Commercial Building on Cortez
For Sale
$595,000
15520 CORTEZ BLVD, Brooksville, FL 34613
4400 sq ft building with highway frontage on Cortez.
Property Size4,404 SF
Lot Size0.46 Acres
Price / SF$135.23
Days on Market110
Property Features for 15520 CORTEZ BLVD
General Information
Standard status
Active
Size
4,404 SF
Lot size
0.46 Acres
Property subtype
Business
Taxes and HOA fees
Annual Taxes
$3,670
Building Details
Building Size
4,404 SF
Year Built
1995
Listing Agency:
HOME LAND REAL ESTATE INC
(352) 279-1150
Listed By:
Kimberly Pye, PA · License #3315876
Source:
Kingofrealestate
Added: May 12
Changed: Aug 27
Last Checked: Aug 28 at 4:28PM
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 HOME LAND REAL ESTATE INC
Investment Insights
Based on property information with market context.
This commercial property features C1 zoning and is located directly on Cortez Boulevard (State Road 50), east of the Suncoast Parkway and across from Dollar General and Enterprise Car Rental. The property includes a 4400 sq ft building, making it suitable for businesses seeking high visibility and a large space for equipment, parts, or a workshop. Potential uses include electrician, plumber, roofer, trade business, or office space. Building 1 offers 684 sq ft of air-conditioned space and a total of 1,215 sq ft with one bathroom, constructed in 1958. Building 2, built in 1995, provides 4400 sq ft of space. The property is fenced and gated, situated on just under a half-acre lot with 100 feet of highway frontage on Cortez/Hwy 50. The lot dimensions are 100 x 200 feet, narrowing to 92 feet wide in the back. Located in a fast-growing area in the center of Hernando County, the property benefits from high traffic, with an AADT of 22,500 cars passing by daily.
Key Highlights
- High‑Visibility Location: Directly on Cortez Blvd (State Road 50) with 100 feet of highway frontage and 22,500 daily traffic count.
- C1 Zoning: Suitable for a wide range of commercial uses.
- Large Building: 4400 sq ft building ideal for equipment, parts, workshop, or office space.
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
$29,692
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
4.99%
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%
$593,840
$593.8K
Cap Rate 7%
$424,171
$424.2K
Cap Rate 9%
$329,911
$329.9K
Market Conditions
NOI Build-Up for 4,400 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
$48.6K $11.04/SF
− Vacancy
−$9.0K −$2.04/SF
EGI
$39.6K $9.00/SF
− OpEx
−$9.9K −$2.25/SF
NOI
$29.7K $6.75/SF
Area
Pasco County, FL
Vacancy
18.50%
Lease Rate
$11.04 /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%
$593,840
Cap Rate 7%
$424,171
Cap Rate 9%
$329,911
Alternative Uses
Best Use
Office B
$424.2K
$371.2K – $494.9K
NOI $29,692 @ 7.0% cap · market cap 4.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.00M
$877.0K – $1.17M
NOI $70,161 @ 7.0% cap · market cap 11.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
187
Businesses Nearby
Explore this area
Business Placement
Demographics for 34613, FL
18,869
Population
10,532
Households
1.8
Avg Household Size
61
Median Age
21%
College-Educated
92%
High-School Grad
37.2 sq mi
ZIP Area
507
Density / Sq Mi
$56,175
Median Household Income
$36,815
Median Earnings
$1,108
Median Rent
$181,800
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?
Office building - 4400 sq ft building with highway frontage on Cortez.
Where is this office building located?
The property is located at 15520 CORTEZ BLVD Brooksville, FL.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: High‑Visibility Location: Directly on Cortez Blvd (State Road 50) with 100 feet of highway frontage and 22,500 daily traffic count.; C1 Zoning: Suitable for a wide range of commercial uses.; Large Building: 4400 sq ft building ideal for equipment, parts, workshop, or office space.
