Building Details

Year built 1999

Floors in Building 1

Building materials Block

Listing Agency: KELLER WILLIAMS TAMPA CENTRAL · Keller Williams Realty k***@kw.com Show Phone

Listed By: Brian Hahs · License #3460665 Show Phone

Added: Jul 16, 2025 Changed: Aug 23 Last Checked: Aug 24 at 5:06AM

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MLS# TB8407824

Copyright © 2026 Stellar MLS. 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.

This mixed-use commercial property occupies 2.15 acres and contains 9,200 square feet of improvements constructed with block materials in 1999. The site includes a self-storage operation with 66 enclosed units and 20 outdoor storage lots, an automotive facility with four interior service bays and one exterior bay, and a standalone office building currently leased to a preschool. The automotive sale excludes the operating business, tools, and equipment; tools and equipment may be negotiated separately.

The property is positioned along Cortez Boulevard (SR-50) with access to US-19 and nearby residential areas. It is fully fenced and gated, and the source information identifies mixed commercial zoning. Two separate addresses are associated with the property: 8415 Cortez Boulevard and 6412 Steuben Street in Weeki Wachee, Florida.

Key Highlights

• 2.15‑acre mixed‑use commercial property with 9,200 square feet of improvements
• Self‑storage component includes 66 enclosed units and 20 outdoor storage lots
• Automotive facility offers four indoor service bays plus one outdoor bay

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

$114,264

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

5.44%

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%

$2,285,280 $2.3M

Cap Rate 7%

$1,632,343 $1.6M

Cap Rate 9%

$1,269,600 $1.3M

Market Conditions

NOI Build-Up for 9,200 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

$198.7K $21.60/SF

− Vacancy

−$15.9K −$1.73/SF

EGI

$182.8K $19.87/SF

− OpEx

−$68.6K −$7.45/SF

NOI

$114.3K $12.42/SF

Area

Hernando County, FL

Vacancy

8.00%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

37.50%

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%

$2,285,280

Cap Rate 7%

$1,632,343

Cap Rate 9%

$1,269,600

Alternative Uses

Best Use

Mixed Use

$1.63M

$1.43M – $1.90M (±1% cap)

NOI $114,264 @ 7.0% cap · market cap 5.44%

Second Best

Industrial

$1.60M

$1.40M – $1.86M (±1% cap)

NOI $111,735 @ 7.0% cap · market cap 5.32%

Theoretical Best

Office A

$2.10M

$1.83M – $2.45M (±1% cap)

NOI $146,700 @ 7.0% cap · market cap 6.99%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Self storage facilities

Suggested Use

Top Pick Big Box & Wholesale Store Travel Agency Restaurant

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

5

Service bays

Multi-tenant

Tenancy

Yes

Fenced yard

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

54

Businesses Nearby

Explore this area Business Placement

Demographics for 34607, FL

8,544

Population

5,025

Households

1.7

Avg Household Size

58

Median Age

24%

College-Educated

94%

High-School Grad

63.7 sq mi

ZIP Area

134

Density / Sq Mi

$61,221

Median Household Income

$31,126

Median Earnings

$1,226

Median Rent

$343,100

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Fenced and gated property combines storage, automotive, and office improvements.

Where is this mixed-use property located?

The property is located at 8415 CORTEZ Boulevard Weeki Wachee, FL.

What is the asking price?

The asking price for this property is $2,100,000.

What are key features of this property?

This property features: 2.15‑acre mixed‑use commercial property with 9,200 square feet of improvements; Self‑storage component includes 66 enclosed units and 20 outdoor storage lots; Automotive facility offers four indoor service bays plus one outdoor bay