Freestanding Medical Office
For Sale
$495,000
11151 SPRING HILL Drive, Spring Hill, FL 34609
Commercial Sale, SPRING HILL, FL
Property Size1,943 SF
Lot Size0.17 Acres
Price / SF$254.76
Days on Market93
Property Features for 11151 SPRING HILL Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Subdivision
SPRING HILL
Directions
SPRING HILL DR TO MARINER BLVD, BUILDING IS ON NORTH WEST CORNER
Standard status
Active
APN
R32-323-17-5090-0498-0250
Size
1,943 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SPRING HILL UNIT 9 BLK 498 LOT 25 ORB 1335 PG 1098
Tax Annual Amount
3722
Legal Description
SPRING HILL UNIT 9 BLK 498 LOT 25 ORB 1335 PG 1098
Utilities
Cooling system
Central Air
Building Details
Year built
1984
Floors in Building
1
Building materials
Block, Brick
Listing Agency:
CHARLES RUTENBERG REALTY INC
(727) 538-9200
Listed By:
Caroline Hanna · License #3177435
(727) 667-8377
Added: May 28
Changed: Aug 19
Last Checked: Aug 28 at 5:06AM
MLS# TB8513155
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.
Investment Insights
Based on property information with market context.
This freestanding medical office building contains 1,943 square feet and was built in 1984. Block and brick construction, along with central air, provide the core physical features of the property. The asset is identified for medical office use and may support a range of healthcare and professional office operations.
Located at 11151 Spring Hill Drive in Spring Hill, Florida, the property offers exposure along Spring Hill Drive with frontage and signage visibility noted in the source information. CVS, Walgreens, and Winn-Dixie are established national anchors in the surrounding area. The 0.17-acre site is positioned within a residential and commercial corridor in Hernando County, with neighborhood access along a primary thoroughfare.
Located at 11151 Spring Hill Drive in Spring Hill, Florida, the property offers exposure along Spring Hill Drive with frontage and signage visibility noted in the source information. CVS, Walgreens, and Winn-Dixie are established national anchors in the surrounding area. The 0.17-acre site is positioned within a residential and commercial corridor in Hernando County, with neighborhood access along a primary thoroughfare.
Key Highlights
- 1,943‑square‑foot freestanding medical office building
- 0.17‑acre site at 11151 Spring Hill Drive, Spring Hill, FL 34609
- Block and brick construction completed in 1984
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
$28,497
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
5.76%
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%
$569,940
$569.9K
Cap Rate 7%
$407,100
$407.1K
Cap Rate 9%
$316,633
$316.6K
Market Conditions
NOI Build-Up for 1,943 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
$49.0K $25.20/SF
− Vacancy
−$11.0K −$5.64/SF
EGI
$38.0K $19.56/SF
− OpEx
−$9.5K −$4.89/SF
NOI
$28.5K $14.67/SF
Area
Spring Hill, FL
Vacancy
22.40%
Lease Rate
$25.20 /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%
$569,940
Cap Rate 7%
$407,100
Cap Rate 9%
$316,633
Alternative Uses
Best Use
Office B
$407.1K
$356.2K – $475.0K
NOI $28,497 @ 7.0% cap · market cap 5.76%
Second Best
Healthcare Medical
$357.7K
$313.0K – $417.4K
NOI $25,041 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$621.2K
$543.6K – $724.8K
NOI $43,485 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
608
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34609, FL
43,997
Population
18,426
Households
2.4
Avg Household Size
46
Median Age
22%
College-Educated
91%
High-School Grad
22.2 sq mi
ZIP Area
1,982
Density / Sq Mi
$79,284
Median Household Income
$40,789
Median Earnings
$1,593
Median Rent
$275,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Standalone medical office with central air, prominent road exposure, and access near established retail anchors.
Where is this medical office space located?
The property is located at 11151 SPRING HILL Drive Spring Hill, FL.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 1,943‑square‑foot freestanding medical office building; 0.17‑acre site at 11151 Spring Hill Drive, Spring Hill, FL 34609; Block and brick construction completed in 1984
