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    Hernando Beach Canal Access Lot Title is generated by Realmo AI

    4065 SHEEPHEAD DRIVE, Hernando Beach, FL 34607

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    Claim this Listing
    For Sale
    $63,500

    Land - HERNANDO BEACH, FL

    Lot size:
    0.18 Acres
    Added:
    Feb 11, 2025
    Days on Market:
    477
    Last Refresh:
    Jun 3 at 8:06 am

    Property Features for 4065 SHEEPHEAD DRIVE

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R1B
    Pets allowed
    Yes
    Standard status
    Active
    APN
    R24 223 16 2370 0136 0010
    Lot size
    0.18 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    1004.54
    Expense value
    25.5
    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
    Sharyn Meehan

    Listing agent Sharyn Meehan License #3454379

    Listing office CHARLES RUTENBERG REALTY INC 1545 S Belcher Rd, Clearwater, FL

    Listing date Feb 11, 2025

    MLS# W7872299 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

    • Canal access with lift to saltwater canal.
    • Oversized corner lot (nearly 7,900 sq ft) suitable for building a dream home.
    • Located in deed‑restricted Hernando Beach South with HOA lawn maintenance until construction and boat ramp access.
    • Close proximity to Weeki Wachee Preserve and Weeki Wachee Springs.
    • Potential for great views, including possible glimpses of the preserve and Gulf from a third story.
    • Views of common area and fountain.

    Overview

    This oversized corner lot, nearly 7,900 square feet, is located in Hernando Beach, FL. The property offers canal access and northern exposures. Views of the common area and fountain create a serene setting. Located in the deed-restricted community of Hernando Beach South, the homeowners' association maintains the lawn until construction and provides boat ramp access. The property is in close proximity to the Weeki Wachee Preserve, local restaurants, shops, and Weeki Wachee Springs. A third-story level could offer views of the preserve and the Gulf. The property is zoned R1B.
    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 Kitchen & Bath Showroom Food Market Grocery & Convenience Store Restaurant 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
    -82.651667
    Latitude
    28.473945

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    FAQs

    What type of property is this?
    Residential land & home lot - Oversized corner lot with canal access in Hernando Beach.
    Where is this residential land & home lot located?
    The property is located at 4065 SHEEPHEAD DRIVE Hernando Beach, FL.
    What is the asking price?
    The asking price for this property is $63,500.
    What are key features of this property?
    This property features: Canal access with lift to saltwater canal.; Oversized corner lot (nearly 7,900 sq ft) suitable for building a dream home.; Located in deed‑restricted Hernando Beach South with HOA lawn maintenance until construction and boat ramp access.
    (727) 359-9063
    We can help!
    Listing Contact
    Sharyn Meehan
    Real Estate License ID: 3454379
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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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