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    Beverly Hills Commercial Development Land Title is generated by Realmo AI

    N Modelwood Drive, Beverly Hills, FL 34465

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    1.9+ acre commercial land in Citrus County's growth corridor.

    Type:Land
    Lot size:
    1.94 Acres
    Added:
    Oct 31, 2024
    Days on Market:
    582
    Last Refresh:
    May 12 at 10:46 pm

    Property Features for N Modelwood Drive

    General Information

    Standard status
    Active
    Lot size
    1.94 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Elias George Kirallah

    Listing agent Elias George Kirallah License #BK3123414

    Listing office Century 21 J W Morton Real Estate Inc

    Listing date Oct 31, 2024

    Source Crexi

    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 Century 21 J W Morton Real Estate Inc

    HighLights

    • Prime commercial development opportunity with 1.94 acres in a high‑growth area of Citrus County.
    • Excellent highway frontage (435') and visibility on Hwy 491, with multiple access points and a signalized intersection.
    • Zoned for diverse commercial uses including QSR with drive‑thru, retail, automotive, and medical/professional offices.
    • Located within a thriving development alongside established national brands like Walgreens, Advance Auto Parts, and Pizza Hut.
    • Cleared and ready for development with utilities in place (city water and sewer) and access to offsite retention.
    • Proximity to major retailers, a growing residential population, and the recently extended Suncoast Parkway, facilitating access to Tampa.

    Overview

    This 1.94-acre commercial property is located in the Golden Gate development in Beverly Hills, Florida. Zoned for diverse commercial uses, including quick-service restaurants with drive-thru, automotive services, general retail, and medical or professional offices, the site is part of a growing area with established businesses such as Walgreens, Advance Auto Parts, and a new Pizza Hut with drive-thru. The property features over 195 feet of highway frontage along Hwy 491 and access via the signalized intersection at N Modelwood Drive and Hwy 491. Multiple points of entry, including three from CR 491 and two from N Modelwood Drive, provide connectivity to adjacent parcels through a cross-access service road, with both front and rear access to the parcel. The site is 2.8 miles north of the Central Ridge regional shopping district, near major retailers like Walmart, Target, Aldi, Hobby Lobby, Texas Roadhouse, and Panera Bread. The cleared site is ready for development and has access to offsite retention for maximum lot utilization, with city water and sewer lines in place. Shared signage will enhance visibility. The location is near a customer base of 46,361 residents with an average age of 58 and a median household income of $65,000, and is close to Floral City, Lecanto, Crystal River, and Homosassa. Citrus County's Land Development Code allows for an estimated population of 350,000. The property is positioned to benefit from the Suncoast Parkway extension and future expansions.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Beverly Hills
    County
    Citrus
    State
    Florida
    Longitude
    -82.467357
    Latitude
    28.924232

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    FAQs

    What type of property is this?
    Commercial land - 1.9+ acre commercial land in Citrus County's growth corridor.
    Where is this commercial land located?
    The property is located at N Modelwood Drive Beverly Hills, FL.
    What is the asking price?
    The asking price for this property is $600,000.
    What are key features of this property?
    This property features: Prime commercial development opportunity with 1.94 acres in a high‑growth area of Citrus County.; Excellent highway frontage (435') and visibility on Hwy 491, with multiple access points and a signalized intersection.; Zoned for diverse commercial uses including QSR with drive‑thru, retail, automotive, and medical/professional offices.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Elias George Kirallah
    Real Estate License ID: BK3123414
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    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.

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