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    Former Saloon on Highway 41 Title is generated by Realmo AI

    2451 SE HIGHWAY 41, Morriston, FL 32668

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    For Sale
    $450,000

    2.5 acres with indoor/outdoor bar, mobile home, outbuildings.

    Type:Commercial
    Property size:
    2,664 SF
    Lot size:
    2.50 Acres
    Price / SF:
    $168/SF
    Added:
    Mar 24, 2026
    Days on Market:
    53
    Last Refresh:
    Mar 10 at 9:28 am

    Property Features for 2451 SE HIGHWAY 41

    General Information

    Standard status
    Active
    Size
    2,664 SF
    Lot size
    2.50 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1960

    We can help!

    Listing Contact
    Peggy Pittas
    Peggy Pittas

    Listing agent Peggy Pittas License #0695605

    Listing office RE/MAX AllStars Realty

    Listing date Mar 24, 2026

    Source Elliman

    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 RE/MAX AllStars Realty

    HighLights

    • 2. 5 acres with 650 feet of frontage on high‑traffic Hwy 41.
    • Former saloon/bar building with indoor and outdoor bar areas, stages, and coolers.
    • Includes a 4/2 mobile home, pole barn, storage buildings, laundry room, and 3 RV sites.
    • Located near The World Equestrian Center, HITS, and Williston.
    • 2,664‑sf building with live entertainment stage, game room/pool area, and kitchenette.
    • Contents of the building convey with the property.

    Overview

    This 2.5-acre property on Highway 41, formerly the Sunray Saloon, features a building with indoor and outdoor bar areas, a 4/2 mobile home, and additional outbuildings. The property has 650 feet of frontage on Highway 41, offering high visibility and traffic. The 2,664-square-foot building includes a live entertainment stage, game room/pool area, sit-at bar counter, drink cooler, kitchenette, and seating areas. Additional features include a covered outdoor bar and walk-in coolers, a covered outdoor stage with electrical setup, sitting areas under an oak tree, a pole barn, storage buildings, a laundry room, and three RV sites. The property is located 24 minutes from The World Equestrian Center, 15 minutes from HITS, and 10 minutes from Williston. Potential alternate uses include a car lot, vet office, doggie day care, landscape or garden center, farmers market, flea market, retail shop, mini-golf, place of worship, or cafe. The contents of the building convey with the sale. The mobile home requires significant work.

    Financial Insights

    Value Estimation Calculated for Specialty Retail

    Conservative
    $352.4K
    NOI $31,720 @ 9.00% cap · cautious / downside scenario
    Moderate
    $453.1K
    NOI $31,720 @ 7.00% cap · market / base-case scenario
    Aggressive
    $634.4K
    NOI $31,720 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Specialty Retail

    Component $ $/SF
    Gross rent $44.8k $16.80
    − Vacancy −$2.5k −$0.92
    EGI $42.3k $15.88
    − OpEx −$10.6k −$3.97
    NOI $31.7k $11.91
    2,664 SF · lease $16.80/SF/yr · vacancy 5.50% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Specialty Retail
    $453.1K
    $396.5K – $528.7K (±1% cap)
    NOI $31,720 @ 7.0% cap · market cap 7.05%
    Second Best
    Retail
    $403.5K
    $353.1K – $470.8K (±1% cap)
    NOI $28,246 @ 7.0% cap · market cap 6.28%
    Theoretical Best
    Office A
    $659.8K
    $577.3K – $769.8K (±1% cap)
    NOI $46,187 @ 7.0% cap · market cap 10.26%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Bars & Pubs

    Suggested Use

    Restaurant Real Estate Agency Building Supply Big Box & Wholesale Store Auto Repair Shop Food Market Accounting Firm Grocery & Convenience Store Bar & Pub Garden Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Morriston
    County
    Levy
    State
    Florida
    Longitude
    -82.447061
    Latitude
    29.293073

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    FAQs

    What type of property is this?
    Bar & Pub - 2.5 acres with indoor/outdoor bar, mobile home, outbuildings.
    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 $450,000.
    What are key features of this property?
    This property features: 2. 5 acres with **650 feet of frontage on high‑traffic Hwy 41**.; Former saloon/bar building with indoor and outdoor bar areas, stages, and coolers.; Includes a 4/2 mobile home, pole barn, storage buildings, laundry room, and 3 RV sites.
    (352) 732-0591
    We can help!
    Listing Contact
    Peggy Pittas
    Peggy Pittas
    Real Estate License ID: 0695605
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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