Office Building with Multi-Room
For Sale
$575,000
638 1st Street, Crystal River, FL 34429
Commercial office building offering multiple rooms for a variety of business uses in a high-visibility area.
Property Size2,476 SF
Price / SF$232.23
Days on Market41
Property Features for 638 1st Street
General Information
Standard status
Active
Size
2,476 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$3,573
Amenities
Central Air, Electric
3
Tile, Wood
Asphalt, Shingle
Driveway.
Rectangular
City Road, Paved Road, Rectangular.
Building Details
Year Built
1935
Stories
1
Listing Agency:
Continental Real Estate Group Inc
(201) 803-5250
Listed By:
Derek Eisenberg · License #RM062792A
(201) 803-5250
Source:
Xome
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 7:29AM
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 Continental Real Estate Group Inc
Investment Insights
Based on property information with market context.
This commercial office building at 638 NE 1st Street offers a generous interior layout with multiple rooms, providing flexibility for a range of business needs. The property is described as never flooded during storms and sits on high ground.
The building is positioned in a high-visibility area intended to support customer access and business exposure. It is offered for sale as a versatile option for companies seeking an adaptable space in Crystal River, Florida.
The building is positioned in a high-visibility area intended to support customer access and business exposure. It is offered for sale as a versatile option for companies seeking an adaptable space in Crystal River, Florida.
Key Highlights
- Commercial office building built in 1935 with multiple rooms for a variety of business uses
- Central air with electric cooling and tile and wood flooring throughout
- Asphalt shingle roof
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
$26,072
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
4.53%
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%
$521,440
$521.4K
Cap Rate 7%
$372,457
$372.5K
Cap Rate 9%
$289,689
$289.7K
Market Conditions
NOI Build-Up for 2,476 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
$44.6K $18.00/SF
− Vacancy
−$9.8K −$3.96/SF
EGI
$34.8K $14.04/SF
− OpEx
−$8.7K −$3.51/SF
NOI
$26.1K $10.53/SF
Area
Citrus County, FL
Vacancy
22.00%
Lease Rate
$18.00 /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%
$521,440
Cap Rate 7%
$372,457
Cap Rate 9%
$289,689
Alternative Uses
Best Use
Office B
$372.5K
$325.9K – $434.5K
NOI $26,072 @ 7.0% cap · market cap 4.53%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$556.4K
$486.8K – $649.1K
NOI $38,945 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,002
Businesses Nearby
Explore this area
Business Placement
Demographics for 34429, FL
8,837
Population
5,458
Households
1.6
Avg Household Size
60
Median Age
25%
College-Educated
90%
High-School Grad
41.4 sq mi
ZIP Area
213
Density / Sq Mi
$57,716
Median Household Income
$36,577
Median Earnings
$1,070
Median Rent
$220,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Commercial office building offering multiple rooms for a variety of business uses in a high-visibility area.
Where is this office building located?
The property is located at 638 1st Street Crystal River, FL.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Commercial office building built in 1935 with multiple rooms for a variety of business uses; Central air with electric cooling and tile and wood flooring throughout; Asphalt shingle roof
