Drive-Through Restaurant
For Sale
$599,800
20371 E MCKINNEY Avenue, Dunnellon, FL 34432
Commercial Sale, DUNNELLON, FL
Property Size1,232 SF
Lot Size0.34 Acres
Price / SF$486.85
Days on Market120
Property Features for 20371 E MCKINNEY Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B3
Lot features
Corner Lot, Curb and Gutters, Fire Hydrant, City Limits
Directions
From downtown Dunnellon, FL, head North on US 41 approximately .4 miles. The 2 lots will be on your right, directly across from the Marathon gas station.
Subdivision
34432 - Dunnellon
Standard status
Active
APN
3380-1221-00
Size
1,232 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SEC 35 TWP 16 RGE 18 PLAT BOOK A PAGE 174 DUNNELLON LOT 1221 EX R/W SR 40 & 45
Tax Annual Amount
2012
Legal Description
SEC 35 TWP 16 RGE 18 PLAT BOOK A PAGE 174 DUNNELLON LOT 1221 EX R/W SR 40 & 45
Utilities
Utilities
Electricity Available
Sewer type
Public Sewer
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1928
Building materials
Block
Roof type
Shingle
Listing Agency:
BHGRE THOMAS GROUP · Better Homes and Gardens Real Estate
(352) 226-8228
Listed By:
Lisa Shelton · License #3485098
(404) 784-7510
Added: Apr 30
Changed: Aug 26
Last Checked: Aug 27 at 12:06AM
MLS# GC539517
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This B3-zoned commercial property includes a 1,232-square-foot block building on two lots totaling 0.34 acres. Constructed in 1928, the property has a shingle roof, wall/window cooling units, public water, public sewer, and electricity available. The existing layout is identified as suitable for drive-through restaurant use.
The property occupies the corner of US 41/Williams Street and E. McKinney Avenue in Dunnellon, with the highway described as a four-lane corridor. Surrounding uses include a gas station, bank, and medical office. CVS, Ace Hardware, Publix, an auto parts store, and KFC are approximately 0.5 miles away, while Walmart Supercenter is approximately 1 mile away. Rainbow Springs is approximately 4.5 miles away, and the World Equestrian Center is approximately 20 miles away.
The property occupies the corner of US 41/Williams Street and E. McKinney Avenue in Dunnellon, with the highway described as a four-lane corridor. Surrounding uses include a gas station, bank, and medical office. CVS, Ace Hardware, Publix, an auto parts store, and KFC are approximately 0.5 miles away, while Walmart Supercenter is approximately 1 mile away. Rainbow Springs is approximately 4.5 miles away, and the World Equestrian Center is approximately 20 miles away.
Key Highlights
- B3 zoning with a drive‑through restaurant layout
- 1,232‑square‑foot block building constructed in 1928
- Two lots totaling 0.34 acres
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
$19,378
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
3.23%
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%
$387,560
$387.6K
Cap Rate 7%
$276,829
$276.8K
Cap Rate 9%
$215,311
$215.3K
Market Conditions
NOI Build-Up for 1,232 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
$27.1K $21.96/SF
− Vacancy
−$1.2K −$0.99/SF
EGI
$25.8K $20.97/SF
− OpEx
−$6.5K −$5.24/SF
NOI
$19.4K $15.73/SF
Area
Citrus County, FL
Vacancy
4.50%
Lease Rate
$21.96 /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%
$387,560
Cap Rate 7%
$276,829
Cap Rate 9%
$215,311
Alternative Uses
Best Use
Specialty Retail
$276.8K
$242.2K – $323.0K
NOI $19,378 @ 7.0% cap · market cap 3.23%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
673
Businesses Nearby
130k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 35%
Groceries 29%
Dining 27%
Home Improvements & Furnishings 7%
Publix
Groceries
36,800 visits/mo
0.5 miles
Taco Bell
Dining
12,129 visits/mo
0.3 miles
Ellianos Coffee
Dining
8,465 visits/mo
0.3 miles
Mobil
Shops & Services
8,420 visits/mo
0.2 miles
Hardee's
Dining
8,052 visits/mo
0.3 miles
Demographics for 34432, FL
13,159
Population
6,899
Households
1.9
Avg Household Size
58
Median Age
20%
College-Educated
90%
High-School Grad
105.1 sq mi
ZIP Area
125
Density / Sq Mi
$47,711
Median Household Income
$30,240
Median Earnings
$1,077
Median Rent
$223,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - B3-zoned commercial property with an existing building, public utilities, and a corner position along US 41.
Where is this drive through restaurant located?
The property is located at 20371 E MCKINNEY Avenue Dunnellon, FL.
What is the asking price?
The asking price for this property is $599,800.
What are key features of this property?
This property features: B3 zoning with a drive‑through restaurant layout; 1,232‑square‑foot block building constructed in 1928; Two lots totaling 0.34 acres
