Prime Commercial Property on
For Sale
$800,000
29114 CORTEZ BOULEVARD, Brooksville, FL 34602
High-visibility commercial property with flexible zoning in a growing area.
Property Size662 SF
Lot Size3.10 Acres
Price / SF$297.29
Days on Market209
Property Features for 29114 CORTEZ BOULEVARD
General Information
Standard status
Active
Size
662 SF
Lot size
3.10 Acres
Property subtype
Commercial
Zoning
C2
Taxes and HOA fees
Annual Taxes
$5,037
Building Details
Building Size
662 SF
Year Built
1980
Listing Agency:
BRIDGE POINT BUSINESS REAL EST
(727) 488-9879
Listed By:
Melinda Grimes · License #3342272
(727) 488-9879
Source:
Mbifloridarealty
Added: Jan 26
Changed: Aug 23
Last Checked: Aug 13 at 10:34AM
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 BRIDGE POINT BUSINESS REAL EST
Investment Insights
Based on property information with market context.
This commercial property is located in a high-visibility location in Hernando County, an area experiencing rapid growth. The property features over 500 feet of direct frontage on Cortez Boulevard (SR50), which sees over 20,000 vehicles daily, and offers convenient access to I-75. The property consists of three parcels, combining for approximately 3.1 acres. The zoning is a mix of C2, R3, and AR, offering flexibility for commercial, residential, or mixed-use development. Situated along a major commercial corridor, the site is positioned to attract investment and expansion. The location is proximate to a mix of national and regional businesses, including Walmart Supercenter, Lowe’s, Tractor Supply Co., Capital City Bank, SouthState Bank, Regions Bank, AutoZone, and O’Reilly Auto Parts, as well as multiple auto dealerships, distribution facilities, light industrial parks, restaurants, and gas and convenience options. The property is located minutes from the I-75 interchange, approximately 50 minutes from Tampa International Airport, approximately one hour from St. Pete–Clearwater International Airport, approximately 20 minutes from Downtown Brooksville, and approximately 30 minutes from the Wesley Chapel/SR-56 corridor. The main building, constructed in 1980, offers 2,691 square feet of space. The detached garage, built in 2009, features 630 square feet of enclosed storage/garage area and 1,574 square feet of auxiliary area comprising covered porch areas and an oversized carport measuring 24x44. The property is suitable for retail, office, medical, or light industrial use. The bike score is 33, indicating it is somewhat bikeable, while the walk score is 4, indicating car-dependent accessibility.
Key Highlights
- High‑visibility location with over 500' frontage on Cortez Boulevard (SR50) and 20,000+ daily traffic
- 3.1± acres comprised of three parcels
- Flexible C2/R3 & R3/AR zoning allows for commercial, residential, or mixed‑use development
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
$26,419
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
3.30%
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%
$528,380
$528.4K
Cap Rate 7%
$377,414
$377.4K
Cap Rate 9%
$293,544
$293.5K
Market Conditions
NOI Build-Up for 2,691 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
$40.4K $15.00/SF
− Vacancy
−$2.6K −$0.98/SF
EGI
$37.7K $14.03/SF
− OpEx
−$11.3K −$4.21/SF
NOI
$26.4K $9.82/SF
Area
Pasco 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%
$528,380
Cap Rate 7%
$377,414
Cap Rate 9%
$293,544
Alternative Uses
Best Use
Retail
$377.4K
$330.2K – $440.3K
NOI $26,419 @ 7.0% cap · market cap 3.30%
Second Best
Office B
$259.4K
$227.0K – $302.7K
NOI $18,159 @ 7.0% cap · market cap 2.27%
Theoretical Best
Office A
$613.0K
$536.4K – $715.2K
NOI $42,910 @ 7.0% cap · market cap 5.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
39
Businesses Nearby
Explore this area
Business Placement
Demographics for 34602, FL
8,735
Population
4,079
Households
2.1
Avg Household Size
47
Median Age
20%
College-Educated
90%
High-School Grad
66.7 sq mi
ZIP Area
131
Density / Sq Mi
$72,054
Median Household Income
$39,306
Median Earnings
$1,284
Median Rent
$241,300
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 - High-visibility commercial property with flexible zoning in a growing area.
Where is this commercial land located?
The property is located at 29114 CORTEZ BOULEVARD Brooksville, FL.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: High‑visibility location with over 500' frontage on Cortez Boulevard (SR50) and 20,000+ daily traffic; 3.1± acres comprised of three parcels; Flexible C2/R3 & R3/AR zoning allows for commercial, residential, or mixed‑use development
