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    Prime Commercial Land Opportunity Title is generated by Realmo AI

    11620 W Garnet Court, Crystal River, FL 34428

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    Claim this Listing
    For Sale
    $1,573,200

    LAND - Crystal River, FL

    Lot size:
    18.49 Acres
    Added:
    Dec 5, 2025
    Days on Market:
    160
    Last Refresh:
    May 14 at 6:06 pm

    Property Features for 11620 W Garnet Court

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    PSO
    Standard status
    Active
    APN
    3527556
    Lot size
    18.49 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    CRYSTAL RIVER MANOR PB 7 PG 29 & 30 LOT 8 BLK G LYING W'RLY CTRLINE DRAIN DITCH EASE SHOWN SAID PLAT & MORE PART DESC DEED BK 74 PG 528; LESS THE N 25 FT THEREOF. ---AND LESS--- CRYSTAL RIVER MANOR PB 7 PG 29 & 30 THE S 60 FT LOT 8 BLK G LYING W'RLY CTRLINE DRAIN DITCH EASE SHOWN SAID PLAT & MORE PART DESC DEED BK 74 PG 528.
    Tax Annual Amount
    257

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Elias Kirallah
    Elias Kirallah

    Listing agent Elias Kirallah License #3123414

    Listing office Century 21 J.W.Morton R.E. 1645 W Main Street, Inverness, FL

    Listing date Dec 5, 2025

    MLS# 850397 Listing URL

    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.

    HighLights

    • Strategic location within Crystal River's rapidly evolving medical corridor, benefiting from Tampa General Hospital's expansion.
    • High‑visibility frontage with 1,330 feet on US Hwy 19 / S Suncoast Blvd.
    • Flexible PSO zoning suitable for various commercial developments.
    • Adjacent to Hidden Lake RV Resort creating immediate demand.
    • Located near Crystal River's Historic Downtown and the redevelopment of the former Crystal River Mall.
    • Strong growth trajectory in Citrus County, projected to exceed 350,000 residents by 2030.

    Overview

    This 18.49-acre commercial development site is located along a rapidly evolving corridor in Crystal River. Zoned PSO (Professional Service/Office), the property features over 1,330 feet of frontage on US Hwy 19 / S Suncoast Blvd, which sees 15,200 AADT. The site offers north- and south-bound ingress and egress through an existing deceleration lane and open median, with connective drive access to the adjoining parcel. Situated within Crystal River's emerging medical corridor, the property benefits from Tampa General Hospital's 53-acre healthcare campus expansion, which is currently underway nearby. This expansion includes a new 120-bed hospital tower, a 120,000-square-foot medical office building, and expanded specialty and outpatient services. The surrounding corridor is attracting operators seeking proximity to TGH, making this an ideal site for QSR with Drive-Thru, Gas Station, Bank, Hotel, Medical Office, Outpatient Facilities, Senior Living, and Multi-Family residential concepts. Just south of Crystal River's Historic Downtown, the site is surrounded by a mix of local boutiques, restaurants, entertainment venues, and service-oriented businesses. The city is undergoing redevelopment, including the transformation of the former Crystal River Mall into a 400-unit residential community with integrated mixed-use retail. The property abuts the rear boundary of the 85-acre Hidden Lake RV Resort, which is under construction and planned to include 580 RV sites. Citrus County's population is projected to exceed 350,000 by 2030 and is included in the Tampa-St. Petersburg-Clearwater MSA.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Crystal River
    County
    Citrus
    State
    Florida
    Longitude
    -82.6135
    Latitude
    28.9548

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    FAQs

    What type of property is this?
    Commercial land - 18.49 acres on US Hwy 19 in Crystal River, FL.
    Where is this commercial land located?
    The property is located at 11620 W Garnet Court Crystal River, FL.
    What is the asking price?
    The asking price for this property is $1,573,200.
    What are key features of this property?
    This property features: Strategic location within Crystal River's rapidly evolving medical corridor, benefiting from Tampa General Hospital's expansion.; High‑visibility frontage with 1,330 feet on US Hwy 19 / S Suncoast Blvd.; Flexible PSO zoning suitable for various commercial developments.
    (352) 400-2635
    We can help!
    Listing Contact
    Elias Kirallah
    Elias Kirallah
    Real Estate License ID: 3123414
    Learn More
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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
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