Multi-Tenant Mixed-Use
New
For Sale
$800,000
1298 E NORVELL BRYANT, Hernando, FL 34442
Updated commercial center combining professional office and retail space under GNC Commercial zoning.
Property Size5,901 SF
Lot Size0.88 Acres
Price / SF$135.52
Days on Market3
Property Features for 1298 E NORVELL BRYANT
General Information
Standard status
Active
Size
5,901 SF
Lot size
0.88 Acres
Property subtype
Commercial
Zoning
GNC Commercial
Occupancy
90%
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
6
Taxes and HOA fees
Annual Taxes
$7,595
Building Details
Building Size
5,901 SF
Year Built
2007
Buildings
1
Units
5
Construction
CBS
Tenancy
Multi
Listing Agency:
Century21 J.W. Morton Real Estate, Inc
(352) 400-2635
Listed By:
Elias Kirallah · License #3123414
(352) 400-2635
Source:
Elliman
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 21 at 3:49AM
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 Century21 J.W. Morton Real Estate, Inc
Investment Insights
Based on property information with market context.
Constructed in 2007, this 5,903 SF mixed-use building contains six units on approximately 0.88 acres. The property is approximately 90% occupied and combines professional office and retail space, with a configuration that also accommodates medical offices, restaurants, and other commercial businesses under GNC Commercial zoning. Building features include a stacked-stone and stucco exterior, floor-to-ceiling retail glazing, and updated interior finishes.
The property is located at 1298 E Norvell Bryant in Hernando, Florida, within Citrus County. Lecanto, Beverly Hills, Downtown Crystal River, Homosassa, and Inverness are each described as being within a 15-minute drive. Regional access includes the Suncoast Parkway, SR 589, with Tampa International Airport approximately 55 minutes away. BikeScore is 25 and WalkScore is 5, reflecting a car-dependent setting.
The property is located at 1298 E Norvell Bryant in Hernando, Florida, within Citrus County. Lecanto, Beverly Hills, Downtown Crystal River, Homosassa, and Inverness are each described as being within a 15-minute drive. Regional access includes the Suncoast Parkway, SR 589, with Tampa International Airport approximately 55 minutes away. BikeScore is 25 and WalkScore is 5, reflecting a car-dependent setting.
Key Highlights
- 5,903 SF building with six commercial units
- Approximately 90% occupied
- Approximately 0.88 acres with GNC Commercial zoning
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
$62,159
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
7.77%
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%
$1,243,180
$1.2M
Cap Rate 7%
$887,986
$888.0K
Cap Rate 9%
$690,656
$690.7K
Market Conditions
NOI Build-Up for 5,903 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
$106.3K $18.00/SF
− Vacancy
−$23.4K −$3.96/SF
EGI
$82.9K $14.04/SF
− OpEx
−$20.7K −$3.51/SF
NOI
$62.2K $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%
$1,243,180
Cap Rate 7%
$887,986
Cap Rate 9%
$690,656
Alternative Uses
Best Use
Office B
$888.0K
$777.0K – $1.04M
NOI $62,159 @ 7.0% cap · market cap 7.77%
Second Best
Retail
$810.2K
$708.9K – $945.2K
NOI $56,713 @ 7.0% cap · market cap 7.09%
Theoretical Best
Specialty Retail
$1.33M
$1.16M – $1.55M
NOI $92,847 @ 7.0% cap · market cap 11.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Office units
90%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
91
Businesses Nearby
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?
Mixed-use property - Updated commercial center combining professional office and retail space under GNC Commercial zoning.
Where is this mixed-use property located?
The property is located at 1298 E NORVELL BRYANT Hernando, FL.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 5,903 SF building with six commercial units; Approximately 90% occupied; Approximately 0.88 acres with GNC Commercial zoning
