Crystal River Office Building For
For Sale
$479,900
823 NE 5TH STREET, Crystal River, FL 34429
Premium office building with highway frontage and recent updates.
Property Size2,165 SF
Lot Size0.64 Acres
Price / SF$221.66
Days on Market581
Property Features for 823 NE 5TH STREET
General Information
Standard status
Active
Size
2,165 SF
Lot size
0.64 Acres
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$6,704
Building Details
Year Built
1930
Listing Agency:
WEICHERT REALTORS EXCLUSIVE PROPERTIES
(813) 426-2669
Listed By:
Hector Contreras · License #3270483
(813) 426-2669
Source:
Exitrealty
Added: Jan 6, 2025
Changed: Aug 8
Last Checked: Apr 6 at 3:59AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of WEICHERT REALTORS EXCLUSIVE PROPERTIES
Investment Insights
Based on property information with market context.
Located at 823 NE 5th Street in Crystal River, this office building offers a commercial opportunity with 200 feet of Highway 44 frontage. The property is situated on a 0.64-acre lot and includes a paved parking lot. Zoned for commercial use, the 2,165-square-foot building is designed to accommodate various business needs. The main level features 1,645 square feet, including five offices, a kitchenette, and two bathrooms. The second floor, spanning 520 square feet, offers a flex room and an additional bathroom. Recent updates include a new HVAC system and a roof replacement in 2022.
Key Highlights
- Prime location with 200 feet of Highway 44 frontage for maximum visibility.
- Commercially zoned 0.64‑acre lot with paved parking.
- Recently replaced roof (2022) and new HVAC system.
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
$22,797
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
4.75%
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%
$455,940
$455.9K
Cap Rate 7%
$325,671
$325.7K
Cap Rate 9%
$253,300
$253.3K
Market Conditions
NOI Build-Up for 2,165 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
$39.0K $18.00/SF
− Vacancy
−$8.6K −$3.96/SF
EGI
$30.4K $14.04/SF
− OpEx
−$7.6K −$3.51/SF
NOI
$22.8K $10.53/SF
Area
Citrus County, FL
Vacancy
22.00%
Lease Rate
$18.00 /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%
$455,940
Cap Rate 7%
$325,671
Cap Rate 9%
$253,300
Alternative Uses
Best Use
Office B
$325.7K
$285.0K – $380.0K
NOI $22,797 @ 7.0% cap · market cap 4.75%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$486.5K
$425.7K – $567.6K
NOI $34,053 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
970
Businesses Nearby
Explore this area
Business Placement
Demographics for 34429, FL
8,837
Population
5,458
Households
1.6
Avg Household Size
60
Median Age
25%
College-Educated
90%
High-School Grad
41.4 sq mi
ZIP Area
213
Density / Sq Mi
$57,716
Median Household Income
$36,577
Median Earnings
$1,070
Median Rent
$220,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Premium office building with highway frontage and recent updates.
Where is this office building located?
The property is located at 823 NE 5TH STREET Crystal River, FL.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Prime location with **200 feet of Highway 44 frontage** for maximum visibility.; Commercially zoned 0.64‑acre lot with paved parking.; Recently replaced roof (2022) and new HVAC system.
