Historic 40-Room
For Sale
$1,577,500
Pending
5565 E Silver Springs Boulevard, Silver Springs, FL 34488
CommercialSale, Silver Springs, FL
Property Size16,102 SF
Lot Size0.73 Acres
Days on Market525
Property Features for 5565 E Silver Springs Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Out of County
Parking
24
Interior features
HighCeilings, SolidSurfaceCounters, SecondFloorEntry, FirstFloorEntry, SlidingGlassDoors
Exterior features
Balcony, Landscaping, Lighting
Fencing
Privacy
Subdivision
Not on List
Lot features
Cleared, Flat, Trees
Directions
East on SR 40 past intersection of SR/CR 35. Property is on left.
Standard status
Pending
APN
2682850000
Lot size
0.73 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SEC 01 TWP 15 RGE 22 PLAT BOOK D PAGE 098 MONTEREY VILLAGE REVISED LOTS 1.2.3. & N 85 FT OF LOT 4 & 5 BLK G & THAT PART OF S 16 FT OF W 254 FT OF HINES ST LYING N OF & ADJ TO LOTS 1.2.3.4 BLK G
Tax Annual Amount
14776
Legal Description
SEC 01 TWP 15 RGE 22 PLAT BOOK D PAGE 098 MONTEREY VILLAGE REVISED LOTS 1.2.3. & N 85 FT OF LOT 4 & 5 BLK G & THAT PART OF S 16 FT OF W 254 FT OF HINES ST LYING N OF & ADJ TO LOTS 1.2.3.4 BLK G
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1963
Floors in Building
2
Flooring type
Tile, Carpet, Vinyl
Building materials
Block, Concrete, Stucco, WoodSiding
Roof type
Metal, Membrane, Shingle, Rubber
Listing Agency:
Century 21 J.W.Morton R.E. · Century 21 Real Estate
(352) 726-6668
Listed By:
Richard Fernley · License #3602811
(352) 464-2664
Added: May 9, 2025
Changed: Oct 9
Last Checked: Oct 15 at 11:06AM
MLS# 844225
Copyright © 2026 REALTORS Association of Citrus County, Inc. 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.
Built in 1963, this 40-room motel comprises three buildings on approximately 0.73 acres. The property includes first- and second-floor entries, balconies, privacy fencing, landscaping, central air, window units, and a heat-pump heating system. Public water and sewer serve the site, with gas and electric utilities also available. Roof improvements were completed in 2013 and 2022.
The motel fronts SR 40 with roughly 121 feet of frontage and sits directly across from Silver Springs State Park, near the intersection of SR 40 and SR/CR 35. The site falls within Catalyst Site #4 of the Silver Springs CRA Master Plan, which identifies the area for reinvestment and contemplates neighborhood-scale mixed-use development, subject to approvals. Marion County’s Special Use Permit process may support alternatives to the current hospitality configuration.
The motel fronts SR 40 with roughly 121 feet of frontage and sits directly across from Silver Springs State Park, near the intersection of SR 40 and SR/CR 35. The site falls within Catalyst Site #4 of the Silver Springs CRA Master Plan, which identifies the area for reinvestment and contemplates neighborhood-scale mixed-use development, subject to approvals. Marion County’s Special Use Permit process may support alternatives to the current hospitality configuration.
Key Highlights
- 40‑room motel built in 1963
- Three buildings on approximately 0.73 acres
- Roughly 121 feet of frontage along SR 40
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.
How Realmo checks its estimates
Property Analytics
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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
Well-served
Demand for This Use
Explore this area
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?
Motel - Three-building hospitality property with public utilities, roof improvements, and a position opposite Silver Springs State Park.
Where is this motel located?
The property is located at 5565 E Silver Springs Boulevard 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‑room motel built in 1963; Three buildings on approximately 0.73 acres; Roughly 121 feet of frontage along SR 40
