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Lecanto Redevelopment Opportunity For Sale

97 W Gulf to Lake Hwy, Lecanto, FL 34461

For Sale
Contact for pricing

21,810 SF building on 2 acres for redevelopment.

Property Size21,810 SF
Lot Size2.00 Acres
Price / SF$134.98
Days on Market258

Property Features for 97 W Gulf to Lake Hwy

General Information

Standard status Active
Size 21,810 SF
Class C
Total Parking Spaces 53
Lot size 2.00 Acres
Property subtype Mixed Use, Retail, Senior Living, Special Purpose
Zoning GNC Commercial, Retail, Medical/Pro Office, Hospital, Veterinary, Warehouse Light MFG
Occupancy 100%
Investment Type Redevelopment

Building Details

Year Built 2004
Year Renovated 2004
Buildings 1
Stories 1
Units 3
Listing Agency: Century 21 J W Morton Real Estate Inc
Listed By: Elias George Kirallah · License FL BK3123414
Source: Crexi
Added: Feb 26 Changed: Aug 8 Last Checked: Aug 8 at 6:36AM

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

Rey
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Investment Insights

Based on property information with market context.

This property presents an opportunity for acquisition and redevelopment, featuring an approximately 21,810 square foot reinforced concrete block building with a clear-span showroom/warehouse configuration. The interior is divided into three suites: approximately 1,500 square feet of retail space, approximately 2,000 square feet of retail space, and approximately 18,310 square feet of showroom/warehouse space. These suites can operate independently or be combined. The property is situated on approximately 2.00 acres of General Neighborhood Commercial (GNC) zoned land and includes 51 parking spaces. Located along SR-44 / Gulf to Lake Highway, the property has approximately 330 feet of frontage, offering visibility and traffic counts exceeding 25,500 AADT. Access is facilitated by right-in / right-out. A 32-foot-wide dock-high truck well, equipped with an 8’ x 10’ roll-up door and portable dock leveler, supports loading operations. Ceiling heights range from approximately 18 feet in the front showroom area to 15 feet in the rear loading area. The building is supported by approximately 1,200-amp three-phase power with a distributed reduction system. The property is located within the Tampa–St. Petersburg MSA. The building’s design and infrastructure create an opportunity for adaptive reuse or light industrial conversion. It is suited for a regional medical or healthcare campus, medical imaging center, outpatient surgery facility, or specialized wellness services. The clear-span layout, dock-high loading capability, and power capacity support light manufacturing, fabrication, cabinetry and millwork production, equipment assembly, and specialty trade operations. The facility is also suitable for e-commerce fulfillment, regional distribution, and showroom-to-production hybrid users. The property is centrally located within Citrus County, within a 15-minute drive of Inverness, Crystal River, Hernando, and Beverly Hills, providing access to a daytime population exceeding 68,000.

Key Highlights

  • Prime adaptive reuse/redevelopment opportunity in the Tampa‑St. Petersburg MSA.
  • High‑visibility location with ±330’ frontage on SR‑44 / Gulf to Lake Highway.
  • Flexible layout with ±21,810 SF building configurable as single‑tenant or multi‑tenant.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr
$209,540
Cap Rate
7.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,190,800 $4.2M
Cap Rate 7%
$2,993,429 $3.0M
Cap Rate 9%
$2,328,222 $2.3M
Market Conditions
NOI Build-Up for 21,810 SF
Gross rent
$327.2K $15.00/SF
− Vacancy
−$27.8K −$1.28/SF
EGI
$299.3K $13.73/SF
− OpEx
−$89.8K −$4.12/SF
NOI
$209.5K $9.61/SF
Area
Citrus County, FL
Vacancy
8.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,190,800
Cap Rate 7%
$2,993,429
Cap Rate 9%
$2,328,222

Alternative Uses

Best Use
Retail
$2.99M
$2.62M – $3.49M (±1% cap)
NOI $209,540 @ 7.0% cap · market cap 7.12%
Second Best
Mixed Use
$2.92M
$2.55M – $3.40M (±1% cap)
NOI $204,264 @ 7.0% cap · market cap 6.94%
Theoretical Best
Specialty Retail
$4.90M
$4.29M – $5.72M (±1% cap)
NOI $343,046 @ 7.0% cap · market cap 11.65%
Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history
Open Analytics

Current Use

Smart Interiors II ... Interior Design

Suggested Use

Top Pick Building Supply Real Estate Agency Auto Parts Store HVAC Service Restaurant Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

39
Businesses Nearby

Demographics for 34461, FL

11,388
Population
5,552
Households
2.1
Avg Household Size
58
Median Age
23%
College-Educated
92%
High-School Grad
45.8 sq mi
ZIP Area
249
Density / Sq Mi
$60,795
Median Household Income
$33,825
Median Earnings
$1,190
Median Rent
$287,200
Median Home Value
Check the figures for this property Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics

Market

Vacancy Rate% for Industrial in South region

6% 2019
6.5% 2020
4% 2021
3.5% 2022
6% 2023
7.6% 2024
7.9% 2025

Frequently Asked Questions

What type of property is this?
Mixed-use property - 21,810 SF building on 2 acres for redevelopment.
Where is this mixed-use property located?
The property is located at 97 W Gulf to Lake Hwy Lecanto, FL.
What is the asking price?
The asking price for this property is $2,944,000.
What are key features of this property?
This property features: Prime adaptive reuse/redevelopment opportunity in the Tampa‑St. Petersburg MSA.; High‑visibility location with ±330’ frontage on SR‑44 / Gulf to Lake Highway.; Flexible layout with ±21,810 SF building configurable as single‑tenant or multi‑tenant.
(352) 400-2635 · Office Call to check price and availability
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