Flex Building with
New
For Sale
$1,200,000
5149 MARINER BOULEVARD, Spring Hill, FL 34609
Office, showroom, warehouse, and storage areas support varied commercial operations.
Property Size8,872 SF
Price / SF$135.26
Days on Market4
Property Features for 5149 MARINER BOULEVARD
General Information
Standard status
Active
Size
8,872 SF
Property subtype
Mixed Use
Occupancy
100%
Site & Location
Traffic Count
27,000 vehicles/day
Road Access
Yes
Additional Details
Warehouse Space
4,356 SF
Taxes and HOA fees
Annual Taxes
$10,824
Amenities
Central Air
3
Paved Road.
Building Details
Year Built
1989
Buildings
1
Listing Agency:
KW REALTY ELITE PARTNERS
(352) 688-6500
Listed By:
Sean Bradley · License #3346797
(352) 293-6089
Source:
Xome
Added: Aug 30
Changed: Sep 1
Last Checked: Sep 1 at 2:21PM
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 KW REALTY ELITE PARTNERS
Investment Insights
Based on property information with market context.
This 8,872-square-foot flex building combines customer-facing showroom space with offices, warehouse capacity, and storage areas. The front portion includes three private offices and two bathrooms, while approximately 4,516 square feet is heated and cooled. An additional 4,356 square feet provides warehouse and storage space, supplemented by a two-story storage area. A 14' x 12' overhead door connects the showroom area with the warehouse, and the property includes more than 30 parking spaces.
The building is positioned on Mariner Boulevard in Spring Hill, with approximately 27,000 vehicles passing daily. Built in 1989, the property is fully leased. Showings require an appointment, and tenants should not be approached directly.
The building is positioned on Mariner Boulevard in Spring Hill, with approximately 27,000 vehicles passing daily. Built in 1989, the property is fully leased. Showings require an appointment, and tenants should not be approached directly.
Key Highlights
- 8,872‑square‑foot flex building with showroom, office, warehouse, and storage areas
- Approximately 4,516 square feet heated and cooled
- Additional 4,356 square feet of warehouse/storage space plus a two‑story storage area
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
$99,906
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
8.33%
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%
$1,998,120
$2.0M
Cap Rate 7%
$1,427,229
$1.4M
Cap Rate 9%
$1,110,067
$1.1M
Market Conditions
NOI Build-Up for 8,872 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
$122.4K $13.80/SF
− Vacancy
−$4.9K −$0.55/SF
EGI
$117.5K $13.25/SF
− OpEx
−$17.6K −$1.99/SF
NOI
$99.9K $11.26/SF
Area
Spring Hill, FL
Vacancy
4.00%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
15.00%
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%
$1,998,120
Cap Rate 7%
$1,427,229
Cap Rate 9%
$1,110,067
Alternative Uses
Best Use
Office B
$1.86M
$1.63M – $2.17M
NOI $130,120 @ 7.0% cap · market cap 10.84%
Second Best
Retail
$1.63M
$1.43M – $1.90M
NOI $114,235 @ 7.0% cap · market cap 9.52%
Theoretical Best
Office A
$2.84M
$2.48M – $3.31M
NOI $198,560 @ 7.0% cap · market cap 16.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
27,000 VPD
Traffic count
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
187
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34609, FL
43,997
Population
18,426
Households
2.4
Avg Household Size
46
Median Age
22%
College-Educated
91%
High-School Grad
22.2 sq mi
ZIP Area
1,982
Density / Sq Mi
$79,284
Median Household Income
$40,789
Median Earnings
$1,593
Median Rent
$275,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Flex space - Office, showroom, warehouse, and storage areas support varied commercial operations.
Where is this flex space located?
The property is located at 5149 MARINER BOULEVARD Spring Hill, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 8,872‑square‑foot flex building with showroom, office, warehouse, and storage areas; Approximately 4,516 square feet heated and cooled; Additional 4,356 square feet of warehouse/storage space plus a two‑story storage area
