Crystal River Office Building For
823 NE 5TH STREET, Crystal River, FL 34429
For Sale
$479,900
Premium office building with highway frontage and recent updates.
Property Size2,165 SF
Lot Size0.64 Acres
Price / SF$221.66
Days on Market676
Property Features for 823 NE 5TH STREET
General Information
Standard status
Size
Lot size
Property subtype
Taxes and HOA fees
Annual Taxes
Building Details
Year Built
Listing Agency:
WEICHERT REALTORS EXCLUSIVE PROPERTIES
Listed By:
Hector Contreras · License FL #3270483
(813) 426-2669
Source:
Exitrealty
Added: Jan 6, 2025
Changed: Aug 8
Last Checked: Nov 6 at 4:54AM
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 WEICHERT REALTORS EXCLUSIVE PROPERTIES
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Investment Insights
Based on property information with market context.
Located at 823 NE 5th Street in Crystal River, this office building offers a commercial opportunity with 200 feet of Highway 44 frontage. The property is situated on a 0.64-acre lot and includes a paved parking lot. Zoned for commercial use, the 2,165-square-foot building is designed to accommodate various business needs. The main level features 1,645 square feet, including five offices, a kitchenette, and two bathrooms. The second floor, spanning 520 square feet, offers a flex room and an additional bathroom. Recent updates include a new HVAC system and a roof replacement in 2022.
Key Highlights
- Prime location with 200 feet of Highway 44 frontage for maximum visibility.
- Commercially zoned 0.64‑acre lot with paved parking.
- Recently replaced roof (2022) and new HVAC system.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,797
Cap Rate
4.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$455,940
$455.9K
Cap Rate 7%
$325,671
$325.7K
Cap Rate 9%
$253,300
$253.3K
Market Conditions
NOI Build-Up for 2,165 SF
Gross rent
$39.0K $18.00/SF
− Vacancy
−$8.6K −$3.96/SF
EGI
$30.4K $14.04/SF
− OpEx
−$7.6K −$3.51/SF
NOI
$22.8K $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 Rate 5%
$455,940
Cap Rate 7%
$325,671
Cap Rate 9%
$253,300
Alternative Uses
Best Use
Office B
$325.7K
$285.0K – $380.0K
NOI $22,797 @ 7.0% cap · market cap 4.75%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$486.5K
$425.7K – $567.6K
NOI $34,053 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
714
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
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Market
Properties on Market for Office buildings in Citrus County
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Premium office building with highway frontage and recent updates.
Where is this office building located?
The property is located at 823 NE 5TH STREET Crystal River, FL.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Prime location with **200 feet of Highway 44 frontage** for maximum visibility.; Commercially zoned 0.64‑acre lot with paved parking.; Recently replaced roof (2022) and new HVAC system.
