Mixed-Use Property Near Manatee
For Sale
Contact for pricing
11492 114th Pl, Chiefland, FL 32626
Mixed-use property with store, mobile home, and RV hookups.
Property Size1,233 SF
Price / SF$223.03
Days on Market1055
Property Features for 11492 114th Pl
General Information
Standard status
Active
Size
1,233 SF
Property subtype
Hospitality, Retail
Building Details
Year Built
1967
Stories
1
Units
5
Listing Agency:
Drummond Realty Inc.
(352) 493-1069
Listed By:
Deborah Drummond · License #FL
Source:
Crexi
Added: Oct 4, 2023
Changed: Aug 19
Last Checked: Aug 23 at 9:58AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Drummond Realty Inc.
Investment Insights
Based on property information with market context.
This mixed-use property is located just outside the entrance to Manatee Springs State Park on the Suwannee River. The property includes three RV hookups, a doublewide mobile home, and a concrete block building that was formerly operated as a general store. The general store has 1233 conditioned square feet and features a working walk-in cooler, retail area, shelving, and one full bath. Currently used as an office building, it offers flexible potential. The 2006 doublewide mobile home located behind the store has 1664 conditioned square feet with 3 bedrooms and 2 bathrooms, suitable for living or renting out. The property also features three full RV hookups on the left side. Both the store and mobile home have metal roofs. There are three electric meters, one for the store, one for the mobile home, and one for the RV hookups. The property is located on heavily traveled Hwy 320, adjacent to Springside Retirement Village and Hideaway Park. The zoning is rural mixed-use, with a list of permitted uses attached. The property is not in a flood zone. This property offers the opportunity to live on-site and run a business.
Key Highlights
- Prime location directly outside Manatee Springs State Park entrance on the Suwannee River.
- Rural Mixed Use zoning with a wide range of permitted uses.
- Includes a 1233 sq ft concrete block building (former general store) with walk‑in cooler and retail space.
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
$14,681
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
5.34%
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%
$293,620
$293.6K
Cap Rate 7%
$209,729
$209.7K
Cap Rate 9%
$163,122
$163.1K
Market Conditions
NOI Build-Up for 1,233 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
$20.7K $16.80/SF
− Vacancy
−$1.1K −$0.92/SF
EGI
$19.6K $15.88/SF
− OpEx
−$4.9K −$3.97/SF
NOI
$14.7K $11.91/SF
Area
Levy County, FL
Vacancy
5.50%
Lease Rate
$16.80 /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%
$293,620
Cap Rate 7%
$209,729
Cap Rate 9%
$163,122
Alternative Uses
Best Use
Specialty Retail
$209.7K
$183.5K – $244.7K
NOI $14,681 @ 7.0% cap · market cap 5.34%
Second Best
Retail
$186.8K
$163.4K – $217.9K
NOI $13,073 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$305.4K
$267.2K – $356.3K
NOI $21,377 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32626, FL
8,620
Population
4,358
Households
2
Avg Household Size
47
Median Age
13%
College-Educated
89%
High-School Grad
243.6 sq mi
ZIP Area
35
Density / Sq Mi
$49,643
Median Household Income
$34,057
Median Earnings
$844
Median Rent
$160,900
Median Home Value
Market
Vacancy Rate% for Retail 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?
Grocery and convenience store - Mixed-use property with store, mobile home, and RV hookups.
Where is this grocery and convenience store located?
The property is located at 11492 114th Pl Chiefland, FL.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Prime location directly outside Manatee Springs State Park entrance on the Suwannee River.; Rural Mixed Use zoning with a wide range of permitted uses.; Includes a 1233 sq ft concrete block building (former general store) with walk‑in cooler and retail space.
