17575 Us Hwy 301 Citra, FL 32113-2458

Property Details for 17575 Us Hwy 301

Year built

1953

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

3.50 lot acres

Property size

4,126 SF

Zone code

B4; PRV

Property type

Commercial real estate

APN

03659-000-00

APU

365900000

Description

Exceptional investment opportunity in Citra, Florida, presents a combined 13-unit motel and 10-space RV park situated on approximately 3.5 acres (MOL), zoned B-4. This established business boasts a 1,600 sq ft, 3-bedroom, 2-bathroom doublewide manufactured home (2001) and a bathhouse conveniently located near the RV park. The motel, built in 1953 and featuring 8,266 sq ft, received a new roof in 2017 and fresh exterior paint in 2023. The property operates on a septic system and well water. Current gross revenue stands at $153,740, generating a net operating income (NOI) of $83,579, representing a 5.07% cap rate. Projections incorporate $150,000 for upgrades and repairs in the first year, leading to increased income in subsequent years. Year 2 projections include $48,000 in average annual gross income from RV lot rents ($500/month) and $208,000 in annual gross revenue for the motel, based on an average daily rate (ADR) of $55 and an 80% occupancy rate for both the motel and RV park. The property offers significant upside potential with the owner indicating the possibility of expanding the RV park by an additional 10 spaces. Asking price is $1,650,000.

Location Insight

City

Citra

County

Marion

State

Florida

Longitude

-82.1131

Latitude

29.4055

CBSA code

36100

CBSA name

OCALA, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments