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    2921 E Michael St Inverness, FL 34453
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    Property profile & analytics

    2921 E Michael St, Inverness, FL 34453

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    • Office buildings
    • 1,992 SF
    Off-Market
    Property ID
    US18-3572489
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • McFarland Construction Inc / Construction Company

    Property Details for 2921 E Michael St

    Year built
    2007
    Property type
    Office buildings
    Property subtype
    Commercial real estate

    Description

    PRIME LOCATION AND OFFICE BUILDING !! Built AND only occupied by McFarland Construction, which has recently relocated their office location within the county. Office condition is in excellent gently used condition. Office features Anderson real wood flooring & commercial grade carpet areas. Four ... separate large offices, one full bath with tiled tub/shower, and one handicap accessible customer half bath. Very large conference room, single car garage for inventory, or additional office space. Blinds on all windows. Spectrum internet. PUBLIC water, double lot .45 acres. Huge 1,305 sq. ft of concrete driveway and parking spaces. Attic stairs, sprinkler system, landscape, window blinds on all windows, ceiling fans, can and fluorescent lighting. Excellent visibility as it faces Croft Road, a main busy corridor of Citrus County. The perfect office location for a business to have excellent exposure and success. Don't miss out on this awesome opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Inverness
    County
    Citrus
    State
    Florida
    Longitude
    -82.3857566
    Latitude
    28.8613818

    Comparable in this City

    • $699,000

      Renovated Office Building on Highway

      Fully renovated 3,200 SF office building on 0.71 acres.
      2519 Highway 44 W, Inverness, FL 34453
      View Details
    • $365,000
      0.22 Acres

      Commercial Property in Inverness, Florida

      Commercial property suitable for office, daycare, or specialty retail.
      3455 Suzie Ln E, Inverness, FL 34453
      View Details
    • $1,375,000
      3,648 SF

      Inverness Commercial Building

      High-Visibility Office Building, Prime Location
      2332 Highway 44, Inverness, FL 34453
      View Details
    • $1,375,000
      3,648 SF

      Prime Inverness Commercial Property

      High-Visibility Office Building, 0.86 Acres
      2332 Highway 44, Inverness, FL 34453
      View Details
    • $400,000
      0.67 Acres

      Prime Commercial Land on SR 44

      High-exposure commercial development site on SR 44 in Inverness, FL.
      2514 Highway 44 W, Inverness, FL 34453
      View Details

    Similar Nearby for Sale

    • $365,000
      0.22 Acres

      Commercial Property in Inverness, Florida

      Commercial property suitable for office, daycare, or specialty retail.
      3455 Suzie Ln E, Inverness, FL 34453
      View Details
    • $699,000

      Renovated Office Building on Highway

      Fully renovated 3,200 SF office building on 0.71 acres.
      2519 Highway 44 W, Inverness, FL 34453
      View Details
    • $775,000
      1,854 SF

      Prime Inverness Office & Land

      High-traffic location, 1854 sq ft office, 2.9 acres.
      2303 Highway 44, Inverness, FL 34453
      View Details
    • $2,000,000
      2.00 Acres

      Prime Land on Highway 44

      1.9 acres with highway frontage, ideal for various businesses.
      2524 Highway 44 W, Inverness, FL 34453
      View Details
    • Contact for pricing
      1,420 SF

      Commercial Property with Large Yard

      General commercial property suitable for office, daycare, or retail.
      3455 Suzie Ln E, Inverness, FL 34453
      View Details

    Similar Nearby for Lease

    • $2,500 /Mo
      800 SF

      Commercial Rental on Busy Highway

      High-visibility commercial rental on Hwy 44, Inverness, FL.
      798 S Arlene Ave, Inverness, FL 34453
      View Details
    • Contact for pricing
      4,000 SF

      Freestanding Retail/Office Property Available

      4,000 SF property with office and warehouse space for lease.
      3131 E Gulf To Lake Hwy, Inverness, FL 34453
      View Details
    • Contact for pricing
      900 SF

      Retail Space in Citrus Center

      Retail suites available in established Inverness shopping center.
      2605-2691 E Gulf To Lake Hwy, Inverness, FL 34453
      View Details
    • Contact for pricing

      Retail Space in Citrus County

      Retail space available in Inverness's power center.
      2709 E Gulf To Lake Hwy, Inverness, FL 34453
      View Details
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    Inverness, FL 34453
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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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    2921 E Michael St, Inverness, FL, 34453
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