Prime Commercial Land in
For Sale
$600,000
2889 COUNTY ROAD 523, Wildwood, FL 34785
One-acre commercial parcel in Coleman's growth corridor, ready for development.
Property Size1,800 SF
Lot Size1.00 Acre
Price / SF$333.33
Days on Market164
Property Features for 2889 COUNTY ROAD 523
General Information
Standard status
Active
Size
1,800 SF
Lot size
1.00 Acre
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,741
Building Details
Building Size
1,800 SF
Year Built
1989
Listing Agency:
Connie Mahan Real Estate Group
(352) 457-7553
Listed By:
Connie Mahan · License #3412169
(352) 457-7553
Source:
Elliman
Added: Mar 11
Changed: Aug 14
Last Checked: Aug 20 at 9:07AM
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 Connie Mahan Real Estate Group
Investment Insights
Based on property information with market context.
This one-acre parcel is located at 2889 County Road 523 in Wildwood. The property is annexed into the City of Coleman and has Heavy Commercial zoning. An 1,800 sq ft structure, built in 1989, is on site with a two-unit layout currently classified and taxed as commercial. The building can be used for interim rental income, an office, or a service base. The property is located minutes from The Villages, I-75, Florida’s Turnpike, and SR-44. The FDOT’s U.S. 301 realignment and widening project is set to improve access and traffic visibility along this corridor. The surrounding Coleman/Wildwood area is experiencing economic development across industrial, commercial, and residential sectors. A nearby 358-acre industrial site reflects demand in distribution, logistics, and warehousing. The adjacent property is also available, offering the opportunity to assemble approximately 3.41 acres in Coleman’s growth corridor with two paved road frontages. The property is suited for retail, office, warehouse, and specialty commercial uses.
Key Highlights
- Heavy Commercial zoning allows for versatile use: retail, office, warehouse, and more.
- Prime location near The Villages, I‑75, Florida’s Turnpike, and SR‑44.
- Recently annexed into the City of Coleman, offering immediate entitlement advantages.
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
$27,631
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
4.61%
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%
$552,620
$552.6K
Cap Rate 7%
$394,729
$394.7K
Cap Rate 9%
$307,011
$307.0K
Market Conditions
NOI Build-Up for 1,800 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
$44.9K $24.96/SF
− Vacancy
−$8.1K −$4.49/SF
EGI
$36.8K $20.47/SF
− OpEx
−$9.2K −$5.12/SF
NOI
$27.6K $15.35/SF
Area
Sumter County, FL
Vacancy
18.00%
Lease Rate
$24.96 /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%
$552,620
Cap Rate 7%
$394,729
Cap Rate 9%
$307,011
Alternative Uses
Best Use
Office B
$394.7K
$345.4K – $460.5K
NOI $27,631 @ 7.0% cap · market cap 4.61%
Second Best
Warehouse
$297.7K
$260.5K – $347.4K
NOI $20,842 @ 7.0% cap · market cap 3.47%
Theoretical Best
Office A
$515.3K
$450.9K – $601.2K
NOI $36,072 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
71
Businesses Nearby
Explore this area
Business Placement
Demographics for 34785, FL
18,677
Population
6,595
Households
2.8
Avg Household Size
46
Median Age
15%
College-Educated
82%
High-School Grad
64.1 sq mi
ZIP Area
291
Density / Sq Mi
$48,004
Median Household Income
$31,207
Median Earnings
$1,082
Median Rent
$210,500
Median Home Value
Market
Vacancy Rate% for Office 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?
Commercial land - One-acre commercial parcel in Coleman's growth corridor, ready for development.
Where is this commercial land located?
The property is located at 2889 COUNTY ROAD 523 Wildwood, FL.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Heavy Commercial zoning allows for versatile use: retail, office, warehouse, and more.; Prime location near The Villages, I‑75, Florida’s Turnpike, and SR‑44.; Recently annexed into the City of Coleman, offering immediate entitlement advantages.
