C1 Commercial Land with
For Sale
$499,000
28380 Forbes Street, Nobleton, FL 34661
Commercial Sale, Nobleton, FL
Property Size2,299 SF
Lot Size3.12 Acres
Price / SF$217.05
Days on Market535
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
Parking Lot, Guest, Off Street
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 Corp
(352) 777-4143
Listed By:
Paul Salter · License #3526915
(352) 606-3911
Added: Mar 26, 2025
Changed: Sep 4
Last Checked: Sep 11 at 3:06PM
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.
This C1 commercial land parcel includes three buildings with a combined property size of 2,299 square feet. The improvements were built in 1985 and feature concrete construction, concrete flooring, central air, and a bathroom. On-site parking includes guest, lot, and off-street spaces.
Electricity is available, with water supplied by a well and wastewater handled by a septic tank. The property has road frontage onto Lake Lindsey Road and is located within 11 minutes of I-75 and within 7 minutes of US-41, providing connections toward Inverness, Ocala, and Tampa. C1 zoning supports consideration of business uses subject to applicable ordinances and local planning and zoning discussions.
Electricity is available, with water supplied by a well and wastewater handled by a septic tank. The property has road frontage onto Lake Lindsey Road and is located within 11 minutes of I-75 and within 7 minutes of US-41, providing connections toward Inverness, Ocala, and Tampa. C1 zoning supports consideration of business uses subject to applicable ordinances and local planning and zoning discussions.
Key Highlights
- 3.12‑acre C1 commercial land parcel
- 2,299 square feet of property improvements
- Three existing buildings on the property
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
$22,570
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
4.52%
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%
$451,400
$451.4K
Cap Rate 7%
$322,429
$322.4K
Cap Rate 9%
$250,778
$250.8K
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
$34.5K $15.00/SF
− Vacancy
−$2.2K −$0.98/SF
EGI
$32.2K $14.03/SF
− OpEx
−$9.7K −$4.21/SF
NOI
$22.6K $9.82/SF
Area
Hernando County, FL
Vacancy
6.50%
Lease Rate
$15.00 /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%
$451,400
Cap Rate 7%
$322,429
Cap Rate 9%
$250,778
Alternative Uses
Best Use
Retail
$322.4K
$282.1K – $376.2K
NOI $22,570 @ 7.0% cap · market cap 4.52%
Second Best
—
—
no second resolved use
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
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
26
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - C1-zoned parcel includes three existing structures, available electricity, and established water and septic service.
Where is this commercial land 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 C1 commercial land parcel; 2,299 square feet of property improvements; Three existing buildings on the property
