Shadow-Anchored Shopping
For Sale
$4,500,000
2197 Northwest 11th Drive, Chiefland, FL 32626
Retail center positioned along Chiefland’s primary commercial corridor with signalized intersection access.
Property Size26,705 SF
Days on Market193
Property Features for 2197 Northwest 11th Drive
General Information
Standard status
Active
Size
26,705 SF
Property subtype
Strip Center
Site & Location
Traffic Count
20,000 vehicles/day
Road Access
Yes
Building Details
Building Size
26,705 SF
Listing Agency:
Avison Young - Florida
(941) 260-0410
Listed By:
Nick Robinson · License #FL SL3225031
(941) 260-0410
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 3:22PM
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 Avison Young - Florida
Investment Insights
Based on property information with market context.
Suwannee Plaza is a shopping center at 2197 Northwest 11th Drive in Chiefland, Florida. The property benefits from Walmart Supercenter shadow-anchor positioning and is situated beside Southern Leisure, a 55+ landscaped RV resort operating year-round. The resort contains 492 sites and maintains 80% occupancy throughout the year, supporting an established customer base in the immediate area.
The center is located on Young Boulevard, where traffic is reported at 20,000 vehicles daily. Access is provided through a signalized four-way intersection. Nearby national and regional businesses include Winn Dixie, Walgreens, CVS, Dunkin’, Burger King, Taco Bell, and Sunstate Federal Credit Union. Young Boulevard serves as the only retail corridor within a 10-mile radius and draws customers from Levy, Dixie, and Gilchrist counties.
The center is located on Young Boulevard, where traffic is reported at 20,000 vehicles daily. Access is provided through a signalized four-way intersection. Nearby national and regional businesses include Winn Dixie, Walgreens, CVS, Dunkin’, Burger King, Taco Bell, and Sunstate Federal Credit Union. Young Boulevard serves as the only retail corridor within a 10-mile radius and draws customers from Levy, Dixie, and Gilchrist counties.
Key Highlights
- Walmart Supercenter shadow‑anchor positioning
- Adjacent to Southern Leisure’s 55+ RV resort with 492 sites and 80% year‑round occupancy
- 20,000 vehicles pass daily on Young Boulevard
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
$283,150
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
6.29%
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%
$5,663,000
$5.7M
Cap Rate 7%
$4,045,000
$4.0M
Cap Rate 9%
$3,146,111
$3.1M
Market Conditions
NOI Build-Up for 26,705 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
$432.6K $16.20/SF
− Vacancy
−$28.1K −$1.05/SF
EGI
$404.5K $15.15/SF
− OpEx
−$121.4K −$4.54/SF
NOI
$283.2K $10.60/SF
Area
Levy County, FL
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$5,663,000
Cap Rate 7%
$4,045,000
Cap Rate 9%
$3,146,111
Alternative Uses
Best Use
Retail
$4.05M
$3.54M – $4.72M
NOI $283,150 @ 7.0% cap · market cap 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.61M
$5.79M – $7.72M
NOI $463,001 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20,000 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
352
Businesses Nearby
213k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 32%
Shops & Services 19%
Dining 18%
Apparel 11%
Walmart
Superstores
69,001 visits/mo
0.1 miles
Bealls
Apparel
21,281 visits/mo
0.2 miles
Winn-Dixie
Groceries
20,187 visits/mo
0.2 miles
Tractor Supply Co.
Home Improvements & Furnishings
16,400 visits/mo
0.2 miles
Burger King
Dining
16,216 visits/mo
0.1 miles
Demographics for 32626, FL
8,620
Population
4,358
Households
2
Avg Household Size
47
Median Age
13%
College-Educated
89%
High-School Grad
243.6 sq mi
ZIP Area
35
Density / Sq Mi
$49,643
Median Household Income
$34,057
Median Earnings
$844
Median Rent
$160,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Chiefland Regional Shopping Center — 2202 N Young Blvd, Chiefland, FL 32626
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- Coinstar Kiosk | Bitcoin ATM — Winn Dixie, 2200 N Young Blvd, Chiefland, FL 32626
Frequently Asked Questions
What type of property is this?
Shopping center - Retail center positioned along Chiefland’s primary commercial corridor with signalized intersection access.
Where is this shopping center located?
The property is located at 2197 Northwest 11th Drive Chiefland, FL.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Walmart Supercenter shadow‑anchor positioning; Adjacent to Southern Leisure’s 55+ RV resort with 492 sites and 80% year‑round occupancy; 20,000 vehicles pass daily on Young Boulevard
