Historic Downtown Inverness Landmark
For Sale
$375,000
401 TOMPKINS STREET, Inverness, FL 34450
Charming, historic property with high visibility and endless potential.
Property Size1,600 SF
Lot Size0.34 Acres
Price / SF$234.38
Days on Market460
Property Features for 401 TOMPKINS STREET
General Information
Standard status
Active
Size
1,600 SF
Lot size
0.34 Acres
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$3,252
Building Details
Year Built
1900
Listing Agency:
CENTURY 21 J.W.MORTON R.E.
(352) 400-2635
Listed By:
Elias Kirallah · License #3123414
(352) 400-2635
Source:
Exitrealty
Added: May 7, 2025
Changed: Aug 8
Last Checked: May 29 at 2:56AM
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.
Investment Insights
Based on property information with market context.
Located in Historic Downtown Inverness, the R.O. Hicks House is one of the oldest remaining landmarked homes. Built in the early 1900s, this property offers timeless charm. The property is positioned on a 0.34-acre corner lot with high visibility along W Main Street/SR 44, which sees 40,000 vehicles daily. The 1,600 square foot main building features high ceilings, a grand room, a kitchen, and two restrooms, as well as original hardwood floors. A 350 square foot converted garage serves as a private office or potential rental space. The property includes 17+ on-site parking spaces with Handicap. It is located steps from shops, restaurants, Citrus Memorial Hospital, the Citrus County Courthouse, and City Hall. It also connects to the Depot District, Liberty Park, and the Withlacoochee State Trail. The property is zoned to encourage creative business ventures, making it suitable for a boutique, artisan studio, tea house, bakery, or live-work space. Citrus County is part of the Tampa–St. Petersburg–Clearwater MSA, with population growth expected to reach 350,000 by 2030. The $135 million Suncoast Parkway expansion is further fueling regional development.
Key Highlights
- Prime Location: Historic Downtown Inverness, high visibility corner lot on W Main Street/SR 44 (40,000 AADT), steps from key amenities and attractions.
- Ample Parking: 17+ on‑site parking spaces, including Handicap access, a rare downtown feature.
- Versatile Potential: Zoned for creative business ventures, suitable for boutique, studio, tea house, bakery, or live‑work space.
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
$16,848
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
4.49%
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%
$336,960
$337.0K
Cap Rate 7%
$240,686
$240.7K
Cap Rate 9%
$187,200
$187.2K
Market Conditions
NOI Build-Up for 1,600 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
$28.8K $18.00/SF
− Vacancy
−$6.3K −$3.96/SF
EGI
$22.5K $14.04/SF
− OpEx
−$5.6K −$3.51/SF
NOI
$16.8K $10.53/SF
Area
Citrus County, FL
Vacancy
22.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$336,960
Cap Rate 7%
$240,686
Cap Rate 9%
$187,200
Alternative Uses
Best Use
Office B
$240.7K
$210.6K – $280.8K
NOI $16,848 @ 7.0% cap · market cap 4.49%
Second Best
Mixed Use
$214.1K
$187.3K – $249.8K
NOI $14,985 @ 7.0% cap · market cap 4.00%
Theoretical Best
Specialty Retail
$359.5K
$314.6K – $419.4K
NOI $25,166 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,268
Businesses Nearby
Explore this area
Business Placement
Demographics for 34450, FL
10,788
Population
6,642
Households
1.6
Avg Household Size
59
Median Age
25%
College-Educated
92%
High-School Grad
31.2 sq mi
ZIP Area
346
Density / Sq Mi
$48,955
Median Household Income
$39,409
Median Earnings
$973
Median Rent
$210,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - Charming, historic property with high visibility and endless potential.
Where is this live-work space located?
The property is located at 401 TOMPKINS STREET Inverness, FL.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Prime Location: Historic Downtown Inverness, high visibility corner lot on W Main Street/SR 44 (40,000 AADT), steps from key amenities and attractions.; Ample Parking: 17+ on‑site parking spaces, including Handicap access, a rare downtown feature.; Versatile Potential: Zoned for creative business ventures, suitable for boutique, studio, tea house, bakery, or live‑work space.
