Flex Space with
New
For Sale
$600,000
490 Smith St, Brooksville, FL 34601
Warehouse space includes roll-up access and an office build-out in progress.
Property Size3,140 SF
Price / SF$191.08
Days on Market3
Property Features for 490 Smith St
General Information
Standard status
Active
Size
3,140 SF
Building Details
Year Built
1983
Listing Agency:
COLDWELL BANKER WEAVER GROUP REALTY
Listed By:
Thomas Dishman · License #BK3564834
(352) 592-7576
Source:
Livewelltampabay
Added: Sep 30
Last Checked: Oct 1 at 12:25PM
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 COLDWELL BANKER WEAVER GROUP REALTY
Investment Insights
Based on property information with market context.
This 3,140-square-foot flex property in Brooksville combines open warehouse space with a mezzanine and an office area under construction. Roll-up door access serves the warehouse, and the building has one restroom. The property was built in 1983.
At 490 Smith St, the building occupies a corner location and has dedicated on-site parking. The office portion remains unfinished, while the warehouse, mezzanine, and existing restroom are part of the current configuration.
At 490 Smith St, the building occupies a corner location and has dedicated on-site parking. The office portion remains unfinished, while the warehouse, mezzanine, and existing restroom are part of the current configuration.
Key Highlights
- 3,140 square feet of flex space
- Mezzanine storage area
- Roll‑up door access
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
$38,136
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
6.36%
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%
$762,720
$762.7K
Cap Rate 7%
$544,800
$544.8K
Cap Rate 9%
$423,733
$423.7K
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
$57.7K $18.36/SF
− Vacancy
−$3.2K −$1.01/SF
EGI
$54.5K $17.35/SF
− OpEx
−$16.3K −$5.21/SF
NOI
$38.1K $12.15/SF
Area
Hernando County, FL
Vacancy
5.50%
Lease Rate
$18.36 /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%
$762,720
Cap Rate 7%
$544,800
Cap Rate 9%
$423,733
Alternative Uses
Best Use
Industrial
$544.8K
$476.7K – $635.6K
NOI $38,136 @ 7.0% cap · market cap 6.36%
Second Best
Flex RnD
$482.8K
$422.5K – $563.3K
NOI $33,799 @ 7.0% cap · market cap 5.63%
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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Warehouse space includes roll-up access and an office build-out in progress.
Where is this flex space located?
The property is located at 490 Smith St 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: 3,140 square feet of flex space; Mezzanine storage area; Roll‑up door access
