Leased Storefront
For Sale
$875,000
498 SE KINGS BAY DRIVE, Crystal River, FL 34429
Commercial storefront with access from two roads and an existing lease extending through December 2028.
Property Size3,458 SF
Lot Size1.47 Acres
Price / SF$253.04
Days on Market14
Property Features for 498 SE KINGS BAY DRIVE
General Information
Standard status
Active
Size
3,458 SF
Lot size
1.47 Acres
Property subtype
Business
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
1.47 acres, Dimensions: 179x324, Central Business District, Flood Insurance Required, FloodZone, City Limits, Oversized Lot, Paved
Built-Up
Additional parcels description:, Parcel Number: 17E-18S-21-0000-22230, Public Survey Range: 17E, Public Survey Section: 21, Annual Amount: $7,663.75, Tax Block: 22230, Tax Book Number: 172-226, Legal Description: COM AT INT OF S LN WITH W R/W LN OF US HWY 19 BEING 100 FT FROM MEAS AT RT ANG TO CTRLN OF US HWY 19 TH S 89 DEG 25M 45S W AL S LN DIST 512.31 FT TO PT ON E R/W LN OF ABAND RR BEING 50 FT FROM MEAS AT RT ANG TO CTRLN OF RR TH N 23 DEG 37M 8S W AL E R /W LN DIST 54.34 FT TO POB TH N 21 DEG 37M 8S W AL R/W LN DIST 135.86 FT TH N 89 DEG 30M 40S E 64.9 FT TH N 0 DEG 35M 10S W PAR TO W R/W LN DIST 200.12 FT TO PT ON S R/W LN OF KINGS BAY DR BEING 33 FT FROM MEAS AT RT ANG TO CTRLN OF KINGS BAY DR TH N 89 DEG 30M 40S E AL S R/W LN DIST 179.67 FT TH S 0 DEG 35M 10S E PAR TO W R/W LN DIST 324.79 FT TH S 89 DEG 25M 45S W PAR TO S LN DIST 191.4 FT TO POB DESC IN OR BK 1400 PG 48 OR BK 2289 PG 2169 OR BK 2369 PG 2122, Lot: 22230, Year: 2025, Zoning: CH
Gross Income: $52,735, Rent Only
Central Air
Listing ID: MFRG5116295, Standard Status: Active, MLS Status: Active, Property Subtype: Business, On market as of 2026-08-11, Special Conditions: None
Built in 1978, Living area: 3456, Living area units: Square Feet, Building faces North, 1 storey, Construction Materials: Cement Siding, Concrete, Stucco
MLS Area (Major): 34429 - Crystal River, County/Parish: Citrus
Water Source: Public, 200+ Amp Service
Stem Wall
Close Of Escrow
Frontage Type: Business District, City Street, Highway, Road Responsibility: Public Maintained Road, Road Surface: Asphalt, Paved
Building Details
Year Built
1978
Buildings
1
Tenancy
Single
Listing Agency:
ERA AMERICAN SUNCOAST REALTY
(352) 726-5855
Listed By:
Steve Latiff · License #3000769
Source:
Miharaandassociates
Added: Aug 11
Changed: Aug 24
Last Checked: Aug 23 at 8:05AM
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
865
Businesses Nearby
169k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 32%
Dining 30%
Superstores 14%
Groceries 13%
Big Lots
Superstores
23,339 visits/mo
0.2 miles
RaceTrac
Shops & Services
20,832 visits/mo
0.3 miles
Wendy's
Dining
17,473 visits/mo
0.2 miles
ABC Fine Wine & Spirits
Groceries
13,506 visits/mo
0.2 miles
Harbor Freight Tools
Home Improvements & Furnishings
13,493 visits/mo
0.1 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
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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 DRIVE 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
