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    376 S Croft Ave Inverness, FL 34453
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    376 S Croft Ave Inverness, FL 34453

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    • Land
    For Sale
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    Inverness Vacant Land Opportunity For Sale
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    Inverness Vacant Land Opportunity

    17.09 acres of vacant land suitable for high-density multifamily.

    376 S Croft Ave, Inverness, FL 34453
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    Property ID
    US18-4475751
    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

    • Land

    Property Details for 376 S Croft Ave

    Property type
    Land

    Description

    The Subject Property is 17.09± Acres (100% Uplands) of vacant land. It is an excellent site for a developer/builder who wants to take advantage of the high-density multifamily zoning (i.e., apartments, townhomes, paired villas, assisted living/senior housing). A complete list of permitted uses is available upon request. The owner has engaged the services of RedElk Land Company to market the Subject Property exclusively The Veterans Expressway SR 44 Interchange (New) is only 10 mins. from the doorstep of the Subject Property, allowing for greater connectivity. The next phase of expansion is under construction (northbound). The Suncoast Trail has been expanded in concert with the expressway, making it 55 miles between Gulf to Lake Trailhead (north) and Lutz Lake Fern Road Trailhead (south). The Subject Property is a few miles west of Historic Downtown Inverness, Citrus County Seat, and a few miles east of Lecanto, home of the College of Central Florida (Citrus Campus). The area boasts quality healthcare and beautiful golf courses. Many call the Inverness area home for its high quality of life and the natural environment nestled between forests and lakes. The Subject Property is not far from the Withlacoochee Trail (46-mile recreation trail) and only a stone’s throw from the 50,000-acre Citrus Wildlife Management Area, to name only a few.

    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
    -82.3876754
    Latitude
    28.8580748

    Comparable in this City

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      Vacant Lot in Inverness, FL

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      0.07 Acres

      Vacant Land in Inverness, FL

      A beautiful piece of land in Inverness, Florida.
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      Citrus County Land Opportunity

      Land in thriving Citrus County, near shopping and amenities.
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      Inverness Land Near Boat Ramp

      Land for sale near boat ramp with lake access.
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      Unique Island Parcel on River Basin

      Private island in Citrus County with scenic water views.
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      Vacant Lot in Inverness, FL

      0.53-acre vacant lot ideal for builders or investors.
      229 North Copperfield Ter, Inverness, FL 34453
      View Details
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      0.07 Acres

      Vacant Land in Inverness, FL

      A beautiful piece of land in Inverness, Florida.
      2208 Mistletoe St, Inverness, FL 34453
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      Citrus County Land Opportunity

      Land in thriving Citrus County, near shopping and amenities.
      1989 East Old Colony Ln, Inverness, FL 34453
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    • $35,000
      0.41 Acres

      Inverness Land Near Boat Ramp

      Land for sale near boat ramp with lake access.
      687 N Lori Pt, Inverness, FL 34453
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    • $45,000
      16.68 Acres

      Unique Island Opportunity in Inverness

      Secluded island parcel in Citrus County with water access.
      7740 E Smoke Trl, Inverness, FL 34453
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    Similar Nearby for Lease

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      Retail Space in Citrus County

      Retail space available in Inverness's power center.
      2709 E Gulf To Lake Hwy, Inverness, FL 34453
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      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
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      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
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    376 S Croft Ave
    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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