Freestanding Bank
For Sale
$775,000
Pending
10241 N Florida Avenue, Citrus Springs, FL 34434
CommercialSale, Citrus Springs, FL
Property Size3,280 SF
Lot Size1.35 Acres
Days on Market577
Property Features for 10241 N Florida Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
PDR
Parking features
Driveway
Exterior features
ConcreteDriveway
Subdivision
Citrus Springs
Lot features
Cleared, Corner Lot, Flat
Directions
Property is located at the corner between US Highway 41 & N Citrus Springs Blvd
Standard status
Pending
APN
2538007
Lot size
1.35 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CITRUS SPGS UNIT 5 PB 6 PG 1 PT OF LOT 8 BLK 541 FURTHER DESC IN OR BK 985 PG 513
Tax Annual Amount
7535
Legal Description
CITRUS SPGS UNIT 5 PB 6 PG 1 PT OF LOT 8 BLK 541 FURTHER DESC IN OR BK 985 PG 513
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1988
Floors in Building
1
Flooring type
Tile
Building materials
Stucco
Roof type
Flat
Listing Agency:
Century 21 J.W.Morton R.E. · Century 21 Real Estate
(352) 726-6668
Listed By:
Thao Le · License #3390499
(352) 586-3666
Added: Feb 11, 2025
Changed: Aug 19
Last Checked: Sep 11 at 10:06PM
MLS# 841219
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.
Investment Insights
Based on property information with market context.
This freestanding bank property occupies a 1.35-acre site and includes a 3,280 sq.ft building constructed in 1988. The improvements feature stucco construction, tile flooring, a flat roof, heat-pump heating, central air, and a concrete driveway with parking access. Public water serves the property, which is zoned PDR.
The building sits on a lighted corner along US 41, across from the main entrance to Citrus Springs. Its position provides direct road exposure and convenient access for customers, staff, and drive-through-oriented operations. The existing building and paved driveway create a functional commercial setting for banking or other supported business uses.
The building sits on a lighted corner along US 41, across from the main entrance to Citrus Springs. Its position provides direct road exposure and convenient access for customers, staff, and drive-through-oriented operations. The existing building and paved driveway create a functional commercial setting for banking or other supported business uses.
Key Highlights
- 1.35‑acre lighted corner site
- 3,280 sq.ft freestanding building constructed in 1988
- Located on US 41 across from Citrus Springs Main Entrance
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$51,591
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.66%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,031,820
$1.0M
Cap Rate 7%
$737,014
$737.0K
Cap Rate 9%
$573,233
$573.2K
Market Conditions
NOI Build-Up for 3,280 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$72.0K $21.96/SF
− Vacancy
−$3.2K −$0.99/SF
EGI
$68.8K $20.97/SF
− OpEx
−$17.2K −$5.24/SF
NOI
$51.6K $15.73/SF
Area
Citrus County, FL
Vacancy
4.50%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,031,820
Cap Rate 7%
$737,014
Cap Rate 9%
$573,233
Alternative Uses
Best Use
Specialty Retail
$737.0K
$644.9K – $859.9K
NOI $51,591 @ 7.0% cap · market cap 6.66%
Second Best
Office B
$493.4K
$431.7K – $575.6K
NOI $34,538 @ 7.0% cap · market cap 4.46%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
56
Businesses Nearby
Explore this area
Business Placement
Demographics for 34434, FL
9,582
Population
4,559
Households
2.1
Avg Household Size
47
Median Age
17%
College-Educated
90%
High-School Grad
26.3 sq mi
ZIP Area
364
Density / Sq Mi
$56,553
Median Household Income
$35,245
Median Earnings
$1,226
Median Rent
$211,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Lighted corner site includes a finished building with tile flooring, central air, and driveway parking.
Where is this bank located?
The property is located at 10241 N Florida Avenue Citrus Springs, FL.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 1.35‑acre lighted corner site; 3,280 sq.ft freestanding building constructed in 1988; Located on US 41 across from Citrus Springs Main Entrance
