Ready-to-Build Commercial Development
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2606 Crystal Springs Rd, Zephyrhills, FL 33540
6.86 acres with approved plans for 54,000 SF.
Property Size54,000 SF
Lot Size6.86 Acres
Price / SF$90.74
Days on Market463
Property Features for 2606 Crystal Springs Rd
General Information
Standard status
Active
Size
54,000 SF
Lot size
6.86 Acres
Property subtype
Land, Office
Listing Agency:
Align Right Realty LLC
(801) 918-7745
Listed By:
Khairi Salah · License #3475452
Source:
Crexi
Added: May 7, 2025
Changed: Aug 9
Last Checked: Aug 11 at 5:05PM
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 Align Right Realty LLC
Investment Insights
Based on property information with market context.
This 6.86-acre commercial development opportunity is fully ready to build, featuring an approved site plan for 54,000 square feet of office, retail, and commercial space. The property has MPUD zoning. All permits, approvals, geotechnical reports, surveys, soil testing, and environmental studies have been completed. Infrastructure is fully in place, including sewer and water connections. The site is located in a high-traffic area adjacent to over 100 newly constructed homes and other major developments. The maximum building height is 35 feet. This property is positioned for growth and return on investment.
Key Highlights
- Approved site plan for 54,000 SF of Office, Retail, and Commercial space.
- MPUD zoning secured with all permits and approvals completed.
- Infrastructure fully in place, including sewer and water connections.
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
$364,403
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
7.44%
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%
$7,288,060
$7.3M
Cap Rate 7%
$5,205,757
$5.2M
Cap Rate 9%
$4,048,922
$4.0M
Market Conditions
NOI Build-Up for 54,000 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
$596.2K $11.04/SF
− Vacancy
−$110.3K −$2.04/SF
EGI
$485.9K $9.00/SF
− OpEx
−$121.5K −$2.25/SF
NOI
$364.4K $6.75/SF
Area
Pasco County, FL
Vacancy
18.50%
Lease Rate
$11.04 /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%
$7,288,060
Cap Rate 7%
$5,205,757
Cap Rate 9%
$4,048,922
Alternative Uses
Best Use
Retail
$7.57M
$6.63M – $8.84M
NOI $530,145 @ 7.0% cap · market cap 10.82%
Second Best
Office B
$5.21M
$4.56M – $6.07M
NOI $364,403 @ 7.0% cap · market cap 7.44%
Theoretical Best
Office A
$12.30M
$10.76M – $14.35M
NOI $861,062 @ 7.0% cap · market cap 17.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Explore this area
Business Placement
Demographics for 33540, FL
9,603
Population
5,625
Households
1.7
Avg Household Size
53
Median Age
18%
College-Educated
87%
High-School Grad
36.1 sq mi
ZIP Area
266
Density / Sq Mi
$55,426
Median Household Income
$39,695
Median Earnings
$978
Median Rent
$120,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - 6.86 acres with approved plans for 54,000 SF.
Where is this commercial land located?
The property is located at 2606 Crystal Springs Rd Zephyrhills, FL.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: Approved site plan for **54,000 SF of Office, Retail, and Commercial space.**; MPUD zoning secured with all permits and approvals completed.; Infrastructure fully in place, including sewer and water connections.
