Bar and Pub Property with Outdoor
New
For Sale
$400,000
2451 SE Highway 41, Morriston, FL 32668
Vacant former saloon with indoor and outdoor bar areas, a stage, game room, mobile home, and supporting outbuildings.
Property Size2,320 SF
Price / SF$172.41
Days on Market2
Property Features for 2451 SE Highway 41
General Information
Standard status
Active
Size
2,320 SF
Building Details
Year Built
1960
Listing Agency:
RE/MAX ALLSTARS REALTY
Listed By:
Peggy Pittas · License #0695605
(352) 732-0591
Source:
Livewelltampabay
Added: Sep 11
Last Checked: Sep 11 at 2:33PM
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
Investment Insights
Based on property information with market context.
This vacant bar and pub property includes a former saloon building with an indoor bar, live entertainment stage, game and pool area, seating zones, drink cooler, and kitchenette. Additional improvements include a covered outdoor bar, walk-in coolers, a second covered stage with electrical service, storage buildings, laundry facilities, a large pole barn, and three RV sites. A four-bedroom, two-bath mobile home is also included and requires substantial work.
The property encompasses 2.5 acres with 650 feet of frontage along Highway 41. It is located 24 minutes from the World Equestrian Center, 15 minutes from HITS, and 10 minutes from Williston. The building dates to 1960, and the property is currently vacant.
The property encompasses 2.5 acres with 650 feet of frontage along Highway 41. It is located 24 minutes from the World Equestrian Center, 15 minutes from HITS, and 10 minutes from Williston. The building dates to 1960, and the property is currently vacant.
Key Highlights
- 2.5‑acre property with 650 feet of frontage along Highway 41
- Former saloon building with indoor bar, stage, game room, pool area, and kitchenette
- Covered outdoor bar, walk‑in coolers, and second covered stage with electrical service
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
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Open Analytics
Current Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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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 with indoor and outdoor bar areas, a stage, game room, mobile home, and supporting 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 $400,000.
What are key features of this property?
This property features: 2.5‑acre property with 650 feet of frontage along Highway 41; Former saloon building with indoor bar, stage, game room, pool area, and kitchenette; Covered outdoor bar, walk‑in coolers, and second covered stage with electrical service
