Steel Flex Warehouse with
For Sale
Contact for pricing
3464 E Norvell Bryant Hwy, Hernando, FL 34442
Steel flex warehouse with 17-foot ceilings, loading dock, and 1,500 SF air-conditioned office space across two leased units.
Property Size15,000 SF
Price / SF$146.67
Days on Market1303
Property Features for 3464 E Norvell Bryant Hwy
General Information
Standard status
Active
Size
15,000 SF
Total Parking Spaces
20
Property subtype
Industrial, Mixed Use, Land
Zoning
industrial
Occupancy
100%
Lease Type
Gross
Warehouse & Industrial
Clear Height
17 ft
Heavy Power
Yes
Building Details
Year Built
1989
Year Renovated
2020
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
Coldwell Banker Investors Realty Of Citrus County Inc
Listed By:
Jeremy Lasseigne · License #Florida BK3138503
Source:
Crexi
Added: Jan 14, 2023
Changed: Aug 7
Last Checked: Aug 9 at 1:18PM
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 Coldwell Banker Investors Realty Of Citrus County Inc
Investment Insights
Based on property information with market context.
This 100’ x 150’ steel building offers warehouse flexibility with 17’ high ceilings and an attached 1,500 SF air-conditioned office component. The property includes 220 3-phase power, a loading dock with leveler, and drive-up truck access. A covered rear area supports additional storage, and there is an outside garage for lawn equipment storage. The building also provides 20+ parking spaces.
The facility is currently separated into two 7,500 SF leased spaces, and both units are leased. Services include city water and septic. It sits on a very busy intersection on E Norvell Bryant Hwy.
An additional lot next door is included with the sale. The owner notes the extra lot could be used for a strip mall or gas station. Owner financing is available.
The facility is currently separated into two 7,500 SF leased spaces, and both units are leased. Services include city water and septic. It sits on a very busy intersection on E Norvell Bryant Hwy.
An additional lot next door is included with the sale. The owner notes the extra lot could be used for a strip mall or gas station. Owner financing is available.
Key Highlights
- 100' x 150' steel building with 17' high ceilings
- 1,500 SF air‑conditioned office space
- Loading dock with leveler and covered rear storage area
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
$171,920
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
7.81%
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%
$3,438,400
$3.4M
Cap Rate 7%
$2,456,000
$2.5M
Cap Rate 9%
$1,910,222
$1.9M
Market Conditions
NOI Build-Up for 15,000 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
$284.4K $18.96/SF
− Vacancy
−$19.9K −$1.33/SF
EGI
$264.5K $17.63/SF
− OpEx
−$92.6K −$6.17/SF
NOI
$171.9K $11.46/SF
Area
Citrus County, FL
Vacancy
7.00%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
35.00%
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%
$3,438,400
Cap Rate 7%
$2,456,000
Cap Rate 9%
$1,910,222
Alternative Uses
Best Use
Flex RnD
$2.46M
$2.15M – $2.87M
NOI $171,920 @ 7.0% cap · market cap 7.81%
Second Best
Office B
$2.26M
$1.97M – $2.63M
NOI $157,950 @ 7.0% cap · market cap 7.18%
Theoretical Best
Specialty Retail
$3.37M
$2.95M – $3.93M
NOI $235,933 @ 7.0% cap · market cap 10.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
17 ft
Clear height
100%
Occupancy
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
65
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 34442, FL
16,759
Population
9,852
Households
1.7
Avg Household Size
63
Median Age
27%
College-Educated
95%
High-School Grad
36.4 sq mi
ZIP Area
460
Density / Sq Mi
$55,473
Median Household Income
$36,864
Median Earnings
$965
Median Rent
$295,900
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?
Flex space - Steel flex warehouse with 17-foot ceilings, loading dock, and 1,500 SF air-conditioned office space across two leased units.
Where is this flex space located?
The property is located at 3464 E Norvell Bryant Hwy Hernando, FL.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 100' x 150' steel building with 17' high ceilings; 1,500 SF air‑conditioned office space; Loading dock with leveler and covered rear storage area
