Bar Property With Outdoor
For Sale
$400,000
2451 SE HIGHWAY 41, Morriston, FL 32668
Commercial Sale, MORRISTON, FL
Property Size2,320 SF
Lot Size2.50 Acres
Price / SF$172.41
Days on Market278
Property Features for 2451 SE HIGHWAY 41
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
A-RR
Window features
Drapes, Blinds
Appliances
Refrigerator
Lot features
Landscaped, Paved
Directions
HEAD NW ON HWY 27, L HWY 326, VEER RIGHT ONTO 200TH AVE, L SE 32 PL, R HWY 41 TO PROPERTY ON RIGHT.
Subdivision
32668 - Morriston
Standard status
Active
APN
05288-003-00
Size
2,320 SF
Lot size
2.50 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
06-14-19 0002.50 ACRES TRACT 698.04 FT ON HWY 41 IN SE1/4 OF NW1/4 OR BOOK 1216 PAGE 461
Tax Annual Amount
3448
Legal Description
06-14-19 0002.50 ACRES TRACT 698.04 FT ON HWY 41 IN SE1/4 OF NW1/4 OR BOOK 1216 PAGE 461
Utilities
Sewer type
Septic Tank
Heating system
Central
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Well
Amenities
live entertainment stage
game room/pool area
covered outdoor bar
walk in coolers
covered outdoor stage
outdoor sitting areas
pole barn
storage buildings
laundry room
3 RV sites
Building Details
Year built
1960
Flooring type
Linoleum, Laminate, Tile
Building materials
Block, Concrete, Metal Siding
Roof type
Metal
Additional Structures
Outbuilding
Listing Agency:
RE/MAX ALLSTARS REALTY · RE/MAX International
(352) 484-0155
Listed By:
Peggy Pittas · License #0695605
(352) 732-0591
Added: Nov 20, 2025
Changed: Aug 24
Last Checked: Aug 25 at 3:06PM
MLS# OM713731
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 vacant former saloon property occupies 2.5 acres along Highway 41 and includes indoor and covered outdoor bar areas. Improvements include a live entertainment stage, game and pool area, bar counter, drink cooler, kitchenette, seating areas, covered outdoor stage with electrical service, walk-in coolers, storage buildings, laundry room, and a large pole barn. The property also has three RV sites and a 4/2 mobile home that requires substantial work. Contents convey with the building.
The site provides 650 feet of Highway 41 frontage. It is located 24 minutes from The World Equestrian Center, 15 minutes from HITS, and 10 minutes from Williston. Zoning is A-RR. Existing infrastructure includes a well and septic tank, with a metal roof, block and concrete construction, central heating, and wall/window cooling units.
The site provides 650 feet of Highway 41 frontage. It is located 24 minutes from The World Equestrian Center, 15 minutes from HITS, and 10 minutes from Williston. Zoning is A-RR. Existing infrastructure includes a well and septic tank, with a metal roof, block and concrete construction, central heating, and wall/window cooling units.
Key Highlights
- 2.5‑acre property with 650 feet of frontage on Highway 41
- Indoor bar, covered outdoor bar, entertainment stages, and game/pool area
- 4/2 mobile home included; mobile home needs much work
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
$27,624
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
6.91%
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%
$552,480
$552.5K
Cap Rate 7%
$394,629
$394.6K
Cap Rate 9%
$306,933
$306.9K
Market Conditions
NOI Build-Up for 2,320 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
$39.0K $16.80/SF
− Vacancy
−$2.1K −$0.92/SF
EGI
$36.8K $15.88/SF
− OpEx
−$9.2K −$3.97/SF
NOI
$27.6K $11.91/SF
Area
Levy County, FL
Vacancy
5.50%
Lease Rate
$16.80 /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%
$552,480
Cap Rate 7%
$394,629
Cap Rate 9%
$306,933
Alternative Uses
Best Use
Specialty Retail
$394.6K
$345.3K – $460.4K
NOI $27,624 @ 7.0% cap · market cap 6.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$574.6K
$502.8K – $670.4K
NOI $40,223 @ 7.0% cap · market cap 10.06%
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
16
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32668, FL
5,548
Population
2,440
Households
2.3
Avg Household Size
52
Median Age
15%
College-Educated
86%
High-School Grad
135.3 sq mi
ZIP Area
41
Density / Sq Mi
$55,028
Median Household Income
$37,632
Median Earnings
$629
Median Rent
$209,000
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Sunray Saloon Inc — 2451 US-41, Morriston, FL 32668
Frequently Asked Questions
What type of property is this?
Bar & Pub - Vacant former saloon site with entertainment areas, supporting buildings, and an on-site mobile home.
Where is this bar & pub located?
The property is located at 2451 SE HIGHWAY 41 Morriston, FL.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 2.5‑acre property with 650 feet of frontage on Highway 41; Indoor bar, covered outdoor bar, entertainment stages, and game/pool area; 4/2 mobile home included; mobile home needs much work
