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    2400-2492 Heritage Oaks Path Citrus County Hernando, FL 34442

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    2400-2492 Heritage Oaks Path Citrus County Hernando, FL 34442

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    • Lifestyle centers
    • 30,300 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 2400-2492 Heritage Oaks Path Citrus County

    Property size
    30,300 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    Heritage Hills Plaza offers exceptional retail space in Citrus County, Florida. This 30,300 square foot shopping center sits on a 1.01-acre lot and boasts a strong tenant mix, including Edward Jones, T-Mobile, Domino's Pizza, Cattle Dog Coffee, an animal hospital, Rehab Partners, Mg Oriental, Sheldon Palms Insurance, and Aroma Fine Wine & Spirits. Three spaces are currently available, ranging from a minimum of 1,200 square feet to a maximum contiguous space of 2,400 square feet; a total of 3,600 square feet is currently vacant. The plaza benefits from its excellent location adjacent to the established residential communities of Citrus Hills, Terra Vista, and Brentwood, ensuring a consistent flow of potential customers. High visibility is guaranteed with a daily traffic count of 13,000 vehicles on W. Norvell Bryant Highway. This presents a unique opportunity for businesses seeking a prime retail location in a thriving area with a diverse and established customer base. The property is classified as a multi-tenant commercial shopping center. Inquire for pricing and availability.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Hernando
    County
    Citrus
    State
    Florida
    Longitude
    -82.442
    Latitude
    28.8987

    Comparable in this City

    • Value Estimation
      $680,000
      5,400 SF

      2780 Florida Ave

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    • Value Estimation
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      3451 Louise Ln

      SHOPPING CENTER, STRIP CENTER • 26,580 SF
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    • Value Estimation by Request
      3,960 SF

      2392 Heritage Oaks Path

      SHOPPING CENTER, STRIP CENTER • 3,960 SF
      2392 Heritage Oaks Path, Hernando, FL 34442-6332
      View Details
    • Value Estimation
      $610,000
      5,000 SF

      2338 Norvell Bryant Hwy

      SHOPPING CENTER, STRIP CENTER • 5,000 SF
      2338 Norvell Bryant Hwy, Hernando, FL 34442-8902
      View Details
    • Value Estimation
      $650,000
      5,100 SF

      910 Norvell Bryant Hwy

      SHOPPING CENTER, STRIP CENTER • 5,100 SF
      910 Norvell Bryant Hwy, Hernando, FL 34442-2826
      View Details
    • Value Estimation
      $2,245,000
      18,880 SF

      2400 Essex Ave

      SHOPPING CENTER, STRIP CENTER • 18,880 SF
      2400 Essex Ave, Hernando, FL 34442-5320
      View Details

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    Similar Nearby for Lease

    • Contact for pricing
      2,400 SF

      Retail Space in Hernando, FL

      Retail property for lease in a high-traffic location.
      2456-2488 N Heritage Oaks Path, Hernando, FL 34442
      View Details
    • Contact for pricing

      Retail Space For Lease

      Retail space available for lease.
      2400-2492 N Heritage Oaks Path, Hernando, FL 34442
      View Details
    • Contact for pricing
      2,400 SF

      Office Space Available For Rent

      Office space available for rent in Hernando, Florida.
      2480 North Heritage Oaks Path, Hernando, FL 34442
      View Details
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    Hernando, FL 34442
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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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    2400-2492 Heritage Oaks Path Citrus County, Hernando, FL, 34442

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