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    3516 Norvell Bryant Hwy Hernando, FL 34442-2969

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    3516 Norvell Bryant Hwy Hernando, FL 34442-2969

    View on Map
    • Office buildings
    • 15,000 SF
    • 4.49 lot acres
    Off-Market
    Last Sale Oct 31, 2022
    $650,000
    Property ID
    US18-2609882
    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
    $605,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • BTI Access Controls / Hardware & Home Improvement / Production Facility

    Property Details for 3516 Norvell Bryant Hwy

    Year built
    1986
    Construction
    STEEL FRAME
    Lot size
    4.49 lot acres
    Property size
    15,000 SF
    Zone code
    IND INDUSTRIAL
    Property type
    Office buildings
    APN
    19E-18S-26-13000-00E.0
    APU
    19E18S261300000E0

    Description

    This exceptional 7,500-square-foot industrial property, situated on two acres of land in Hernando, Florida, presents a unique investment opportunity. Built in 1988 and renovated in 2000, the single-story building boasts a spacious 50' x 150' footprint, ideal for various manufacturing, commercial, or warehouse uses. The property features a high 18-foot ceiling, enhancing storage and operational efficiency. Access is facilitated by one loading dock, one dock-high door, and one drive-in door, ensuring seamless logistics. Ample parking is available with 18 spaces. The building includes office and parts room space, along with an outdoor garage. The property benefits from 230V 3-phase power, catering to diverse industrial needs. Located at 3516 E Norvell Bryant Hwy, Hernando, FL 34442, this property offers 1000 feet of frontage and is conveniently located in Citrus County. The property is currently vacant and ready for immediate occupancy. This single-tenant property offers a versatile space with significant potential for a variety of businesses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $565,000
      ML approach
      $560,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Hernando
    County
    Citrus
    State
    Florida
    Longitude
    -82.3756
    Latitude
    28.8973
    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
    $10,413
    $160,090
    $471,970
    $632,060
    -
    $160,090
    $471,970
    $632,060

    Comparable in this City

    • Value Estimation by Request
      2,480 SF

      6771 Florida Ave

      OFFICE BUILDING • 2,480 SF
      6771 Florida Ave, Hernando, FL 34442-3503
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    • Value Estimation
      $1,125,000
      5,486 SF

      942 Norvell Bryant Hwy, Unit 2

      OFFICE BUILDING • 5,486 SF
      942 Norvell Bryant Hwy, Hernando, FL 34442-2826
      View Details
    • Value Estimation
      $1,480,000
      15,600 SF

      1250 Overdrive Cir

      OFFICE BUILDING • 15,600 SF
      1250 Overdrive Cir, Hernando, FL 34442-9625
      View Details
    • Value Estimation by Request
      2,400 SF

      3153 Carl G Rose Hwy

      OFFICE BUILDING • 2,400 SF
      3153 Carl G Rose Hwy, Hernando, FL 34442-4315
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    • Value Estimation
      $925,000
      9,500 SF

      1371 Florida Ave

      OFFICE BUILDING • 9,500 SF
      1371 Florida Ave, Hernando, FL 34442-4420
      View Details
    • Value Estimation
      $1,245,000
      15,000 SF

      3464 Norvell Bryant Hwy

      OFFICE BUILDING • 15,000 SF
      3464 Norvell Bryant Hwy, Hernando, FL 34442-3295
      View Details

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    Similar Nearby for Lease

    • Contact for pricing
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      View Details
    • Contact for pricing

      Retail Space For Lease

      Retail space available for lease.
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      View Details
    • Contact for pricing
      2,400 SF

      Retail Space in Hernando, FL

      Retail property for lease in a high-traffic location.
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      View Details
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    Hernando, FL 34442-2969
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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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