Freestanding Corner Office
For Sale
$499,900
823 NE 5th Street, Crystal River, FL 34429
SINGLE_FAMILY - Crystal River, FL
Property Size2,165 SF
Lot Size0.64 Acres
Price / SF$230.90
Days on Market168
Property Features for 823 NE 5th Street
General Information
Property type
Residential
Property subtype
Office
Zoning
CH
Parking
12
Parking features
Parking Lot
Interior features
HighCeilings, FirstFloorEntry
Subdivision
Knights Addition to C/R
Lot features
Corner Lot, Rectangular
Directions
FL-44 W (Gulf to Lake Hwy), destination on the right corner (NE 8th Ave)
Standard status
Active
APN
1080576
Lot size
0.64 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
KNIGHTS ADDITION TO CRYSTAL RIVER PB 1 PG 28 LOT 373 & 374. ---LESS--- PCL OF LAND IN LOT 373 KNIGHTS ADDITION TO CRYSTAL RIVER PB 1 PG 28 REC OR BK 627 PG 1689 & 1690 PARCEL NO. 107 MORE PART DESC AS FOLLOWS: COM ON W LINE SEC 22 TWN 18S RNG 17E AT POINT 2573.45 FT S 0 DEG 2M 1S E OF NW COR THEREOF; THN N 88 DEG 24M 30S E 1329.67 FT THN N 0 DEG 2M 26S E 49.56 FT TO INTERSECT E ROW LINE NE 8TH AVE & N ROW LINE STATE RD NO. 44 FOR POB; THN CONT N 0 DEG 2M 26S E ALONG SAID E ROW LINE NE 8TH AVE 5 FT THN S 45 DEG 47M 53S E 6.97 FT TO POINT ON SAID N ROW LINE STATE RD NO. 44 SAID POINT 5 FT N 88 DEG 21M 49S E OF POB THN S 88 DEG 21M 49S W ALONG SAID N ROW LINE 5 FT TO POB.
Tax Annual Amount
6832
Legal Description
KNIGHTS ADDITION TO CRYSTAL RIVER PB 1 PG 28 LOT 373 & 374. ---LESS--- PCL OF LAND IN LOT 373 KNIGHTS ADDITION TO CRYSTAL RIVER PB 1 PG 28 REC OR BK 627 PG 1689 & 1690 PARCEL NO. 107 MORE PART DESC AS FOLLOWS: COM ON W LINE SEC 22 TWN 18S RNG 17E AT POINT 2573.45 FT S 0 DEG 2M 1S E OF NW COR THEREOF; THN N 88 DEG 24M 30S E 1329.67 FT THN N 0 DEG 2M 26S E 49.56 FT TO INTERSECT E ROW LINE NE 8TH AVE & N ROW LINE STATE RD NO. 44 FOR POB; THN CONT N 0 DEG 2M 26S E ALONG SAID E ROW LINE NE 8TH AVE 5 FT THN S 45 DEG 47M 53S E 6.97 FT TO POINT ON SAID N ROW LINE STATE RD NO. 44 SAID POINT 5 FT N 88 DEG 21M 49S E OF POB THN S 88 DEG 21M 49S W ALONG SAID N ROW LINE 5 FT TO POB.
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1930
Floors in Building
2
Flooring type
Carpet, Vinyl
Building materials
Frame, Stucco
Roof type
Asphalt, Shingle
Listing Agency:
Keller Williams Realty - Elite Partners II
(352) 637-2777
Listed By:
Bruce Brunk · License #3138787
(352) 228-7744
Added: Mar 4
Changed: Aug 2
Last Checked: Aug 19 at 3:06AM
MLS# 852439
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.
Freestanding office building on two lots with prominent highway visibility and a corner-lot layout designed for day-to-day client access. The property includes a ramp for easy entry and a paved parking lot with access from two streets (front/back). Inside, there is a reception area plus five private offices, a dedicated conference room, two bathrooms, and a break room. The second floor has a private entrance leading to a spacious executive-style suite with a large office area and a 3-piece bathroom.
The building occupies a 0.64-acre corner lot at a signalized intersection directly on Gulf to Lake Hwy, offering 537 ft of road frontage with AADT 32,000. City utilities include sewer/water. Zoning is CH, tied to Highway Commercial land use.
The building was constructed in 1930 with frame and stucco materials, asphalt shingle roofing, carpet and vinyl flooring, central air conditioning, and electric central heating. The highest-and-best-use discussion includes the possibility of obtaining city approval to add a second business structure on the western lot, with the current building on the eastern lot.
The building occupies a 0.64-acre corner lot at a signalized intersection directly on Gulf to Lake Hwy, offering 537 ft of road frontage with AADT 32,000. City utilities include sewer/water. Zoning is CH, tied to Highway Commercial land use.
The building was constructed in 1930 with frame and stucco materials, asphalt shingle roofing, carpet and vinyl flooring, central air conditioning, and electric central heating. The highest-and-best-use discussion includes the possibility of obtaining city approval to add a second business structure on the western lot, with the current building on the eastern lot.
Key Highlights
- 0.64‑acre corner lot on two lots
- Gulf to Lake Hwy frontage: 537 ft with AADT 32,000
- 2,165 SF office building with reception, five private offices, and conference room
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
$22,797
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
4.56%
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%
$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
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
$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 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%
$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 4.56%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$486.5K
$425.7K – $567.6K
NOI $34,053 @ 7.0% cap · market cap 6.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
970
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 - Freestanding corner office building with ramp access, paved parking, and CH highway commercial zoning.
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 $499,900.
What are key features of this property?
This property features: 0.64‑acre corner lot on two lots; Gulf to Lake Hwy frontage: 537 ft with AADT 32,000; 2,165 SF office building with reception, five private offices, and conference room
