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    Property profile & analytics

    3365 Millwood Ln Hernando, FL 34442-2740

    • Outlet malls
    • 8,320 SF
    • 1.26 lot acres
    OFF-MARKET
    Last Sale
    Mar 16, 2023
    $670,000
    Value Estimations
    $920,000
    Show details
    Cap Rate Potential
    8.8%
    Outlet malls
    Location Intelligence
    Property ID
    US18-1765275
    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

    • Outlet malls

    Property Details for 3365 Millwood Ln

    Year built
    2012
    Construction
    STEEL FRAME
    Lot size
    1.26 lot acres
    Property size
    8,320 SF
    Zone code
    GNC GEN COMMERCIAL
    Property type
    Outlet malls
    APN
    19E-18S-10-0010-094.0
    APU
    19E18S1000100940

    Description

    This exceptional 8,320-square-foot retail space is available for lease in Hernando, Florida. Located on Highway 200, this single-tenant building offers prime visibility and easy access to both Ocala and Inverness. Built in 2012, the property features a spacious 8,320-square-foot interior, perfect for a variety of commercial uses, including showroom, flex space, or convenient store. The building boasts a 1.26-acre lot with 34 parking spaces, ensuring ample customer parking. The interior features versatile space with ceiling heights ranging from 15 to 19 feet, durable concrete floors, and energy-efficient fluorescent and LED lighting. Two ADA-compliant restrooms are included. The property is zoned GNC and sits on a prominent corner lot with two convenient access points, maximizing visibility and accessibility. This Class C building presents a rare opportunity for businesses seeking a high-traffic location at an affordable rental rate. The property's location in Citrus County, Florida, offers excellent access to major roadways and a growing community. This is an ideal space for businesses seeking high visibility and convenient access for customers. The property is ready for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $905,000
      ML approach
      $910,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,330,000
      6.5%
      $1,230,000
      7%
      $1,140,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $920,000
      Market price range: $668k - $1.94M
      AI Estimate
      $885,000
      Market price range: $537k - $1.67M

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

    Location Insight

    • Map
    • Local Demand
    City
    Hernando
    County
    Citrus
    State
    Florida
    Longitude
    -82.378
    Latitude
    28.9328
    CBSA code
    26140
    CBSA name
    HOMOSASSA SPRINGS, FL MICROPOLITAN 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
    2023
    $9,270
    $204,680
    $345,410
    $550,090
    -
    $204,680
    $345,410
    $550,090

    Comparable in this City

    • Value Estimation
      $365,000
      9,012 SF

      2560 Trucks Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 9,012 SF
      2560 Trucks Ave, Hernando, FL 34442-4572
      View Details
    • Value Estimation
      $325,000
      9,146 SF

      4421 Carl G Rose Hwy

      WHOLESALE OUTLET, DISCOUNT STORE • 9,146 SF
      4421 Carl G Rose Hwy, Hernando, FL 34442-4127
      View Details
    • Value Estimation
      $890,000
      8,924 SF

      1385 Florida Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 8,924 SF
      1385 Florida Ave, Hernando, FL 34442-4420
      View Details
    • Value Estimation
      $1,770,000
      9,020 SF

      6915 Florida Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 9,020 SF
      6915 Florida Ave, Hernando, FL 34442-3503
      View Details
    • Value Estimation
      $415,000
      18,880 SF

      2400 Essex Ave

      SHOPPING CENTER, STRIP CENTER • 18,880 SF
      2400 Essex Ave, Hernando, FL 34442-5320
      View Details
    • Value Estimation
      $265,000
      14,659 SF

      1007 Norvell Bryant Hwy

      SHOPPING CENTER, STRIP CENTER • 14,659 SF
      1007 Norvell Bryant Hwy, Hernando, FL 34442-6500
      View Details

    Similar Nearby for Sale

    • $79,000
      0.15 Acres

      Commercial Corner Lot with Office

      Commercial corner lot with office building, highway exposure, ample parking.
      4662 N Carl G Rose Hwy, Hernando, FL 34442
      View Details
    • $285,000
      1,629 SF

      Hernando Retail on State Road

      High-visibility retail property with versatile zoning and strong traffic.
      4655 N Carl G. Rose Hwy, Hernando, FL 34442
      View Details
    • New
      $275,000

      Turn-Key Restaurant in Hernando, FL

      Profitable restaurant with catering, fully equipped, excellent visibility and accessibility.
      2780 N Florida Ave, Hernando, FL 34442
      View Details
    • $445,000
      2,960 SF

      Hernando Retail Property - High Traffic Area

      Two buildings, high visibility, great investment.
      2018 Florida Ave, Hernando, FL 34442
      View Details
    • $285,000
      0.48 Acres

      Commercial Property on State Road

      High-visibility commercial property with versatile zoning and highway frontage.
      4655 N Carl G. Rose Hwy, Hernando, FL 34442
      View Details
    • $420,000
      2,960 SF

      Commercial Property with Highway Frontage

      Two commercial properties in high-traffic area with highway frontage.
      2018 N Florida Ave, Hernando, FL 34442
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,400 SF

      Retail Space in Hernando, FL

      Retail property for lease in a high-traffic location.
      2456-2488 N Heritage Oaks Path, Hernando, FL 34442
      View Details
    • Contact for pricing
      30,300 SF

      Heritage Hills Plaza Retail Space

      High-traffic retail center; spaces available.
      2400-2492 Heritage Oaks Path Citrus County, Hernando, FL 34442
      View Details
    • Contact for pricing
      2,400 SF

      Office Space Available For Rent

      Office space available for rent in Hernando, Florida.
      2480 North Heritage Oaks Path, Hernando, FL 34442
      View Details
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    3365 Millwood Ln
    Hernando, FL 34442-2740
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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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