Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Property profile & analytics

    2609 Landover Blvd Spring Hill, FL 34608-3634

    • Apartment buildings
    • 8,620 SF
    • 0.50 lot acres
    OFF-MARKET
    Last Sale
    Feb 03, 2022
    $1,775,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-4297718
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Apartment buildings

    Property Details for 2609 Landover Blvd

    Year built
    2021
    Lot size
    0.50 lot acres
    Property size
    8,620 SF
    Property type
    Apartment buildings
    APN
    R32-323-17-5170-1148-0070
    APU
    R3232317517011480070

    Description

    This exceptional 12-unit apartment building, constructed in 2021, presents a rare turnkey investment opportunity in Spring Hill, Florida. The property boasts 8,620 square feet of net rentable space across a 0.54-acre lot, featuring 18 parking spaces. All 12 units are two-bedroom apartments, each equipped with stainless steel appliances and in-unit washer/dryers. Tenants pay all utilities, significantly enhancing cash flow. Built to the latest Florida building codes (6th Edition), the property includes an automatic sprinkler system and a deep well for irrigation. The building enjoys a 100% occupancy rate as of March 21, 2024, and benefits from exceptionally low insurance premiums of $6,275 annually (February 2024 policy), inclusive of windstorm/hurricane coverage. Its prime location is less than a mile from a Publix supermarket and within minutes of major retailers like Walmart, Target, and Home Depot. Proximity to schools, including Explorer K-8 and Frank W. Springstead High School, and HCA Florida Oak Hill Hospital, further enhances its appeal. The asking price is $2,350,000, representing a price per unit of $195,833, with a current cap rate of 6.34% and a pro-forma cap rate of 6.75%. This Class A property offers a compelling value-add investment opportunity with significant potential for long-term growth and strong returns. The fee-simple ownership provides complete control and flexibility. The building consists of one, two-story structure with 9,676 total square feet.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Spring Hill
    County
    Hernando
    State
    Florida
    Longitude
    -82.5506
    Latitude
    28.4937
    CBSA code
    45300
    CBSA name
    TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $14,541
    $957,429
    $0.00
    $957,429
    -
    $90,210
    $867,219
    $957,429

    Comparable in this City

    • Value Estimation
      $155,000
      6,180 SF

      4421 Millwood Rd, Unit A

      APARTMENT HOUSE (5+ UNITS) • 6,180 SF
      4421 Millwood Rd, Spring Hill, FL 34608-3671
      View Details
    • Value Estimation by Request
      3,128 SF

      4225 Jason Rd

      APARTMENT HOUSE (5+ UNITS) • 3,128 SF
      4225 Jason Rd, Spring Hill, FL 34608-3622
      View Details
    • Value Estimation
      $465,000
      8,788 SF

      4253 Central Park Dr

      APARTMENT HOUSE (5+ UNITS) • 8,788 SF
      4253 Central Park Dr, Spring Hill, FL 34608-3720
      View Details
    • Value Estimation
      $70,000
      8,256 SF

      3535 Portillo Rd, Unit 51

      APARTMENT HOUSE (5+ UNITS) • 8,256 SF
      3535 Portillo Rd, Spring Hill, FL 34608-7277
      View Details
    • Value Estimation by Request
      9,036 SF

      4224 Portillo Rd, Unit 1

      APARTMENT HOUSE (5+ UNITS) • 9,036 SF
      4224 Portillo Rd, Spring Hill, FL 34608-3676
      View Details
    • Value Estimation
      $230,000
      14,091 SF

      4200 Portillo Rd, Unit 1

      APARTMENT HOUSE (5+ UNITS) • 14,091 SF
      4200 Portillo Rd, Spring Hill, FL 34608-3674
      View Details

    Similar Nearby for Sale

    • $320,000

      Updated Duplex in Spring Hill

      Updated duplex with income potential in Spring Hill, Florida.
      10304 Chalmer St, Spring Hill, FL 34608
      View Details
    • $1,599,000
      9.60 Acres

      9.6 Acres Spring Hill Land

      Prime Agricultural & Residential Land
      9267 County Line Rd, Spring Hill, FL 34608
      View Details
    • $45,000
      Pending

      Half Acre Golf Course Lot

      Half acre lot near Oak Hills golf course in Spring Hill.
      Loretto St, Spring Hill, FL 34608
      View Details
    • $42,900
      0.50 Acres

      Residential Land in Spring Hill

      Half-acre residential lot for new home construction in Spring Hill.
      Tbd Loretto Lot 8 St, Spring Hill, FL 34608
      View Details
    • $1,599,000
      9.60 Acres

      Vacant Land on County Line

      9.6 acres of vacant land in a prime location.
      9267 County Line Rd, Spring Hill, FL 34608
      View Details
    • $65,000
      Pending

      Corner Lot in Spring Hill

      Oversized corner lot with shopping access in Spring Hill, Florida.
      Courtland Rd, Spring Hill, FL 34608
      View Details

    Similar Nearby for Lease

    • $3,500 /Mo
      2,808 SF

      Move-In Ready Spring Hill Office

      Flexible office space with high visibility in Spring Hill, FL.
      11031 Spring Hill Dr, Spring Hill, FL 34608
      View Details
    • $12,500 /Mo

      Retail Development Opportunity in Spring

      Commercial land for rent in a growing Spring Hill area.
      10243 County Line Rd, Spring Hill, FL 34608
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2609 Landover Blvd
    Spring Hill, FL 34608-3634
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.