Flex Space with B-4
For Sale
$895,000
5920 SE HAMES ROAD, Belleview, FL 34420
Freestanding building on two adjacent parcels with B-4 zoning near US Highway 441 and SE Abshier Blvd.
Property Size5,279 SF
Lot Size0.67 Acres
Price / SF$169.54
Days on Market28
Property Features for 5920 SE HAMES ROAD
General Information
Standard status
Active
Size
5,279 SF
Lot size
0.67 Acres
Property subtype
Commercial
Zoning
B4
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$6,309
Building Details
Building Size
5,279 SF
Year Built
1968
Listing Agency:
GUS GALLOWAY REALTY INC
(727) 207-8292
Listed By:
Charles White · License #3361501
(727) 207-8292
Source:
Mbifloridarealty
Added: Jul 27
Changed: Aug 23
Last Checked: Aug 22 at 9:38AM
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 GUS GALLOWAY REALTY INC
Investment Insights
Based on property information with market context.
This flex space offering includes two adjacent commercial parcels totaling 0.67± acres, zoned B-4, improved with a 5,279 SF freestanding commercial building. The existing building is currently occupied, providing an owner-user or investor option in a flexible B-4 zoning setting.
The property sits on SE Hames Rd just off U.S. Highway 441 / SE Abshier Blvd, positioned for convenient access to a major commercial corridor connecting Belleview, Ocala, and The Villages.
Built in 1968, the site features an established freestanding structure on the combined parcel area, with bikeScore of 29 (somewhat bikeable) and walkScore of 5 (car-dependent).
The property sits on SE Hames Rd just off U.S. Highway 441 / SE Abshier Blvd, positioned for convenient access to a major commercial corridor connecting Belleview, Ocala, and The Villages.
Built in 1968, the site features an established freestanding structure on the combined parcel area, with bikeScore of 29 (somewhat bikeable) and walkScore of 5 (car-dependent).
Key Highlights
- Two adjacent parcels totaling 0.67± acres with B‑4 zoning
- 5,279 SF freestanding commercial building on‑site and currently occupied
- Located on SE Hames Rd just off U.S. Highway 441 / SE Abshier Blvd
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
$60,558
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
6.77%
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%
$1,211,160
$1.2M
Cap Rate 7%
$865,114
$865.1K
Cap Rate 9%
$672,867
$672.9K
Market Conditions
NOI Build-Up for 5,279 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
$90.6K $17.16/SF
− Vacancy
−$4.1K −$0.77/SF
EGI
$86.5K $16.39/SF
− OpEx
−$26.0K −$4.92/SF
NOI
$60.6K $11.47/SF
Area
Marion County, FL
Vacancy
4.50%
Lease Rate
$17.16 /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%
$1,211,160
Cap Rate 7%
$865,114
Cap Rate 9%
$672,867
Alternative Uses
Best Use
Industrial
$865.1K
$757.0K – $1.01M
NOI $60,558 @ 7.0% cap · market cap 6.77%
Second Best
Flex RnD
$623.7K
$545.7K – $727.7K
NOI $43,659 @ 7.0% cap · market cap 4.88%
Theoretical Best
Office A
$2.88M
$2.52M – $3.36M
NOI $201,791 @ 7.0% cap · market cap 22.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
619
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 34420, FL
17,969
Population
8,555
Households
2.1
Avg Household Size
45
Median Age
14%
College-Educated
91%
High-School Grad
24.1 sq mi
ZIP Area
746
Density / Sq Mi
$52,551
Median Household Income
$34,599
Median Earnings
$909
Median Rent
$192,600
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Counts Cuisine — 8259 SE C25, Belleview, FL 34420
- Steve's FAMOUS PNuts — 5803 SE Hames Rd, Belleview, FL 34420
Frequently Asked Questions
What type of property is this?
Flex space - Freestanding building on two adjacent parcels with B-4 zoning near US Highway 441 and SE Abshier Blvd.
Where is this flex space located?
The property is located at 5920 SE HAMES ROAD Belleview, FL.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Two adjacent parcels totaling 0.67± acres with B‑4 zoning; 5,279 SF freestanding commercial building on‑site and currently occupied; Located on SE Hames Rd just off U.S. Highway 441 / SE Abshier Blvd
