Road-Front Mixed-Use Development
For Sale
$550,000
28380 Forbes Street, Nobleton, FL 34661
Package includes C1 and R1A land totaling 5.2 acres and three existing buildings on road frontage.
Property Size2,299 SF
Lot Size5.20 Acres
Price / SF$239.23
Days on Market526
Property Features for 28380 Forbes Street
General Information
Standard status
Active
Size
2,299 SF
Lot size
5.20 Acres
Property subtype
Mixed Use
Zoning
C1
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$3,314
Amenities
Central Air
3
Lot with Trees. Corner Lot.
Flood Zone, Corner, Wooded.
Building Details
Year Built
1985
Stories
1
Listing Agency:
DENNIS REALTY & INVESTMENT COR
(352) 606-3911
Listed By:
Paul Salter · License #3526915
Source:
Xome
Added: Mar 16, 2025
Changed: Aug 8
Last Checked: Apr 24 at 6:36PM
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 DENNIS REALTY & INVESTMENT COR
Investment Insights
Based on property information with market context.
This mixed-use development package includes three buildings and a total land offering of 3.1 acres of C1 property and 2.1 acres of R1A property. The larger C1 portion presents an opportunity to develop a business within the remit of C1 ordinances, in coordination with local planning and zoning. The R1A portion is undeveloped and needs clearing, and it is described as suitable for single-family housing and/or mobile homes per the R1A Municode.
The property is located in the heart of Nobleton and has road frontage onto Lake Lindsey Road, described as a significant thoroughfare with a notable traffic presence. Additional access is noted as within 11 minutes of I-75 and within 7 minutes of US-41, connecting to Inverness, Ocala, and Tampa.
Offered as a single package, the combination of C1 and R1A acreage with three buildings supports a range of development and conversion possibilities consistent with the stated ordinance framework.
The property is located in the heart of Nobleton and has road frontage onto Lake Lindsey Road, described as a significant thoroughfare with a notable traffic presence. Additional access is noted as within 11 minutes of I-75 and within 7 minutes of US-41, connecting to Inverness, Ocala, and Tampa.
Offered as a single package, the combination of C1 and R1A acreage with three buildings supports a range of development and conversion possibilities consistent with the stated ordinance framework.
Key Highlights
- Package includes 3.1 acres of C1 property and 2.1 acres of R1A property (total 5.2 acres).
- Three existing buildings on road frontage along Lake Lindsey Road.
- R1A land is undeveloped and needs clearing; R1A Municode documents include mobile homes.
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
$28,554
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
5.19%
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%
$571,080
$571.1K
Cap Rate 7%
$407,914
$407.9K
Cap Rate 9%
$317,267
$317.3K
Market Conditions
NOI Build-Up for 2,299 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
$49.7K $21.60/SF
− Vacancy
−$4.0K −$1.73/SF
EGI
$45.7K $19.87/SF
− OpEx
−$17.1K −$7.45/SF
NOI
$28.6K $12.42/SF
Area
Hernando County, FL
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$571,080
Cap Rate 7%
$407,914
Cap Rate 9%
$317,267
Alternative Uses
Best Use
Mixed Use
$407.9K
$356.9K – $475.9K
NOI $28,554 @ 7.0% cap · market cap 5.19%
Second Best
Retail
$322.4K
$282.1K – $376.2K
NOI $22,570 @ 7.0% cap · market cap 4.10%
Theoretical Best
Office A
$523.7K
$458.2K – $611.0K
NOI $36,659 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
26
Businesses Nearby
Explore this area
Business Placement
Demographics for 34661, FL
260
Population
285
Households
0.9
Avg Household Size
56
Median Age
9%
College-Educated
78%
High-School Grad
9.0 sq mi
ZIP Area
29
Density / Sq Mi
$28,972
Median Earnings
$144,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Package includes C1 and R1A land totaling 5.2 acres and three existing buildings on road frontage.
Where is this mixed-use property located?
The property is located at 28380 Forbes Street Nobleton, FL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Package includes 3.1 acres of C1 property and 2.1 acres of R1A property (total 5.2 acres).; Three existing buildings on road frontage along Lake Lindsey Road.; R1A land is undeveloped and needs clearing; R1A Municode documents include mobile homes.
