Zoned Office Building with
For Sale
$238,500
1635 Florida Avenue, Hernando, FL 34442
Office space with three offices, lobby, kitchen, two baths, and conference area, plus a front sitting porch.
Property Size1,404 SF
Price / SF$169.87
Days on Market405
Property Features for 1635 Florida Avenue
General Information
Standard status
Active
Size
1,404 SF
Property subtype
Office
Zoning
GNC
Taxes and HOA fees
Annual Taxes
$2,214
Amenities
Central Air, Electric
3
Tile, Carpet
Asphalt, Shingle
Driveway, Paved Driveway.
Rectangular
60x150
Rain Gutters. Community Maintenance, Clear lot, Rectangular.
Building Details
Year Built
1979
Listing Agency:
ERA American Suncoast Realty
(352) 212-6028
Listed By:
Karen Stukes · License #618246
(352) 212-6028
Source:
Xome
Added: Jul 14, 2025
Changed: Aug 12
Last Checked: Aug 21 at 4:14AM
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 ERA American Suncoast Realty
Investment Insights
Based on property information with market context.
This office property is configured for day-to-day business use, offering three office areas, a lobby, full kitchen, two bathrooms, and laundry hook-ups. A dedicated conference area includes a fireplace, and the home features vaulted ceilings. Additional exterior appeal is provided by a front sitting porch.
The property is zoned GNC and is described as not being located in a flood zone. The LED lighting noted in the remarks is intended to support electric usage efficiency.
Recent updates listed include a roof installed in 2014, water heater in 2022, windows in 2014, newer flooring, a well tank from 2021, and an A/C system from 2007. The offering is presented as turn-key and ready for occupancy.
The property is zoned GNC and is described as not being located in a flood zone. The LED lighting noted in the remarks is intended to support electric usage efficiency.
Recent updates listed include a roof installed in 2014, water heater in 2022, windows in 2014, newer flooring, a well tank from 2021, and an A/C system from 2007. The offering is presented as turn-key and ready for occupancy.
Key Highlights
- Business‑zoned home (GNC) currently used as office space with 3 office areas plus lobby.
- Conference area with fireplace, full kitchen, and 2 baths—plus laundry hook‑ups.
- Central air (electric) and tile and carpet flooring throughout.
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
$14,784
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
6.20%
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%
$295,680
$295.7K
Cap Rate 7%
$211,200
$211.2K
Cap Rate 9%
$164,267
$164.3K
Market Conditions
NOI Build-Up for 1,404 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
$25.3K $18.00/SF
− Vacancy
−$5.6K −$3.96/SF
EGI
$19.7K $14.04/SF
− OpEx
−$4.9K −$3.51/SF
NOI
$14.8K $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%
$295,680
Cap Rate 7%
$211,200
Cap Rate 9%
$164,267
Alternative Uses
Best Use
Office B
$211.2K
$184.8K – $246.4K
NOI $14,784 @ 7.0% cap · market cap 6.20%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$315.5K
$276.0K – $368.1K
NOI $22,083 @ 7.0% cap · market cap 9.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
84
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?
Office building - Office space with three offices, lobby, kitchen, two baths, and conference area, plus a front sitting porch.
Where is this office building located?
The property is located at 1635 Florida Avenue Hernando, FL.
What is the asking price?
The asking price for this property is $238,500.
What are key features of this property?
This property features: Business‑zoned home (GNC) currently used as office space with 3 office areas plus lobby.; Conference area with fireplace, full kitchen, and 2 baths—plus laundry hook‑ups.; Central air (electric) and tile and carpet flooring throughout.
