Commercial Office with Retail
For Sale
Contact for pricing
2303 Hwy 44 W, Inverness, FL 34453
Concrete-block office building on 2.9 acres with SR 44 frontage and zoning flexibility for multiple commercial uses.
Property Size1,854 SF
Price / SF$361.38
Days on Market166
Property Features for 2303 Hwy 44 W
General Information
Standard status
Active
Size
1,854 SF
Property subtype
Office, Retail
Zoning
C
Building Details
Year Built
1985
Buildings
1
Stories
1
Listing Agency:
Alexander Real Estate, Inc.
Listed By:
Joseph Alexander · License #FL 3065029
(352) 795-6633
Source:
Crexi
Added: Mar 30
Changed: Sep 8
Last Checked: Sep 11 at 6:11AM
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 Alexander Real Estate, Inc.
Investment Insights
Based on property information with market context.
This property consists of a concrete block office building built in 1985, with approximately 1,854 square feet of heated and cooled space. The existing layout includes a lobby or waiting room, conference space, kitchen area, reception area, three additional office rooms, and two bathrooms, including an accessible bathroom. Site improvements include ramps from the parking lot and a ramp into the building. HVAC was installed in 2021, supporting reliable year-round comfort for professional use.
The site is located in the city limits of Inverness and offers frontage on busy SR 44/Gulf to Lake Highway. The property is zoned C-Commercial on the front portion (approximately 0.36 acres) with 80 feet of frontage along SR 44/Gulf to Lake Highway, and zoned LDR on the remainder. Supported by the provided zoning description, the front portion allows for a range of uses including retail, medical/professional office, service uses, restaurants, and bars. Public water (Inverness) is existing on the commercial lot, and a public sewer notice has been received. Adjacent uses include a restaurant and a professional office.
For tenants or owners, the combination of an income-ready office configuration and highway frontage can support organizations looking for a professional setting with the option to expand into compatible commercial activity on the C-Commercial portion. The location is described as being east of a major retail cluster and west of historic downtown and the hospital.
The site is located in the city limits of Inverness and offers frontage on busy SR 44/Gulf to Lake Highway. The property is zoned C-Commercial on the front portion (approximately 0.36 acres) with 80 feet of frontage along SR 44/Gulf to Lake Highway, and zoned LDR on the remainder. Supported by the provided zoning description, the front portion allows for a range of uses including retail, medical/professional office, service uses, restaurants, and bars. Public water (Inverness) is existing on the commercial lot, and a public sewer notice has been received. Adjacent uses include a restaurant and a professional office.
For tenants or owners, the combination of an income-ready office configuration and highway frontage can support organizations looking for a professional setting with the option to expand into compatible commercial activity on the C-Commercial portion. The location is described as being east of a major retail cluster and west of historic downtown and the hospital.
Key Highlights
- 2.9‑acre property with frontage on busy SR 44/Gulf to Lake Hwy in city limits of Inverness
- Zoned C‑Commercial on approx. 0.36 acres with 80' frontage on SR 44/Gulf to Lake Hwy; allows retail, medical/professional office, service, restaurants, bars, and more
- Additional zoning: LDR on the remainder of the 2.9 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
$19,523
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
2.91%
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%
$390,460
$390.5K
Cap Rate 7%
$278,900
$278.9K
Cap Rate 9%
$216,922
$216.9K
Market Conditions
NOI Build-Up for 1,854 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
$33.4K $18.00/SF
− Vacancy
−$7.3K −$3.96/SF
EGI
$26.0K $14.04/SF
− OpEx
−$6.5K −$3.51/SF
NOI
$19.5K $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%
$390,460
Cap Rate 7%
$278,900
Cap Rate 9%
$216,922
Alternative Uses
Best Use
Office B
$278.9K
$244.0K – $325.4K
NOI $19,523 @ 7.0% cap · market cap 2.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$416.6K
$364.5K – $486.0K
NOI $29,161 @ 7.0% cap · market cap 4.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
312
Businesses Nearby
Explore this area
Business Placement
Demographics for 34453, FL
10,964
Population
5,628
Households
1.9
Avg Household Size
54
Median Age
19%
College-Educated
94%
High-School Grad
27.1 sq mi
ZIP Area
405
Density / Sq Mi
$58,064
Median Household Income
$33,341
Median Earnings
$1,046
Median Rent
$174,500
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Concrete-block office building on 2.9 acres with SR 44 frontage and zoning flexibility for multiple commercial uses.
Where is this office building located?
The property is located at 2303 Hwy 44 W Inverness, FL.
What is the asking price?
The asking price for this property is $670,000.
What are key features of this property?
This property features: 2.9‑acre property with frontage on busy SR 44/Gulf to Lake Hwy in city limits of Inverness; Zoned C‑Commercial on approx. 0.36 acres with 80' frontage on SR 44/Gulf to Lake Hwy; allows retail, medical/professional office, service, restaurants, bars, and more; Additional zoning: LDR on the remainder of the 2.9 acres
