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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2328 Commercial Way Spring Hill, FL 34606-3812

    • Turn key restaurants
    • 8,071 SF
    • 2.29 lot acres
    OFF-MARKET
    Last Sale
    Nov 02, 2022
    $5,655,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-3287217
    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

    • Turn key restaurants

    Property Details for 2328 Commercial Way

    Year built
    1994
    Construction
    FRAME
    Lot size
    2.29 lot acres
    Property size
    8,071 SF
    Property type
    Turn key restaurants
    APN
    R20-223-17-3686-0000-0010
    APU
    R2022317368600000010

    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
    -82.6211
    Latitude
    28.4663
    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
    $62,945
    $1,300,337
    $2,844,272
    $4,144,609
    -
    $1,138,222
    $3,006,387
    $4,144,609

    Comparable in this City

    • Value Estimation
      $210,000
      3,826 SF

      2903 Commercial Way

      RESTAURANT • 3,826 SF
      2903 Commercial Way, Spring Hill, FL 34606-3319
      View Details
    • Value Estimation by Request
      6,365 SF

      Commercial Way

      RESTAURANT • 6,365 SF
      Commercial Way, Spring Hill, FL 34606
      View Details
    • Value Estimation
      $255,000
      797 SF

      Lori Dr

      RESTAURANT • 797 SF
      Lori Dr, Spring Hill, FL 34606
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    • Value Estimation
      $285,000
      5,328 SF

      3085 Commercial Way

      RESTAURANT • 5,328 SF
      3085 Commercial Way, Spring Hill, FL 34606-3370
      View Details
    • Value Estimation
      $220,000
      724 SF

      1320 Commercial Way

      RESTAURANT • 724 SF
      1320 Commercial Way, Spring Hill, FL 34606-4522
      View Details
    • Value Estimation
      $185,000
      10,062 SF

      1371 Commercial Way

      RESTAURANT • 10,062 SF
      1371 Commercial Way, Spring Hill, FL 34606-4521
      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.
      1108 Commercial Way, Spring Hill, FL 34606
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    • $69,000
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      Residential Land in Spring Hill

      Over 1/3 acre lot, no HOA, backs to conservation.
      5417 Moongate Rd, Spring Hill, FL 34606
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    • $650,000
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      Prime Commercial Lot, High Visibility

      Vacant commercial lot in a high-traffic Spring Hill location.
      3003 Commercial Way, Spring Hill, FL 34606
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    • $62,000
      0.25 Acres

      Residential Lot for Duplex Construction

      Vacant lot zoned for multi-family use, ideal for duplex.
      Markham Ave, Spring Hill, FL 34606
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    • $125,000
      0.55 Acres

      Waterfront Land Ready to Build

      Cleared, level, waterfront lot ready for custom home.
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    • $40,000
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      Residential Land in Spring Hill

      Vacant .24-acre lot in a growing Florida community.
      Deltona Blvd, Spring Hill, FL 34606
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    Similar Nearby for Lease

    • $12 SF/Yr
      116,917 SF

      7325-7429 Spg Hl Dr & Kass Cir

      Neighborhood centers • 116,917 SF
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    • 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.
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    • $807 /Mo
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      Commercial Space For Lease

      Commercial space available in high-traffic Spring Hill location.
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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
      View Details

    Property Visit Statistics

    • Visits by month
      7.8k
    • Visitors by month
      6.5k
    • Avg Time on site
      71 min
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    2328 Commercial Way
    Spring Hill, FL 34606-3812
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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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