Renovated Auto Shop with Lake
For Sale
$335,000
8929 E Gulf To Lake Highway, Inverness, FL 34450
CommercialSale, Inverness, FL
Property Size4,010 SF
Lot Size0.78 Acres
Price / SF$83.54
Days on Market511
Property Features for 8929 E Gulf To Lake Highway
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
CLC,CLR
Parking
20
Parking features
Driveway, Assigned
Interior features
HighCeilings
Exterior features
PavedDriveway
Subdivision
Not on List
Lot features
Flat, Multiple Lots
View
Lake
Directions
Coming from Inverness downtown enter US Highway 41 and head South East for .5 Miles until you reach an intersection enter E Gulf To Lake Highway and head North East for about 4.4 Miles until you reach the property in 7 Minutes on your left side.
Standard status
Active
APN
1738628
Lot size
0.78 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
HICKORY HILL RETS UNIT 2 PB 3 PG 75 LOTS 3 & 4 BLK 4
Tax Annual Amount
3589
Legal Description
HICKORY HILL RETS UNIT 2 PB 3 PG 75 LOTS 3 & 4 BLK 4
Utilities
Sewer type
Septic Tank
Water source
Well
Water front features
Lake, Lake Front
Water front
1
Amenities
roll-up doors
12-foot ceiling heights
3-phase electric power
lake access
open yard space
Building Details
Year built
1972
Floors in Building
2
Flooring type
Concrete
Building materials
Block, Concrete
Roof type
Asphalt, Shingle
Listing Agency:
Century 21 J.W.Morton R.E. · Century 21 Real Estate
(352) 726-6668
Listed By:
Elias Kirallah · License #3123414
(352) 400-2635
Added: Apr 2, 2025
Changed: Aug 25
Last Checked: Aug 25 at 9:06AM
MLS# 843269
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.
This 4,010-square-foot concrete block auto shop sits on a 0.78-acre site in Inverness. The building includes three 10'x12' grade-level roll-up doors, 12-foot ceilings, 3-phase electric service, concrete flooring, and a two-story interior build-out suitable for office functions or live/work arrangements. A new roof and extensive interior renovations have updated the property, while paved driveway areas, assigned parking, and open yard space support service-oriented operations.
The property fronts Gulf to Lake Highway (SR 44), with over 300 feet of visibility and approximately 18,000 vehicles in average daily traffic. Rear lake access connects the site to the Tsala Apopka Chain of Lakes. Zoning is CLC, CLR, and the property has a well and septic tank. Downtown Inverness is 3.2 miles away, with Crystal River and The Villages within approximately 21 miles.
The property fronts Gulf to Lake Highway (SR 44), with over 300 feet of visibility and approximately 18,000 vehicles in average daily traffic. Rear lake access connects the site to the Tsala Apopka Chain of Lakes. Zoning is CLC, CLR, and the property has a well and septic tank. Downtown Inverness is 3.2 miles away, with Crystal River and The Villages within approximately 21 miles.
Key Highlights
- 4,010‑square‑foot concrete block building on a 0.78‑acre lot
- Three 10'x12' grade‑level roll‑up doors and 12‑foot ceiling heights
- 3‑phase electric power supports heavy‑duty equipment
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
$26,420
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
7.89%
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%
$528,400
$528.4K
Cap Rate 7%
$377,429
$377.4K
Cap Rate 9%
$293,556
$293.6K
Market Conditions
NOI Build-Up for 4,010 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
$39.9K $9.96/SF
− Vacancy
−$2.2K −$0.55/SF
EGI
$37.7K $9.41/SF
− OpEx
−$11.3K −$2.82/SF
NOI
$26.4K $6.59/SF
Area
Citrus County, FL
Vacancy
5.50%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
30.00%
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%
$528,400
Cap Rate 7%
$377,429
Cap Rate 9%
$293,556
Alternative Uses
Best Use
Flex RnD
$656.6K
$574.5K – $766.0K
NOI $45,960 @ 7.0% cap · market cap 13.72%
Second Best
Retail
$550.4K
$481.6K – $642.1K
NOI $38,526 @ 7.0% cap · market cap 11.50%
Theoretical Best
Specialty Retail
$901.0K
$788.4K – $1.05M
NOI $63,073 @ 7.0% cap · market cap 18.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12 ft
Clear height
3
Drive-in doors
18,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
32
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34450, FL
10,788
Population
6,642
Households
1.6
Avg Household Size
59
Median Age
25%
College-Educated
92%
High-School Grad
31.2 sq mi
ZIP Area
346
Density / Sq Mi
$48,955
Median Household Income
$39,409
Median Earnings
$973
Median Rent
$210,200
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Auto shop - Renovated commercial facility with roll-up doors, high ceilings, and direct access to the Tsala Apopka Chain of Lakes.
Where is this auto shop located?
The property is located at 8929 E Gulf To Lake Highway Inverness, FL.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: 4,010‑square‑foot concrete block building on a 0.78‑acre lot; Three 10'x12' grade‑level roll‑up doors and 12‑foot ceiling heights; 3‑phase electric power supports heavy‑duty equipment
