

    Type:Retail
    Property size:
    1,600 SF
    Lot size:
    0.34 Acres
    Days on Market:
    5
    Last Refresh:
    Jan 23 at 4:06 pm

    Property Features for 401 Tompkins St

    General Information

    Special listing conditions
    Standard
    Property type
    Residential
    Property subtype
    Retail
    TransactionType
    Standard
    Standard status
    Pending
    Zoning
    C
    APN
    1753147
    Parking
    17
    Size
    1,600 SF
    Lot size
    0.34 Acres

    Utilities

    Sewer type
    Public Sewer
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1900
    Floors in Building
    1
    Flooring type
    Laminate
    Building materials
    Stucco
    Roof type
    Asphalt, Shingle

    We can help!

    Listing Contact
    Elias Kirallah
    Elias Kirallah

    Century21 J.W. Morton Real Estate, Inc (352) 726-6668

    Listing agent Elias Kirallah (352) 726-6668 License #3123414

    Listing date Jan 19, 2026

    MLS# 842479

    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.

    Learn more

    Property Insight Report

    Overview

    Historic Downtown Inverness Landmark Home

    Located in Historic Downtown Inverness, this landmarked home, known as the R.O. Hicks House, dates back to the early 1900s. The property is situated on a 0.34-acre corner lot with high visibility along W Main Street/SR 44, which sees 40,000 vehicles daily. The 1,600-square-foot main building features high ceilings, a grand room, a kitchen, two restrooms, and original hardwood floors. Additionally, there is a 350-square-foot converted garage that can serve as a private office or potential rental space. The property includes over 17 on-site parking spaces, including handicap accessibility. It is located near shops, restaurants, Citrus Memorial Hospital, the Citrus County Courthouse, and City Hall. It also connects to the Depot District, Liberty Park, and the Withlacoochee State Trail. The property is located within the Tampa-St. Petersburg-Clearwater MSA, in Citrus County, where population growth is expected to reach 350,000 by 2030. The Suncoast Parkway expansion, valued at $135 million, is expected to further regional development. The property is suited for a boutique, artisan studio, tea house, bakery, or live-work space.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    7th Heaven Salon Beauty Salon

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Dental Office Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Inverness
    County
    Citrus
    State
    Florida
    Longitude
    -82.334206
    Latitude
    28.836745

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    FAQs

    What type of property is this?
    Storefront property - Rare, preserved property with high visibility and endless business potential.
    Where is this storefront property located?
    The property is located at 401 Tompkins St Inverness, FL.
    What is the asking price?
    The asking price for this property is $375,000.
    What are key features of this property?
    This property features: - High-visibility corner lot location on W Main Street/SR 44 (40,000 AADT) in Historic Downtown Inverness.; - Rare, landmarked property with timeless charm.; - 17+ on-site parking spaces, including Handicap access, a downtown rarity.
    (352) 400-2635
    Request Owner's contact information
    401 Tompkins St 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
    401 Tompkins St Inverness, FL 34450
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    We can help!
    Listing Contact
    Elias Kirallah
    Elias Kirallah
    Real Estate License ID: 3123414
    (352) 400-2635
    Learn more
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