Flex Space with Road
For Sale
$499,000
28380 Forbes Street, Nobleton, FL 34661
COMMERCIAL - Nobleton, FL
Property Size2,299 SF
Lot Size3.12 Acres
Price / SF$217.05
Days on Market499
Property Features for 28380 Forbes Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C1
Zoning description
General Commercial
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking features
Off Street, Guest, Parking Lot
Subdivision
Unrecorded
Lot features
Corner Lot, Wooded
Directions
Heading North on US-41 towards Inverness, you will turn right onto Lake Lindsey Rd. Follow Lake Lindsey Road for approximately 4.7 Miles, and then turn right onto Forbes Street. (Note: Your GPS may refer to it as Sentinel Street, but the Sign is Forbes). The Commercial Property will be on your immediate Right, and the Residential Property will be on your left.
Standard status
Active
APN
R24 421 20 0000 0010 0010
Size
2,299 SF
Lot size
3.12 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
3314
Utilities
Utilities
Electricity Available
Sewer type
Septic Tank
Cooling system
Central Air
Water source
Well
Building Details
Year built
1985
Floors in Building
1
Number of units
1
Flooring type
Concrete
Building materials
Concrete
Listing Agency:
Dennis Realty & Investment Cor - DO NOT USE
(352) 606-3911
Listed By:
Paul Salter · License #3526915
(352) 606-3911
Added: Mar 26, 2025
Changed: Aug 4
Last Checked: Aug 6 at 12:06PM
MLS# 2252455
Copyright © 2026 Hernando County Association of REALTORS®, Inc. 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.
Flex space property on 3.12 acres zoned C1, offering three buildings with a total of 2,299 square feet. Constructed with concrete and finished with concrete flooring, the property includes central air cooling and off-street parking with a parking lot and guest parking.
The site has road frontage onto Lake Lindsey Road. Utilities include electricity availability, with water provided by a well and wastewater handled by a septic tank. The property was built in 1985.
The larger building offers an opportunity to develop within C1 zoning, with discussion through local planning and zoning.
The site has road frontage onto Lake Lindsey Road. Utilities include electricity availability, with water provided by a well and wastewater handled by a septic tank. The property was built in 1985.
The larger building offers an opportunity to develop within C1 zoning, with discussion through local planning and zoning.
Key Highlights
- 3.12‑acre flex space site zoned C1
- Road frontage onto Lake Lindsey Road
- Three buildings totaling 2,299 SF
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
$27,922
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
5.60%
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%
$558,440
$558.4K
Cap Rate 7%
$398,886
$398.9K
Cap Rate 9%
$310,244
$310.2K
Market Conditions
NOI Build-Up for 2,299 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
$42.2K $18.36/SF
− Vacancy
−$2.3K −$1.01/SF
EGI
$39.9K $17.35/SF
− OpEx
−$12.0K −$5.21/SF
NOI
$27.9K $12.15/SF
Area
Hernando County, FL
Vacancy
5.50%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
30.00%
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%
$558,440
Cap Rate 7%
$398,886
Cap Rate 9%
$310,244
Alternative Uses
Best Use
Industrial
$398.9K
$349.0K – $465.4K
NOI $27,922 @ 7.0% cap · market cap 5.60%
Second Best
Flex RnD
$353.5K
$309.3K – $412.4K
NOI $24,746 @ 7.0% cap · market cap 4.96%
Theoretical Best
Office A
$523.7K
$458.2K – $611.0K
NOI $36,659 @ 7.0% cap · market cap 7.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
30
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34661, FL
260
Population
285
Households
0.9
Avg Household Size
56
Median Age
9%
College-Educated
78%
High-School Grad
9.0 sq mi
ZIP Area
29
Density / Sq Mi
$28,972
Median Earnings
$144,400
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Zoned C1 flex space with three buildings, central air, well and septic, plus off-street parking.
Where is this flex space located?
The property is located at 28380 Forbes Street Nobleton, FL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 3.12‑acre flex space site zoned C1; Road frontage onto Lake Lindsey Road; Three buildings totaling 2,299 SF
