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    Property profile & analytics

    3902 Suncoast Blvd Homosassa, FL 34448

    • Strip malls
    • 97,134 SF
    • 10.41 lot acres
    For Lease
    View listing
    Last Sale
    Feb 01, 2022
    $10,500,000
    Value Estimations
    $9,250,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-3194069
    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

    • 00518 Springs Plaza / Food Store

    Property Details for 3902 Suncoast Blvd

    Year built
    1986
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    10.41 lot acres
    Property size
    97,134 SF
    Zone code
    GNC GEN COMMERCIAL
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    17E-19S-22-0010-00100-001.0
    APU
    17E19S220010001000010

    Description

    Springs Plaza, a Class A retail center in Homosassa, Florida, offers 96,647 square feet of leasable space on 10.42 acres. Built in 1986 and renovated in 1995, this single-story building boasts 18 suites, with a minimum divisible space of 1,050 square feet and a maximum contiguous space of 16,000 square feet. Currently, 14,000 square feet is available for lease. The property features 461 parking spaces and is strategically located at the signalized intersection of US 98 (Suncoast Boulevard) and Halls River Road, offering excellent visibility and accessibility. Key tenants include Publix (currently undergoing renovations), Aaron's, T-Mobile, H&R Block, State Farm, and Optical Outlet. The property also includes a highly desirable 0.86-acre outparcel along US 98, presenting a unique development opportunity. Its location in Citrus County, approximately 59 miles north of Tampa and 75 miles west of Orlando, benefits from a strong local market and a growing population. The property's power supply is 2240-480 volts, and it is zoned GNC. This prime retail location offers a compelling investment opportunity with significant upside potential. The property is 96% leased.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $9,115,000
      ML approach
      $7,775,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $9,658,000
      Market price range: $5.06M - $13.3M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $9,300,000
      Current use
      RETAIL STORES
      $13,490,000
      Change: +45% Conversion: Easy
      AUTO REPAIR, GARAGE
      $12,110,000
      Change: +30% Conversion: Difficult
      WAREHOUSE, STORAGE
      $8,835,000
      Change: -5% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Homosassa
    County
    Citrus
    State
    Florida
    Longitude
    -82.5782
    Latitude
    28.8047
    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
    $121,210
    $1,651,780
    $5,049,720
    $6,701,500
    -
    $1,651,780
    $5,049,720
    $6,701,500

    Comparable in this City

    • Value Estimation
      $95,000
      2,415 SF

      8686 Halls Riv Rd

      SHOPPING CENTER, STRIP CENTER • 2,415 SF
      8686 Halls Riv Rd, Homosassa, FL 34448-3607
      View Details
    • Value Estimation
      $820,000
      8,800 SF

      3538 Suncoast Blvd

      SHOPPING CENTER, STRIP CENTER • 8,800 SF
      3538 Suncoast Blvd, Homosassa, FL 34448-2327
      View Details
    • Value Estimation
      $305,000
      13,220 SF

      3246 Canadian Way

      SHOPPING CENTER, STRIP CENTER • 13,220 SF
      3246 Canadian Way, Homosassa, FL 34448
      View Details
    • Value Estimation
      $265,000
      9,275 SF

      5452 Oakridge Dr

      SHOPPING CENTER, STRIP CENTER • 9,275 SF
      5452 Oakridge Dr, Homosassa, FL 34448
      View Details
    • Value Estimation
      $365,000
      12,714 SF

      3795 Suncoast Blvd

      WHOLESALE OUTLET, DISCOUNT STORE • 12,714 SF
      3795 Suncoast Blvd, Homosassa, FL 34448-2602
      View Details
    • Value Estimation
      $295,000
      4,236 SF

      10200 Halls Riv Rd

      RESTAURANT • 4,236 SF
      10200 Halls Riv Rd, Homosassa, FL 34448-3411
      View Details

    Similar Nearby for Sale

    • $548,500

      Homosassa Commercial Property For Sale

      Commercial property in Homosassa with owner financing and vacation rental.
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    • $2,500,000
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      Ozello Trail Commercial Land

      46 Acres, Prime Homosassa Location
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    • $600,000
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      Homosassa Mixed-Use Commercial Building

      Prime location, owner financing, vacant, high ROI.
      10460 New York St, Homosassa, FL 34448
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    • $1,100,000
      2,444 SF

      Unique Homosassa Mixed-Use Compound

      Historic Homosassa property with residential, retail, and income potential.
      10844 W Yulee Dr, Homosassa, FL 34448
      View Details
    • $32,000
      0.27 Acres

      Homosassa Land in Riverhaven Village

      0.27-acre lot with community amenities near Homosassa River.
      4632 S Sawgrass Cir, Homosassa, FL 34448
      View Details
    • Contact for pricing
      0.29 Acres

      Homosassa Land For Sale

      Two vacant lots totaling 0.29 acres in Homosassa, Florida.
      7147 W Jackson Ln, Homosassa, FL 34448
      View Details

    Similar Nearby for Lease

    • $9 SF/Yr

      Oakridge Center

      U.S. 19 (Suncoast Blvd) Retail space w/ great access and visibility
      5447 Oakridge Dr, Homosassa, FL 34448
      View Details
    • Contact for pricing
      96,647 SF

      Springs Plaza Retail Center

      Homosassa, FL Retail Opportunity
      3902 Suncoast Blvd, Homosassa, FL 34448
      View Details
    • $1,250 /Mo
      16,560 SF

      Retail Units on Homosassa Trail

      Multiple retail units available for lease on Homosassa Trail.
      3220 S Regal Lilly Way, Homosassa, FL 34448
      View Details
    • Contact for pricing
      15,628 SF

      Former CVS Building For Rent

      Single tenant retail building, 15,628 SF, built in 2006.
      3959 S Suncoast Blvd, Homosassa, FL 34448
      View Details
    • $600 /Mo
      500 SF

      Office Space in High-Traffic Plaza

      Office space for rent in a high-traffic Homosassa plaza.
      3279 S Suncoast Blvd, Homosassa, FL 34448
      View Details
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    Homosassa, FL 34448
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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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