Renovated Live-Work
For Sale
$219,900
20837 Walnut St, Dunnellon, FL 34431
RBO zoning may allow on-site living alongside business operations, subject to applicable requirements.
Property Size1,273 SF
Price / SF$172.74
Days on Market36
Property Features for 20837 Walnut St
General Information
Standard status
Active
Size
1,273 SF
Zoning
RBO
Amenities
private backyard
attached storage
inside laundry
Building Details
Year Built
1923
Listing Agency:
HOMERUN REALTY
(352) 624-0935
Listed By:
Dawn Padot, Ronald Padot, Jr
Source:
Livewelltampabay
Added: Jul 25
Changed: Aug 29
Last Checked: Aug 29 at 5:13PM
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 HOMERUN REALTY
Investment Insights
Based on property information with market context.
Renovated with selected historic elements retained, this 1923 property is configured for flexible live-work use. The current layout includes 3 bedrooms, 2 bathrooms, a functioning kitchen, updated bathrooms, interior laundry, and office areas. A private backyard and attached storage add practical space for outdoor use, equipment, inventory, or personal belongings.
The property previously operated as an Airbnb and is located at 20837 Walnut St in Dunnellon, near shopping, dining, rivers, and springs. RBO zoning may allow an owner to reside on-site while operating a business, subject to zoning requirements. The layout may suit a residence, short-term rental, professional office, wellness center, or shared workspace.
The property previously operated as an Airbnb and is located at 20837 Walnut St in Dunnellon, near shopping, dining, rivers, and springs. RBO zoning may allow an owner to reside on-site while operating a business, subject to zoning requirements. The layout may suit a residence, short-term rental, professional office, wellness center, or shared workspace.
Key Highlights
- Renovated 1923 property with selected historic elements retained
- Current configuration includes 3 bedrooms and 2 bathrooms
- RBO zoning may allow on‑site living with business operations, subject to requirements
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
$13,405
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
6.10%
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%
$268,100
$268.1K
Cap Rate 7%
$191,500
$191.5K
Cap Rate 9%
$148,944
$148.9K
Market Conditions
NOI Build-Up for 1,273 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
$22.9K $18.00/SF
− Vacancy
−$5.0K −$3.96/SF
EGI
$17.9K $14.04/SF
− OpEx
−$4.5K −$3.51/SF
NOI
$13.4K $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%
$268,100
Cap Rate 7%
$191,500
Cap Rate 9%
$148,944
Alternative Uses
Best Use
Office B
$191.5K
$167.6K – $223.4K
NOI $13,405 @ 7.0% cap · market cap 6.10%
Second Best
Mixed Use
$170.3K
$149.0K – $198.7K
NOI $11,922 @ 7.0% cap · market cap 5.42%
Theoretical Best
Specialty Retail
$286.0K
$250.3K – $333.7K
NOI $20,023 @ 7.0% cap · market cap 9.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
561
Businesses Nearby
Explore this area
Business Placement
Demographics for 34431, FL
8,589
Population
4,744
Households
1.8
Avg Household Size
56
Median Age
14%
College-Educated
85%
High-School Grad
104.2 sq mi
ZIP Area
82
Density / Sq Mi
$51,542
Median Household Income
$38,477
Median Earnings
$858
Median Rent
$185,200
Median Home Value
Market
Vacancy Rate% for Office 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?
Live-work space - RBO zoning may allow on-site living alongside business operations, subject to applicable requirements.
Where is this live-work space located?
The property is located at 20837 Walnut St Dunnellon, FL.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: Renovated 1923 property with selected historic elements retained; Current configuration includes 3 bedrooms and 2 bathrooms; RBO zoning may allow on‑site living with business operations, subject to requirements
