Mixed-Use Property with Storage
For Sale
$1,950,000
3438 N CITRUS AVENUE, Crystal River, FL 34428
The property combines commercial units, a single-family residence, outdoor storage, parking, and mixed-use zoning.
Property Size11,580 SF
Days on Market405
Property Features for 3438 N CITRUS AVENUE
General Information
Standard status
Active
Size
11,580 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,385
Building Details
Building Size
11,580 SF
Year Built
1992
Stories
2
Listing Agency:
TROPIC SHORES REALTY LLC
(352) 601-6367
Listed By:
Marian Casteel · License #3403933
(352) 601-6367
Source:
Mbifloridarealty
Added: Jul 17, 2025
Changed: Aug 21
Last Checked: Aug 25 at 9:22AM
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 TROPIC SHORES REALTY LLC
Investment Insights
Based on property information with market context.
This mixed-use property encompasses 2.53 acres and includes ten commercial units, a single-family residential home, and a substantial storage yard. The residential component is identified as having potential for conversion into two apartments. Built in 1992, the property combines indoor commercial space, residential use, and outdoor storage within one site.
Located at 3438 N Citrus Avenue in Crystal River, Florida, the property has access to major roads and includes plenty of parking. Mixed-use zoning supports the combination of commercial and residential components described for the site.
Located at 3438 N Citrus Avenue in Crystal River, Florida, the property has access to major roads and includes plenty of parking. Mixed-use zoning supports the combination of commercial and residential components described for the site.
Key Highlights
- 2.53‑acre mixed‑use property at 3438 N Citrus Avenue
- Ten commercial units included on the site
- Single‑family home with potential to make it 2 apartments
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
$108,454
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
5.56%
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%
$2,169,080
$2.2M
Cap Rate 7%
$1,549,343
$1.5M
Cap Rate 9%
$1,205,044
$1.2M
Market Conditions
NOI Build-Up for 11,580 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
$187.6K $16.20/SF
− Vacancy
−$14.1K −$1.22/SF
EGI
$173.5K $14.99/SF
− OpEx
−$65.1K −$5.62/SF
NOI
$108.5K $9.37/SF
Area
Citrus County, FL
Vacancy
7.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
37.50%
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%
$2,169,080
Cap Rate 7%
$1,549,343
Cap Rate 9%
$1,205,044
Alternative Uses
Best Use
Mixed Use
$1.55M
$1.36M – $1.81M
NOI $108,454 @ 7.0% cap · market cap 5.56%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.60M
$2.28M – $3.04M
NOI $182,140 @ 7.0% cap · market cap 9.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
115
Businesses Nearby
Explore this area
Business Placement
Demographics for 34428, FL
9,583
Population
5,058
Households
1.9
Avg Household Size
54
Median Age
20%
College-Educated
89%
High-School Grad
67.1 sq mi
ZIP Area
143
Density / Sq Mi
$48,185
Median Household Income
$29,589
Median Earnings
$890
Median Rent
$236,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines commercial units, a single-family residence, outdoor storage, parking, and mixed-use zoning.
Where is this mixed-use property located?
The property is located at 3438 N CITRUS AVENUE Crystal River, FL.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 2.53‑acre mixed‑use property at 3438 N Citrus Avenue; Ten commercial units included on the site; Single‑family home with potential to make it 2 apartments
