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    6491 SE 185Th Ter Morriston, FL 32668

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    For Sale
    $449,900

    2.67-acre equestrian property featuring a new barn and remodeled home.

    Lot size:
    2.72 Acres

    Property Features for 6491 SE 185Th Ter

    General Information

    Property type
    Farm and Ranch Properties
    Standard status
    Active
    Lot size
    2.72 Acres

    Building Details

    Year built
    1999

    We can help!

    Listing Contact
    Amy Lord
    Source: Elliman

    Listing Agency: HOMES TO RANCHES REALTY INC Listing Agent: Amy Lord

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Morriston Equestrian Property with Barn

    Located on 2.67 acres on a quiet dead-end road in Morriston, Florida, this property backs up to 420 acres of open pastureland. The property is suited for seasonal equestrian competitors or year-round farm use. Double iron gates lead to a limerock driveway. The property includes a new center aisle wood barn with 10 spacious 12x12 stalls, each featuring sliding metal doors, automatic waterers, and windows. The barn also offers a hay storage area and a combined tack and feed room. The grounds are cross-fenced into four paddocks, enclosed with painted black 4-board fencing and equipped with automatic waterers. A dedicated jump field is available. The remodeled home features three bedrooms and two full bathrooms within 1,000+ square feet, with an open floor plan. The living room includes a wood-burning fireplace and bay window. The updated kitchen features modern cabinetry and new appliances. The home has been freshly painted and offers an inside laundry room and updated bathrooms, including a primary suite with a walk-in closet, a spacious bathroom with double sinks, and a walk-in shower. New wooden porches are located at the front and back entrances. The exterior has been updated with new vinyl siding and wood accents. A new metal well house has been added. The property is fully perimeter fenced, with parking for trailers, trucks, and guests. It is located 17 miles to the World Equestrian Center (WEC), 13 miles to HITS Showgrounds, 15 miles to Dunnellon, 12 miles to Williston, 15 miles to Ocala and 35 miles to the Gulf of Mexico.
    Location Intelligence

    Current Use by Public Records

    Florida Farrier Pros. Metal Fabrication Plant

    Suggested Use

    Plumbing Service Pet Grooming Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Morriston
    County
    Levy
    State
    Florida
    Longitude
    -82.4618105
    Latitude
    29.2360481

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    FAQs

    What type of property is this?
    Horse & equestrian property - 2.67-acre equestrian property featuring a new barn and remodeled home.
    Where is this horse & equestrian property located?
    The property is located at 6491 SE 185Th Ter Morriston, FL.
    What is the asking price?
    The asking price for this property is $449,900.
    What are key features of this property?
    This property features: - Prime equestrian location, just 17 miles to World Equestrian Center (WEC) and 13 miles to HITS Showgrounds.; - Brand-new, 10-stall center aisle wood barn featuring 12x12 stalls, sliding metal doors, automatic waterers, hay storage, and tack/feed room.; - Expansive 2.67-acre property backing up to 420 acres of pastureland, offering privacy and countryside views.
    (352) 502-5855
    Request Owner's contact information
    6491 SE 185Th Ter Morriston, FL 32668
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    Morriston, FL 32668
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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
    6491 SE 185Th Ter Morriston, FL 32668
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    We can help!
    Listing Contact
    Amy Lord
    (352) 502-5855 (352) 732-3276
    Learn more
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