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FOR SALE
Retail properties & Spaces
116 Dr Martin Luther King Jr Ave Inverness, FL 34450
Individually Owned
20-yr Hold
Free & Clear
Property ID
US18-5303538
For Sale
1 / 4
$269,000
116 Dr Martin Luther King Jr Ave, Inverness, FL 34450
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Property summary
AI-generated overview
This commercial parcel is located in Downtown Inverness, Florida, adjacent to the Citrus County Sheriff's Office and across the street from the Citrus County Courthouse. It is zoned CBD, allowing multi-story development up to a maximum height of 70 feet and six stories. Potential uses include multi-family residential, retail, and professional office space. The property is mostly cleared and flat, with an existing curbcut. Located in an X flood zone, the CBD zone allows for an 80% impervious surface ratio. Multi-story development could include views of Henderson Lake, Liberty Park, and the historic Citrus County Courthouse. The lot size is 0.37 acres.
Property profile
Verified
Property type
Retail properties & Spaces
Use group
VACANT COMMERCIAL LAND
Year built
1940
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
1,253 SF
Lot
0.37 ac (16,250 SF)
Zoning code
CBD CENTRAL BUSINESS DIST
APN
20E-19S-17-0050-01070-003.0
UPID
US18-5303538
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
Elizabeth Grice · 20 yrs held
Elizabeth Grice
since 2005
2 recorded transactions
Zoning & alternative use
CBD CENTRAL BUSINESS DIST · Inverness, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Inverness submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Inverness submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$2,185
Tax year 2023
Assessed value
$98,620
Assessed 2023
Previous assessed
$98,620
+0.0% YoY
Effective rate
2.22%
On assessed value
Assessed land
$98,620
Land market value
$98,620
Total market value
$98,620
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail properties & Spaces
Use group
VACANT COMMERCIAL LAND
Status
For Sale
Year built
1940
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Stories
1
Bathrooms
1
Total area
1,253 SF
Lot
0.37 ac (16,250 SF)
Zoning code
CBD CENTRAL BUSINESS DIST
APN
20E-19S-17-0050-01070-003.0
UPID
US18-5303538
Jurisdiction
CITRUS
Zoning & alternative use
CBD CENTRAL BUSINESS DIST · Inverness, FL
Zoning CBD CENTRAL BUSINESS DIST · permitted uses
CBD CENTRAL BUSINESS DIST · Inverness, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Inverness. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1940
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Stories
1
Bathrooms
1
Lot
0.37 ac
Current owner
From public records · entity-resolved
Elizabeth Grice
Individual
Free & Clear · 20 yrs held
Mailing address
PO BOX 13193, GAINESVILLE, FL 32604-1193
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2005
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 10, 2005
—
Elizabeth Grice
King,herman
Warranty Deed
—
Aug 10, 2005
$150,000
116 Building LLC
Grice,james & Elizabeth
Warranty Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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