Renovated Short-Term Rental
For Sale
$219,900
20837 WALNUT Street, Dunnellon, FL 34431
Commercial Sale, DUNNELLON, FL
Property Size1,273 SF
Lot Size0.14 Acres
Price / SF$172.74
Days on Market80
Property Features for 20837 WALNUT Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RBO
Window features
Shutters
Appliances
Dryer, Range, Refrigerator, Washer
Subdivision
TOWN/DUNNELLON
Lot features
Historic District, City Limits, Landscaped, Sidewalk
Directions
From SR 40, left of US-41 S, right on Illinois St, left on Walnut St, property on right.
Standard status
Active
APN
3380-1841-00
Size
1,273 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SEC 35 TWP 16 RGE 18 PLAT BOOK A PAGE 174 DUNNELLON LOT 1841
Tax Annual Amount
1104
Legal Description
SEC 35 TWP 16 RGE 18 PLAT BOOK A PAGE 174 DUNNELLON LOT 1841
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1923
Floors in Building
1
Flooring type
Laminate
Building materials
Frame
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
HOMERUN REALTY
(352) 624-0935
Listed By:
Dawn Padot
(352) 207-0005
Added: Jun 7
Changed: Aug 24
Last Checked: Aug 25 at 4:06AM
MLS# OM726372
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 1,273-square-foot property combines a renovated interior with select historic details from its 1923 construction. The current arrangement includes three bedrooms, two bathrooms, a functioning kitchen, interior laundry, adaptable office areas, attached storage, and a private backyard. Central heating and central air support year-round use, while the property is served by public water and public sewer. Appliances include a range, refrigerator, washer, and dryer. The property previously operated as an Airbnb and is currently configured for short-term rental use.
Located at 20837 WALNUT Street in Dunnellon, the property is near shopping, dining, rivers, and springs. RBO zoning may support living on-site while conducting a business, subject to applicable zoning requirements. The layout also provides a basis for office, wellness, shared-workspace, or other uses described in the property information.
Located at 20837 WALNUT Street in Dunnellon, the property is near shopping, dining, rivers, and springs. RBO zoning may support living on-site while conducting a business, subject to applicable zoning requirements. The layout also provides a basis for office, wellness, shared-workspace, or other uses described in the property information.
Key Highlights
- 1,273 square feet on a 0.14‑acre lot
- Three‑bedroom, two‑bath configuration
- Renovated interior with selected historic details; built in 1923
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?
Short term rental property - Flexible RBO-zoned property with residential accommodations, office areas, and a private backyard.
Where is this short term rental property located?
The property is located at 20837 WALNUT Street 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: 1,273 square feet on a 0.14‑acre lot; Three‑bedroom, two‑bath configuration; Renovated interior with selected historic details; built in 1923
