Flex Space with
New
For Sale
$1,200,000
5149 MARINER Boulevard, Spring Hill, FL 34609
Commercial Sale, SPRING HILL, FL
Property Size8,872 SF
Lot Size0.75 Acres
Price / SF$265.72
Days on Market1
Property Features for 5149 MARINER Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
SPRING HILL
Directions
Located on Mariner Blvd.
Standard status
Active
APN
R32-323-17-5180-1244-0130
Size
4,516 SF
Lot size
0.75 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SPRING HILL UNIT 18 BLK 1244 LOT 13
Tax Annual Amount
10824
Legal Description
SPRING HILL UNIT 18 BLK 1244 LOT 13
Utilities
Utilities
Phone Available
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1989
Flooring type
Carpet
Building materials
Block, Stucco
Roof type
Shingle
Listing Agency:
KW REALTY ELITE PARTNERS · Keller Williams Realty
(352) 688-6500
Listed By:
Sean Bradley · License #3346797
(352) 293-6089
Added: Aug 31
Last Checked: Aug 31 at 6:06PM
MLS# W7888920
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex property combines a front showroom with three private offices and two bathrooms, along with warehouse and storage areas. A 14' x 12' overhead door connects the customer-facing portion to the warehouse area, while the two-story storage section adds functional vertical capacity. Block and stucco construction, central heating, central air, public water, and a shingle roof are documented. The building dates to 1989 and includes carpeted flooring in the described areas.
Positioned on Mariner Boulevard in Spring Hill, the property has approximately 30+ parking spaces and reported daily vehicle exposure of approximately 27,000. The asset is fully leased, and tenant contact requires an appointment. Its existing showroom, office, warehouse, and storage configuration supports a range of commercial operating requirements without changing the documented layout.
Positioned on Mariner Boulevard in Spring Hill, the property has approximately 30+ parking spaces and reported daily vehicle exposure of approximately 27,000. The asset is fully leased, and tenant contact requires an appointment. Its existing showroom, office, warehouse, and storage configuration supports a range of commercial operating requirements without changing the documented layout.
Key Highlights
- Flex property with showroom, offices, warehouse, and storage areas
- Three private offices and two bathrooms in the front showroom area
- 14' x 12' overhead door provides warehouse 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
$66,233
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
5.52%
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%
$1,324,660
$1.3M
Cap Rate 7%
$946,186
$946.2K
Cap Rate 9%
$735,922
$735.9K
Market Conditions
NOI Build-Up for 4,516 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
$113.8K $25.20/SF
− Vacancy
−$25.5K −$5.64/SF
EGI
$88.3K $19.56/SF
− OpEx
−$22.1K −$4.89/SF
NOI
$66.2K $14.67/SF
Area
Spring Hill, FL
Vacancy
22.40%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
25.00%
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%
$1,324,660
Cap Rate 7%
$946,186
Cap Rate 9%
$735,922
Alternative Uses
Best Use
Office B
$946.2K
$827.9K – $1.10M
NOI $66,233 @ 7.0% cap · market cap 5.52%
Second Best
Retail
$830.7K
$726.9K – $969.1K
NOI $58,148 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $101,070 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
100%
Occupancy
Multi-tenant
Tenancy
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
- Good Eats & BBQ — 13053 Spencer Ct, Spring Hill, FL 34609
Frequently Asked Questions
What type of property is this?
Flex space - Fully leased commercial property combining customer-facing space, private offices, warehouse access, and storage capacity.
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: Flex property with showroom, offices, warehouse, and storage areas; Three private offices and two bathrooms in the front showroom area; 14' x 12' overhead door provides warehouse access
