Leased Storefront
New
For Sale
$875,000
498 SE KINGS BAY Dr, Crystal River, FL 34429
Commercial storefront with access from two roads and an existing lease extending through December 2028.
Property Size3,456 SF
Lot Size1.47 Acres
Price / SF$253.04
Days on Market3
Property Features for 498 SE KINGS BAY Dr
General Information
Standard status
Active
Size
3,456 SF
Lot size
1.47 Acres
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$7,663
Building Details
Building Size
3,456 SF
Year Built
1978
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
ERA AMERICAN SUNCOAST REALTY
(352) 634-0101
Listed By:
Steve Latiff · License #3000769
(352) 634-0101
Source:
Elliman
Added: Aug 12
Changed: Aug 14
Last Checked: Aug 14 at 11:09AM
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 ERA AMERICAN SUNCOAST REALTY
Investment Insights
Based on property information with market context.
This storefront property includes 3,458 square feet of leasable space on a 1.47-acre site. The building dates to 1978 and has a 2024 roof, along with two five-ton air-conditioning units installed in 2018. The property is currently leased to River Ventures through December 2028.
Located at 498 SE Kings Bay Drive in Crystal River, the site offers access from both 3 Sisters Springs Road and Kings Bay Drive. US Highway 19 is nearby, and the property has a BikeScore of 54 and a WalkScore of 38.
Located at 498 SE Kings Bay Drive in Crystal River, the site offers access from both 3 Sisters Springs Road and Kings Bay Drive. US Highway 19 is nearby, and the property has a BikeScore of 54 and a WalkScore of 38.
Key Highlights
- 3,458 square feet of leasable space on 1.47 acres
- Leased to River Ventures through Dec. 2028
- Access from 3 Sisters Springs Rd & Kings Bay Drive
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
$33,223
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
3.80%
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%
$664,460
$664.5K
Cap Rate 7%
$474,614
$474.6K
Cap Rate 9%
$369,144
$369.1K
Market Conditions
NOI Build-Up for 3,458 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
$51.9K $15.00/SF
− Vacancy
−$4.4K −$1.28/SF
EGI
$47.5K $13.73/SF
− OpEx
−$14.2K −$4.12/SF
NOI
$33.2K $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%
$664,460
Cap Rate 7%
$474,614
Cap Rate 9%
$369,144
Alternative Uses
Best Use
Retail
$474.6K
$415.3K – $553.7K
NOI $33,223 @ 7.0% cap · market cap 3.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$777.0K
$679.9K – $906.5K
NOI $54,390 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
614
Businesses Nearby
106k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 35%
Superstores 22%
Groceries 20%
Home Improvements & Furnishings 13%
Big Lots
Superstores
23,339 visits/mo
0.5 miles
RaceTrac
Shops & Services
20,832 visits/mo
0.5 miles
ABC Fine Wine & Spirits
Groceries
13,506 visits/mo
0.4 miles
Harbor Freight Tools
Home Improvements & Furnishings
13,493 visits/mo
0.4 miles
Save-A-Lot
Groceries
7,974 visits/mo
0.5 miles
Demographics for 34429, FL
8,837
Population
5,458
Households
1.6
Avg Household Size
60
Median Age
25%
College-Educated
90%
High-School Grad
41.4 sq mi
ZIP Area
213
Density / Sq Mi
$57,716
Median Household Income
$36,577
Median Earnings
$1,070
Median Rent
$220,300
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Commercial storefront with access from two roads and an existing lease extending through December 2028.
Where is this storefront property located?
The property is located at 498 SE KINGS BAY Dr Crystal River, FL.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 3,458 square feet of leasable space on 1.47 acres; Leased to River Ventures through Dec. 2028; Access from 3 Sisters Springs Rd & Kings Bay Drive
