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
    Back to Search
    Property profile & analytics

    Sr 121 Morriston, FL 32668

    • Land
    • 6.66 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 0 Sr 121

    Lot size
    6.66 lot acres
    Property type
    Land

    Description

    This exceptional 6.66-acre parcel, located south of Williston on State Road 121 in Morriston, Florida, presents a unique opportunity for residential development. The property boasts over 1,300 feet of paved road frontage, providing excellent accessibility. Zoned ARR, this land is suitable for site-built or manufactured homes, offering flexibility for various building plans. The expansive acreage allows for ample space for gardening, animal husbandry, and enjoying the privacy of rural living. Outdoor enthusiasts will appreciate the proximity to a variety of recreational activities, including kayaking, hiking, hunting, fishing, horseback riding, and biking, all within a short driving distance. Commuting is convenient, with easy access to nearby towns such as Dunnellon, Crystal River, Ocala, and Gainesville, providing access to employment, shopping, and other amenities. The property's location in Levy County, Florida, and its zip code is 32668. The coordinates are 29.2682729 latitude and -82.5449361 longitude. This is an ideal location for those seeking a tranquil yet conveniently located residential property. The asking price for this remarkable property is $79,900.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Morriston
    County
    Levy
    State
    Florida
    Longitude
    -82.5449
    Latitude
    29.2683

    Comparable in this City

    • Value Estimation by Request
      78.00 Acres

      14091 Highway 326

      Farms • 78.00 Acres
      14091 Highway 326, Morriston, FL 32668
      View Details
    • Value Estimation by Request
      49.43 Acres

      49.43 Acres Levy County

      Multifamily properties • 2,280 SF
      0 49.43 Acres Levy County, Williston Highlands, FL 32668
      View Details
    • Value Estimation by Request
      78.07 Acres

      150Th Ave

      Farms • 78.07 Acres
      0 150Th Ave, Morriston, FL 32668
      View Details
    • Value Estimation by Request
      20.00 Acres

      3670 148Th Ter

      Farms • 1,047 SF
      3670 148Th Ter, Morriston, FL 32668
      View Details
    • Value Estimation by Request
      82.22 Acres

      215Th Ave

      Farms • 82.22 Acres
      0 215Th Ave, Morriston, FL 32668
      View Details
    • Value Estimation by Request
      420.87 Acres

      Highway 464B

      Farms • 420.87 Acres
      0 Highway 464B, Morriston, FL 32668
      View Details

    Similar Nearby for Sale

    • $4,500,000
      78.00 Acres

      Ocala Equestrian Estate

      78 Acres, Premier Horse Facility
      14091 Highway 326, Morriston, FL 32668
      View Details
    • $119,995
      5.00 Acres

      Cleared Land Near Equestrian Center

      5-acre cleared lot near World Equestrian Center, mobile homes welcome.
      53Rd Ln, Morriston, FL 32668
      View Details
    • $340,000
      6.00 Acres

      Equestrian Estate Parcel in Morriston

      6-acre estate parcel in gated equestrian community near Ocala.
      0000 NW 464B, Morriston, FL 32668
      View Details
    • $41,000

      Levy County Vacant Land

      1.25-acre vacant lot in a peaceful, scenic Florida setting.
      00000 SE 67Th Pl, Morriston, FL 32668
      View Details
    • $119,995

      Land Available in Morriston, FL

      Land for sale in Morriston, Florida.
      53Rd Ln, Morriston, FL 32668
      View Details
    • $1,080,000
      40.00 Acres

      Morriston Land Near Equestrian Center

      Approximately 40-acre property suitable for development near World Equestrian Center.
      21230 SE 55Th St, Morriston, FL 32668
      View Details

    Similar Nearby for Lease

    • $5,950 /Mo

      Morriston Agricultural Property For Rent

      Agricultural property available for rent in Morriston, Florida.
      9450 NW 150Th Ave, Morriston, FL 32668
      View Details
    • $3,500 /Mo
      2,611 SF

      Updated Home with Fenced Paddocks

      Updated 4-bedroom home on 4 acres with 5 paddocks.
      4750 SE 216Th Ave, Morriston, FL 32668
      View Details
    • $7,500 /Mo

      Morriston Agricultural Property for Rent

      Agricultural property available for rent in Morriston, Florida.
      5391 NW 153Rd Ct, Morriston, FL 32668
      View Details
    • $9,800 /Mo

      Equestrian Facility with Turnkey Apartment

      13-stall barn with apartment near HITS available for lease.
      15355 Highway 326 W, Morriston, FL 32668
      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.
    Sr 121
    Morriston, FL 32668
    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.