Flexible Commercial
For Sale
$589,900
639 NE 1st Street, Crystal River, FL 34429
CommercialSale, Crystal River, FL
Property Size7,804 SF
Lot Size0.47 Acres
Price / SF$75.59
Days on Market164
Property Features for 639 NE 1st Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
CG,CH
Parking
9
Parking features
Parking Lot, Driveway
Exterior features
PavedDriveway
Subdivision
Not on List
Lot features
Flat, Trees
Directions
From Downtown Crystal River, head Southeast on N Suncoast Blvd for 0.8 Miles and turn left on NE 1st St, and in 0.1 Miles you should reach your destination on the left side of the street.
Standard status
Active
APN
3525348
Lot size
0.47 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
KNIGHTS ADD TO CRYSTAL RIVER PB 1 PG 28 E 58 FT OF LOT 196 LESS THE OF W 42 FT OF LOT 196
Tax Annual Amount
230
Legal Description
KNIGHTS ADD TO CRYSTAL RIVER PB 1 PG 28 E 58 FT OF LOT 196 LESS THE OF W 42 FT OF LOT 196
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Amenities
laundry facility
kitchen/break area
Building Details
Year built
1956
Floors in Building
1
Flooring type
Carpet, Laminate
Building materials
Stucco
Roof type
Shingle, Asphalt
Listing Agency:
Century 21 J.W.Morton R.E. · Century 21 Real Estate
(352) 726-6668
Listed By:
Elias Kirallah · License #3123414
(352) 400-2635
Added: Mar 16
Changed: Aug 25
Last Checked: Aug 26 at 3:06PM
MLS# 853143
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 1956, this flexible commercial building occupies a 0.47-acre site within Crystal River city limits. The interior includes broad open areas, several private rooms that may serve as offices or exam rooms, seven roughed-in bathrooms, a laundry area, and a kitchen or break room. Laminate and carpet flooring, central air, stucco construction, and an asphalt shingle roof are in place. The building was originally used as a daycare facility and has never experienced flooding.
The property is positioned just off US Highway 19/98, a commercial corridor reporting approximately 27,500 vehicles per day, with Burger King along the western property boundary. Downtown Crystal River Square is a few blocks away. Public water and sewer serve the site, which also includes a paved driveway and parking lot. Commercial zoning and the existing layout provide a foundation for office, institutional, medical, service, and other commercial applications, subject to applicable approvals.
The property is positioned just off US Highway 19/98, a commercial corridor reporting approximately 27,500 vehicles per day, with Burger King along the western property boundary. Downtown Crystal River Square is a few blocks away. Public water and sewer serve the site, which also includes a paved driveway and parking lot. Commercial zoning and the existing layout provide a foundation for office, institutional, medical, service, and other commercial applications, subject to applicable approvals.
Key Highlights
- 7,804 square foot commercial building on 0.47 acres
- Approximately 27,500 vehicles per day along nearby US Highway 19/98
- Seven roughed‑in bathrooms plus private rooms, open areas, kitchen, and laundry
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
$51,417
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
8.72%
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%
$1,028,340
$1.0M
Cap Rate 7%
$734,529
$734.5K
Cap Rate 9%
$571,300
$571.3K
Market Conditions
NOI Build-Up for 7,804 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
$77.7K $9.96/SF
− Vacancy
−$4.3K −$0.55/SF
EGI
$73.5K $9.41/SF
− OpEx
−$22.0K −$2.82/SF
NOI
$51.4K $6.59/SF
Area
Citrus County, FL
Vacancy
5.50%
Lease Rate
$9.96 /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%
$1,028,340
Cap Rate 7%
$734,529
Cap Rate 9%
$571,300
Alternative Uses
Best Use
Healthcare Medical
$1.56M
$1.36M – $1.82M
NOI $109,127 @ 7.0% cap · market cap 18.50%
Second Best
Flex RnD
$1.28M
$1.12M – $1.49M
NOI $89,444 @ 7.0% cap · market cap 15.16%
Theoretical Best
Specialty Retail
$1.75M
$1.53M – $2.05M
NOI $122,748 @ 7.0% cap · market cap 20.81%
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
1,002
Businesses Nearby
Balanced
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Sadie's Corner Kitchen — 353 NE 2nd St, Crystal River, FL 34429
Frequently Asked Questions
What type of property is this?
Flex space - Open areas, private rooms, kitchen, laundry, and roughed-in bathrooms support adaptable commercial occupancy.
Where is this flex space located?
The property is located at 639 NE 1st Street Crystal River, FL.
What is the asking price?
The asking price for this property is $589,900.
What are key features of this property?
This property features: 7,804 square foot commercial building on 0.47 acres; Approximately 27,500 vehicles per day along nearby US Highway 19/98; Seven roughed‑in bathrooms plus private rooms, open areas, kitchen, and laundry
