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    Property profile & analytics

    1108 Commercial Way Spring Hill, FL 34606

    • Car washes
    • 11,353 SF
    • 2.60 lot acres
    For Sale
    View listing
    $6,995,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-1698465
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Car washes

    Property Details for 1108 Commercial Way

    Year built
    1988
    Lot size
    2.60 lot acres
    Property size
    11,353 SF
    Property type
    Car washes
    APN
    R32-423-17-0000-0010-0020
    APU
    R3242317000000100020

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Spring Hill
    County
    Hernando
    State
    Florida
    Longitude
    -82.6322
    Latitude
    28.4479
    CBSA code
    45300
    CBSA name
    TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $19,048
    $507,715
    $746,490
    $1,254,205
    -
    $739,247
    $514,958
    $1,254,205

    Comparable in this City

    • Value Estimation by Request
      4,224 SF

      4330 Commercial Way

      CAR WASH • 4,224 SF
      4330 Commercial Way, Spring Hill, FL 34606-1903
      View Details
    • Value Estimation
      $1,820,000
      2,740 SF

      1273 Commercial Way

      AUTO REPAIR, GARAGE • 2,740 SF
      1273 Commercial Way, Spring Hill, FL 34606-4533
      View Details
    • Value Estimation by Request
      3,960 SF

      1280 Commercial Way

      AUTO REPAIR, GARAGE • 3,960 SF
      1280 Commercial Way, Spring Hill, FL 34606-4520
      View Details
    • Value Estimation by Request
      4,040 SF

      3371 Commercial Way

      AUTO REPAIR, GARAGE • 4,040 SF
      3371 Commercial Way, Spring Hill, FL 34606-2618
      View Details
    • Value Estimation by Request
      4,224 SF

      3477 Commercial Way

      VEHICLE SALES, RENTALS • 4,224 SF
      3477 Commercial Way, Spring Hill, FL 34606-2622
      View Details
    • Value Estimation
      $6,685,000
      8,046 SF

      3335 Commercial Way

      VEHICLE SALES, RENTALS • 8,046 SF
      3335 Commercial Way, Spring Hill, FL 34606-2618
      View Details

    Similar Nearby for Sale

    • $6,995,000
      14,953 SF

      Premium Car Wash Investment Opportunity

      High-visibility car wash and detail center with additional income-producing buildings.
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    • $1,150,000
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      Prime Spring Hill Commercial Land

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      Spring Hill Commercial Land Parcel

      Prime Spring Hill location, high visibility, C-1 zoning.
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    • $69,900
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      Residential Land in Spring Hill

      Partially wooded lot in a rapidly expanding Spring Hill community.
      Alderwood St, Spring Hill, FL 34606
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    • $94,000
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      Cleared Land Ready to Build

      Cleared vacant lot ready to build in the heart of Spring Hill.
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      Commercial Land For Sale

      Commercial land available for sale.
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    Similar Nearby for Lease

    • Contact for pricing
      11,039 SF

      Spring Hill Retail Space For Lease

      Large Retail Building, Ample Parking, 72 Acres
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      Suncoast Commons Retail Space

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    • $15 SF/Yr
      2,200 SF

      Retail Space For Lease

      Retail space available for lease with high visibility and access.
      7429 Spring Hill Dr, Spring Hill, FL 34606
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    • $807 /Mo
      969 SF

      Commercial Space For Lease

      Commercial space available in high-traffic Spring Hill location.
      4546 Commercial Way, Spring Hill, FL 34606
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    • $10 SF/Yr
      2,800 SF

      Commercial Way Mixed-Use Property

      Mixed-use property for lease on Commercial Way in Spring Hill.
      4560-4568 Commercial Way, Spring Hill, FL 34606
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    • $12 SF/Yr
      3,227 SF

      Retail Space For Lease

      Retail space available in a centrally located, high-visibility area.
      7325-7429 Spring Hill Dr, Spring Hill, FL 34606
      View Details
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    1108 Commercial Way
    Spring Hill, FL 34606
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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.

    More about this property
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