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    Development Land with Dual Road Frontage Title is generated by Realmo AI

    COUNTY ROAD 462, Wildwood, FL 34785

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    Claim this Listing
    For Sale
    $950,000

    Land - WILDWOOD, FL

    Lot size:
    10.00 Acres
    Added:
    Dec 8, 2023
    Days on Market:
    910
    Last Refresh:
    Jun 5 at 9:06 am

    Property Features for COUNTY ROAD 462

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R1
    Standard status
    Active
    APN
    D32-173
    Lot size
    10.00 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    18.36

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Jonathan Martin

    Listing agent Jonathan Martin License #3402836

    Listing office CARLINO REAL ESTATE GROUP INC 1001 S 14th Street, Leesburg, FL

    Listing date Dec 8, 2023

    MLS# G5076190 Listing URL

    Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 10‑acre parcel with frontage on County Road 462 and County Road 121
    • Rezoned institutional (IN) zoning with approval for a 200‑bed assisted living facility
    • City water and sewer are close by
    • Average Annual Daily Traffic of 10,600 trips (per Florida DOT)
    • Close to The Village and near new single‑family and multi‑family developments
    • IN zoning allows uses such as childcare, professional office, schools, churches, funeral homes, and retail sales

    Overview

    The property is a 10-acre commercial land parcel with frontage on County Road 462 and County Road 121. The offering is positioned for development, with site entitlements discussed in the public remarks including approval for a 200-bed assisted living facility. The remarks also indicate the land has been rezoned institutional (IN) and list additional IN zoning uses such as childcare, professional office, schools, churches, funeral homes, and retail sales.

    While the listing data shows zoning as R1, the public remarks state it has been rezoned to IN. Access is described via County Road 462, where the Florida DOT website reports an Average Annual Daily Traffic count of 10,600 trips. The same section of CR 462 is described as having a bike lane and sidewalks, and public water and sewer are indicated as being close by.

    This site is being marketed for institutional and related uses, including an independent or assisted living facility, based on the stated approval. The remarks also reference other potential uses consistent with institutional zoning, as well as storage and residential development. With the ability to support a mix of institutional uses listed under IN zoning, the parcel can be evaluated by developers and operators looking for a larger-format land site near ongoing housing growth.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Wildwood
    County
    Sumter
    State
    Florida
    Longitude
    -82.105054
    Latitude
    28.896674

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    FAQs

    What type of property is this?
    Commercial land - 10-acre parcel with frontage on County Roads 462 and 121 and institutional redevelopment approvals for an assisted living facility.
    Where is this commercial land located?
    The property is located at COUNTY ROAD 462 Wildwood, FL.
    What is the asking price?
    The asking price for this property is $950,000.
    What are key features of this property?
    This property features: 10‑acre parcel with frontage on County Road 462 and County Road 121; Rezoned institutional (IN) zoning with approval for a 200‑bed assisted living facility; City water and sewer are close by
    (407) 443-5491
    We can help!
    Listing Contact
    Jonathan Martin
    Real Estate License ID: 3402836
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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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