Prime Corner Lot in
For Sale
Contact for pricing
1601 W Main St, Inverness, FL 34450
Strategically located 1.84-acre corner lot in Historic Downtown Inverness.
Property Size12,900 SF
Lot Size1.84 Acres
Price / SF$182.17
Days on Market946
Property Features for 1601 W Main St
General Information
Standard status
Active
Size
12,900 SF
Class
C
Lot size
1.84 Acres
Property subtype
Retail, Industrial, Hospitality, Land
Zoning
C
Building Details
Year Built
1971
Listing Agency:
Century 21 J W Morton Real Estate Inc
(352) 400-2635
Listed By:
Elias George Kirallah · License #BK3123414
Source:
Crexi
Added: Jan 22, 2024
Changed: Aug 25
Last Checked: Aug 25 at 2:41AM
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 Century 21 J W Morton Real Estate Inc
Investment Insights
Based on property information with market context.
Strategically positioned on the southwest corner of SR 44/W Main Street within the city limits of Historic Downtown Inverness, this 1.84-acre property boasts over 200 feet of highway frontage and offers seamless ingress and egress from two roads. The property is situated on a 200’x400’ corner lot. The facility, originally constructed in 1971, spans 12,900 square feet, including a 2,850 square feet sales department and a 10,320 square feet repair garage. It features 15 grade-level receiving doors ranging from 10 to 14 feet, six of which feature pull-through capabilities, as well as 12 to 16 feet high ceilings, 3 and 4 phase electrical supply, and three in-ground automobile/RV hydraulic lifts. The property is connected to City Water and Sewer. Zoned C-Commercial, it allows for a diverse range of uses, including all retail operations and other general neighborhood commercial activities including Medical/Professional Office, with the flexibility of up to a 70% FAR lot coverage. Nestled within the prime retailer HUB in Citrus County on SR 44, this property experiences 70% more commercial activity than any other transportation corridor in the region. Surrounded by a rich density of national and regional retailers such as Publix Supermarket, Winn-Dixie, Walmart, Lowe’s, T-J Maxx, and various branded Quick Service Restaurants, the location is just minutes away from Courthouse Square, Citrus County Courthouse, Tax Collectors, City Hall, Citrus Memorial Hospital, and the newly developed Depot District in Downtown on Lake Henderson. This site provides access to flourishing populations in Floral City (7.8 Miles), Lecanto (8.8 Miles), Beverly Hills (11.5 Miles), Crystal River (16.6 Miles), and Homosassa (18.8 Miles).
Key Highlights
- Prime corner lot location in Historic Downtown Inverness on SR 44/W Main Street with high visibility (30,500 AADT).
- C‑Commercial zoning on 1.84 acres allows for diverse uses with 70% FAR lot coverage.
- Located in a prime retailer hub surrounded by national retailers, experiencing 70% more commercial activity than other corridors.
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
$123,937
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
5.27%
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%
$2,478,740
$2.5M
Cap Rate 7%
$1,770,529
$1.8M
Cap Rate 9%
$1,377,078
$1.4M
Market Conditions
NOI Build-Up for 12,900 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
$193.5K $15.00/SF
− Vacancy
−$16.4K −$1.28/SF
EGI
$177.1K $13.73/SF
− OpEx
−$53.1K −$4.12/SF
NOI
$123.9K $9.61/SF
Area
Citrus County, FL
Vacancy
8.50%
Lease Rate
$15.00 /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%
$2,478,740
Cap Rate 7%
$1,770,529
Cap Rate 9%
$1,377,078
Alternative Uses
Best Use
Retail
$1.77M
$1.55M – $2.07M
NOI $123,937 @ 7.0% cap · market cap 5.27%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.90M
$2.54M – $3.38M
NOI $202,902 @ 7.0% cap · market cap 8.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
578
Businesses Nearby
Explore this area
Business Placement
Demographics for 34450, FL
10,788
Population
6,642
Households
1.6
Avg Household Size
59
Median Age
25%
College-Educated
92%
High-School Grad
31.2 sq mi
ZIP Area
346
Density / Sq Mi
$48,955
Median Household Income
$39,409
Median Earnings
$973
Median Rent
$210,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail property - Strategically located 1.84-acre corner lot in Historic Downtown Inverness.
Where is this retail property located?
The property is located at 1601 W Main St Inverness, FL.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Prime corner lot location in Historic Downtown Inverness on SR 44/W Main Street with high visibility (30,500 AADT).; C‑Commercial zoning on 1.84 acres allows for diverse uses with 70% FAR lot coverage.; Located in a prime retailer hub surrounded by national retailers, experiencing 70% more commercial activity than other corridors.
