40-Room Hotel Near State
5565 E Silver Springs, Silver Springs, FL 34488
For Sale
New
$1,577,500
Pending
Three buildings occupy a commercial site with public water, public sewer, gas, and electric service.
Property Size23,930 SF
Lot Size0.73 Acres
Days on Market4
Property Features for 5565 E Silver Springs
General Information
Standard status
Size
Lot size
Property subtype
Site & Location
Road Access
Utilities to Site
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Buildings
Listing Agency:
Century21 J.W. Morton Real Estate, Inc
Listed By:
Rich Fernley · License #3602811
(352) 464-2664
Source:
Elliman
Added: Nov 6
Changed: Nov 8
Last Checked: Nov 8 at 6:50AM
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 Century21 J.W. Morton Real Estate, Inc
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Investment Insights
Based on property information with market context.
This 40-room hotel comprises three buildings totaling approximately 16,102 square feet on approximately 0.73 acres. Developed in 1963, the property has about 121 feet of frontage along SR 40. Roof work was completed in 2013 and 2022, and the site is served by gas, electric, public water, and public sewer. Conceptual renderings have been commissioned for potential renovations under continued hotel use.
The property is directly across from Silver Springs State Park, near the intersection of SR 40 and SR/CR 35. It lies within Catalyst Site #4 of the Silver Springs CRA Master Plan. The plan considers corridor reinvestment and neighborhood-scale mixed-use development, while alternative uses may be pursued through Marion County’s Special Use Permit process. Any change in use or redevelopment would be subject to applicable approvals.
The property is directly across from Silver Springs State Park, near the intersection of SR 40 and SR/CR 35. It lies within Catalyst Site #4 of the Silver Springs CRA Master Plan. The plan considers corridor reinvestment and neighborhood-scale mixed-use development, while alternative uses may be pursued through Marion County’s Special Use Permit process. Any change in use or redevelopment would be subject to applicable approvals.
Key Highlights
- 40 rooms across three buildings totaling approximately 16,102 square feet
- Approximately 0.73 acres with about 121 feet of frontage along SR 40
- Directly across from Silver Springs State Park
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$74,572
Cap Rate
4.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,491,440
$1.5M
Cap Rate 7%
$1,065,314
$1.1M
Cap Rate 9%
$828,578
$828.6K
Market Conditions
NOI Build-Up for 16,102 SF
Gross rent
$241.5K $15.00/SF
− Vacancy
−$84.5K −$5.25/SF
EGI
$157.0K $9.75/SF
− OpEx
−$82.4K −$5.12/SF
NOI
$74.6K $4.63/SF
Area
Marion County, FL
Vacancy
35.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,491,440
Cap Rate 7%
$1,065,314
Cap Rate 9%
$828,578
Alternative Uses
Best Use
Hotel Hospitality
$1.07M
$932.2K – $1.24M
NOI $74,572 @ 7.0% cap · market cap 4.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.79M
$7.69M – $10.26M
NOI $615,503 @ 7.0% cap · market cap 39.02%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
195
Businesses Nearby
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Business Placement
Demographics for 34488, FL
11,392
Population
6,816
Households
1.7
Avg Household Size
52
Median Age
19%
College-Educated
87%
High-School Grad
85.6 sq mi
ZIP Area
133
Density / Sq Mi
$45,239
Median Household Income
$29,074
Median Earnings
$1,098
Median Rent
$75,300
Median Home Value
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Frequently Asked Questions
What type of property is this?
Hotel - Three buildings occupy a commercial site with public water, public sewer, gas, and electric service.
Where is this hotel located?
The property is located at 5565 E Silver Springs Silver Springs, FL.
What is the asking price?
The asking price for this property is $1,577,500.
What are key features of this property?
This property features: 40 rooms across three buildings totaling approximately 16,102 square feet; Approximately 0.73 acres with about 121 feet of frontage along SR 40; Directly across from Silver Springs State Park
