Single-Tenant NNN Retail
For Sale
Contact for pricing
3499 W Norvell Bryant Hwy, Lecanto, FL 34461
New 20-year absolute net BJ's Wholesale lease is slated to open December 2026 at 3499 W Norvell Bryant Hwy.
Property Size106,370 SF
Price / SF$243.62
Days on Market51
Property Features for 3499 W Norvell Bryant Hwy
General Information
Standard status
Active
Size
106,370 SF
Class
A
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$1,360,472
Building Details
Year Built
2026
Buildings
1
Tenancy
Single
Listing Agency:
Atlantic Capital Partners
Listed By:
Patrick Wagor · License #SL3185318
(561) 427-6699
Source:
Crexi
Added: Jul 20
Changed: Aug 8
Last Checked: Sep 8 at 7:48AM
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 Atlantic Capital Partners
Investment Insights
Based on property information with market context.
Atlantic Capital Partners is exclusively soliciting offers for the sale of a new 20-year absolute net (NNN) retail lease occupied by BJ's Wholesale. BJ's is scheduled to open in December 2026.
The property is located at 3499 W Norvell Bryant Hwy in Lecanto, FL. The offering is structured as an absolute net lease, aligning tenant obligations with the long-term term of the agreement.
Because the tenant is scheduled to open in December 2026, the asset is being marketed in connection with the forthcoming BJ's occupancy under the 20-year absolute net lease.
The property is located at 3499 W Norvell Bryant Hwy in Lecanto, FL. The offering is structured as an absolute net lease, aligning tenant obligations with the long-term term of the agreement.
Because the tenant is scheduled to open in December 2026, the asset is being marketed in connection with the forthcoming BJ's occupancy under the 20-year absolute net lease.
Key Highlights
- New 20‑year absolute net BJ's Wholesale lease in Lecanto, FL
- BJ's is scheduled to open in December 2026
- Property address: 3499 W Norvell Bryant Hwy
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
$1,021,950
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
3.94%
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%
$20,439,000
$20.4M
Cap Rate 7%
$14,599,286
$14.6M
Cap Rate 9%
$11,355,000
$11.4M
Market Conditions
NOI Build-Up for 106,370 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
$1.60M $15.00/SF
− Vacancy
−$135.6K −$1.28/SF
EGI
$1.46M $13.73/SF
− OpEx
−$438.0K −$4.12/SF
NOI
$1.02M $9.61/SF
Area
Citrus County, FL
Vacancy
8.50%
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%
$20,439,000
Cap Rate 7%
$14,599,286
Cap Rate 9%
$11,355,000
Alternative Uses
Best Use
Retail
$14.60M
$12.77M – $17.03M
NOI $1,021,950 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$23.90M
$20.91M – $27.88M
NOI $1,673,078 @ 7.0% cap · market cap 6.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
119
Businesses Nearby
282k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 38%
Shops & Services 31%
Superstores 31%
Walmart
Superstores
86,695 visits/mo
0.2 miles
Wawa
Shops & Services
49,804 visits/mo
0.5 miles
Hobby Lobby
Shops & Services
35,109 visits/mo
0.3 miles
McDonald's
Dining
31,409 visits/mo
0.4 miles
Panda Express
Dining
22,179 visits/mo
0.4 miles
Demographics for 34461, FL
11,388
Population
5,552
Households
2.1
Avg Household Size
58
Median Age
23%
College-Educated
92%
High-School Grad
45.8 sq mi
ZIP Area
249
Density / Sq Mi
$60,795
Median Household Income
$33,825
Median Earnings
$1,190
Median Rent
$287,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - New 20-year absolute net BJ's Wholesale lease is slated to open December 2026 at 3499 W Norvell Bryant Hwy.
Where is this retail space located?
The property is located at 3499 W Norvell Bryant Hwy Lecanto, FL.
What is the asking price?
The asking price for this property is $25,914,000.
What are key features of this property?
This property features: New 20‑year absolute net BJ's Wholesale lease in Lecanto, FL; BJ's is scheduled to open in December 2026; Property address: 3499 W Norvell Bryant Hwy
