Corner Flex Building with
For Sale
$600,000
490 SMITH STREET, Brooksville, FL 34601
Versatile commercial facility combines warehouse, showroom, storage, and office components with dedicated parking and roll-up access.
Property Size3,140 SF
Price / SF$191.08
Days on Market13
Property Features for 490 SMITH STREET
General Information
Standard status
Active
Size
3,140 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$3,713
Amenities
Central Air
3
City Road, Asphalt.
Building Details
Year Built
1983
Buildings
1
Listing Agency:
THE WEAVER GROUP REALTY INC
(352) 592-7576
Listed By:
Thomas Dishman · License #3564834
Source:
Xome
Added: Aug 18
Changed: Aug 29
Last Checked: Aug 24 at 3:01AM
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 THE WEAVER GROUP REALTY INC
Investment Insights
Based on property information with market context.
This 1983 flex property at 490 Smith Street combines open warehouse space with showroom, storage, and office components. The building includes high-clearance ceilings, roll-up door access, a large mezzanine or storage loft, one restroom, and dedicated on-site parking. An office build-out is underway, allowing the interior arrangement to be completed for administrative, reception, conference, or workspace needs.
Positioned on a prominent corner in Brooksville, the property offers visibility and access to major transportation corridors and commercial areas. Its configuration supports businesses requiring both office and warehouse functionality, including contractors, distributors, service providers, light manufacturing, fabrication, warehousing, and storage operations. Zoning, permitted uses, dimensions, square footage, utilities, and future land use should be independently verified.
Positioned on a prominent corner in Brooksville, the property offers visibility and access to major transportation corridors and commercial areas. Its configuration supports businesses requiring both office and warehouse functionality, including contractors, distributors, service providers, light manufacturing, fabrication, warehousing, and storage operations. Zoning, permitted uses, dimensions, square footage, utilities, and future land use should be independently verified.
Key Highlights
- 1983 flex property at 490 Smith Street in Brooksville, FL 34601
- Open warehouse area with high‑clearance ceilings and roll‑up door access
- Large mezzanine/storage loft adds additional storage capacity
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
$33,799
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
5.63%
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%
$675,980
$676.0K
Cap Rate 7%
$482,843
$482.8K
Cap Rate 9%
$375,544
$375.5K
Market Conditions
NOI Build-Up for 3,140 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
$56.5K $18.00/SF
− Vacancy
−$4.5K −$1.44/SF
EGI
$52.0K $16.56/SF
− OpEx
−$18.2K −$5.80/SF
NOI
$33.8K $10.76/SF
Area
Pasco County, FL
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$675,980
Cap Rate 7%
$482,843
Cap Rate 9%
$375,544
Alternative Uses
Best Use
Flex RnD
$482.8K
$422.5K – $563.3K
NOI $33,799 @ 7.0% cap · market cap 5.63%
Second Best
Warehouse
$437.0K
$382.4K – $509.9K
NOI $30,593 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$715.3K
$625.9K – $834.5K
NOI $50,069 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
721
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34601, FL
23,001
Population
12,276
Households
1.9
Avg Household Size
50
Median Age
20%
College-Educated
88%
High-School Grad
114.0 sq mi
ZIP Area
202
Density / Sq Mi
$56,365
Median Household Income
$35,182
Median Earnings
$1,066
Median Rent
$151,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Florida Cracker Catering & Events — 390 Cleveland Ave, Brooksville, FL 34601
Frequently Asked Questions
What type of property is this?
Flex space - Versatile commercial facility combines warehouse, showroom, storage, and office components with dedicated parking and roll-up access.
Where is this flex space located?
The property is located at 490 SMITH STREET Brooksville, FL.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 1983 flex property at 490 Smith Street in Brooksville, FL 34601; Open warehouse area with high‑clearance ceilings and roll‑up door access; Large mezzanine/storage loft adds additional storage capacity
