Renovated Commercial Building on
3248 COMMERCIAL WAY Spring Hill, FL 34606
For Sale
$739,000
Completely renovated commercial building with highway visibility and ample parking.
Property Size3,122 SF
Lot Size0.75 Acres
Price / SF$236.71
Days on Market828
Property Features for 3248 COMMERCIAL WAY
General Information
Standard status
Active
Size
3,122 SF
Lot size
0.75 Acres
Property subtype
Commercial/Industrial
Building Details
Year Built
1979
Listing Agency:
BERKSHIRE HATHAWAY HOMESERVICES FLORIDA REALTY
(954) 800-8180
Listed By:
Gerry Lynn Kierstead · License #3384325
(954) 800-8180
Source:
Exitrealty
Added: Apr 23, 2024
Changed: Jul 10
Last Checked: Jul 17 at 5:17AM
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 BERKSHIRE HATHAWAY HOMESERVICES FLORIDA REALTY
Investment Insights
Based on property information with market context.
This commercial property is located on US Highway 19 in Spring Hill, Florida, benefiting from high traffic volume of 46,000 vehicles per day. The building has been completely renovated, featuring a new metal panel roof, impact glass windows and doors, two new HVAC units with cages, a new septic system, a new hot water tank, new interior paint, and new LVP flooring. The current configuration includes 10 large offices, a large open lobby area, and three bathrooms. Water pipes are installed in the wall for a kitchenette. An existing structure is available for signage, providing excellent highway visibility. Situated on the corner of US Highway 19 and Sealawn Drive, the property includes a dedicated turn lane for South Bound traffic, facilitating easy access. The property could accommodate multiple tenants. Zoned C1, the property permits various uses, including business or professional offices, convenience stores with fueling stations, restaurants, retail, veterinary services, automobile service, and call centers. The property provides abundant parking. The building size is 3122 square feet.
Key Highlights
- Prime location on US Highway 19 with high traffic volume and excellent highway visibility.
- Completely renovated with new metal panel roof, impact glass windows/doors, HVAC units, septic system, hot water tank, flooring, and paint.
- C1 zoning allows for a wide range of permitted uses.
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $78.7k | $25.20 |
| − Vacancy | −$17.6k | −$5.64 |
| EGI | $61.1k | $19.56 |
| − OpEx | −$15.3k | −$4.89 |
| NOI | $45.8k | $14.67 |
3,122 SF · lease $25.20/SF/yr · vacancy 22.40% · expense 25.00%
Alternative Uses
Best Use
Office B
$654.1K
$572.4K – $763.2K
NOI $45,789 @ 7.0% cap · market cap 6.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$998.2K
$873.4K – $1.16M
NOI $69,872 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Office building - Completely renovated commercial building with highway visibility and ample parking.
Where is this office building located?
The property is located at 3248 COMMERCIAL WAY Spring Hill, FL.
What is the asking price?
The asking price for this property is $739,000.
What are key features of this property?
This property features: Prime location on US Highway 19 with high traffic volume and excellent highway visibility.; Completely renovated with new metal panel roof, impact glass windows/doors, HVAC units, septic system, hot water tank, flooring, and paint.; C1 zoning allows for a wide range of permitted uses.
