Lecanto Redevelopment Opportunity For
For Sale
Contact for pricing
97 W Gulf to Lake Hwy, Lecanto, FL 34461
21,810 SF building on 2 acres for redevelopment.
Property Size21,810 SF
Lot Size2.00 Acres
Price / SF$134.98
Days on Market166
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
(352) 400-2635
Listed By:
Elias George Kirallah · License #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
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 = 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
$209,540
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
7.12%
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%
$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
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
$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 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%
$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
NOI $209,540 @ 7.0% cap · market cap 7.12%
Second Best
Mixed Use
$2.92M
$2.55M – $3.40M
NOI $204,264 @ 7.0% cap · market cap 6.94%
Theoretical Best
Specialty Retail
$4.90M
$4.29M – $5.72M
NOI $343,046 @ 7.0% cap · market cap 11.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
39
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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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.
