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    Prime Commercial Land For Sale Title is generated by Realmo AI

    3109 S Florida Avenue, Inverness, FL 34450

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    For Sale
    $649,500

    1.85-acre commercial land with highway frontage in Inverness, Florida.

    Type:Retail
    Property size:
    1,920 SF
    Lot size:
    1.85 Acres
    Price / SF:
    $338/SF
    Added:
    Mar 9, 2022
    Days on Market:
    1549
    Last Refresh:
    May 12 at 9:15 pm

    Property Features for 3109 S Florida Avenue

    General Information

    Standard status
    Active
    Size
    1,920 SF
    Lot size
    1.85 Acres
    Property subtype
    Retail

    Building Details

    Year Built
    1970

    We can help!

    Listing Contact
    Luke Whitehurst

    Listing agent Luke Whitehurst

    Listing office Century 21 J.W.Morton R.E.

    Listing date Mar 9, 2022

    Source Xome

    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 Century 21 J.W.Morton R.E.

    HighLights

    • 1.85‑acre site with 383’ frontage on S Florida Avenue/Hwy 41 S (11,200 AADT), zoned General Commercial.
    • Expansive array of allowable uses including retail, offices, gas stations, restaurants, and bars.
    • Located just outside Inverness city limits in unincorporated Citrus County, offering lower taxes.
    • Proximity to Rails to Trails (46 miles), attracting eco‑tourists and cycling enthusiasts.
    • Close to Historic Downtown Inverness and newly constructed lakefront parks.
    • Located within the Tampa MSA, poised for growth due to the Suncoast Parkway expansion.

    Overview

    This 1.85-acre site is zoned General Commercial and fronts S Florida Avenue/Hwy 41 S, which sees 11,200 vehicles daily. The property has over 383 feet of frontage and is located in Inverness, Citrus County, Florida. The current zoning allows for a variety of uses, including retail/general commercial, professional/medical offices, gas stations/C-stores, restaurants, and bars. Situated just outside the city limits of Inverness within unincorporated Citrus County, the property benefits from lower taxes and close proximity to Historic Downtown Inverness. To the east of the property is the Rails to Trails, featuring over 46 miles of trails that attract eco-tourists and outdoor cycling enthusiasts. The City of Inverness has invested in improving the beautification of the town, including the newly constructed lakefront parks: Liberty, Wallace Brooks, and the Depot District. With the recent $135 million expansion of the Suncoast Parkway and future extensions, Citrus County is positioned for growth within the Tampa MSA. The property is a 15-minute drive from a customer base of 46,361 residents with an average age of 58 and a median household income of $65,000.
    Property Profile Location Intelligence

    Current Use by Public Records

    Countryside Tire & Truck ... (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Inverness
    County
    Citrus
    State
    Florida
    Longitude
    -82.3147659
    Latitude
    28.8166425

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    FAQs

    What type of property is this?
    Commercial land - 1.85-acre commercial land with highway frontage in Inverness, Florida.
    Where is this commercial land located?
    The property is located at 3109 S Florida Avenue Inverness, FL.
    What is the asking price?
    The asking price for this property is $649,500.
    What are key features of this property?
    This property features: 1.85‑acre site with 383’ frontage on S Florida Avenue/Hwy 41 S (11,200 AADT), zoned General Commercial.; Expansive array of allowable uses including retail, offices, gas stations, restaurants, and bars.; Located just outside Inverness city limits in unincorporated Citrus County, offering lower taxes.
    (352) 726-6668
    We can help!
    Listing Contact
    Luke Whitehurst
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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