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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    508 Main St Inverness, FL 34450-4749

    • Office buildings
    • 2,276 SF
    • 0.55 lot acres
    OFF-MARKET
    Last Sale
    Sep 04, 2024
    $700,000
    Value Estimations
    $675,000
    Show details
    Cap Rate Potential
    3.7%
    Office buildings
    Location Intelligence
    Property ID
    US18-8517432
    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

    • Law Offices of Brent C. Miller, P.A. / Personal Injury Attorney / Law Firm
    • Doreen Scott - Financial Advisor, Ameriprise Financial Services, LLC / Financial Planner

    Property Details for 508 Main St

    Year built
    1906
    Construction
    WOOD
    Lot size
    0.55 lot acres
    Property size
    2,276 SF
    Zone code
    C COMMERCIAL
    Property type
    Office buildings
    APN
    20E-19S-17-0010-00030-003.0
    APU
    20E19S170010000300030

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $700,000
      ML approach
      $700,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $604,000
      Market price range: $205k - $637k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $480,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Inverness
    County
    Citrus
    State
    Florida
    Longitude
    -82.3359
    Latitude
    28.8365
    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
    $8,281
    $211,570
    $162,170
    $373,740
    -
    $211,570
    $162,170
    $373,740

    Comparable in this City

    • Value Estimation
      $540,000
      24,020 SF

      210 Apopka Ave

      OFFICE BUILDING • 24,020 SF
      210 Apopka Ave, Inverness, FL 34450-4251
      View Details
    • Value Estimation
      $595,000
      36,476 SF

      212 Main St

      OFFICE BUILDING (MULTI-STORY) • 36,476 SF
      212 Main St, Inverness, FL 34450-4855
      View Details
    • Value Estimation
      $345,000
      1,739 SF

      103 Us Hwy 41

      OFFICE BUILDING • 1,739 SF
      103 Us Hwy 41, Inverness, FL 34450-4848
      View Details
    • Value Estimation
      $1,150,000
      2,400 SF

      949 Us Hwy 41

      OFFICE BUILDING • 2,400 SF
      949 Us Hwy 41, Inverness, FL 34450-6712
      View Details
    • Value Estimation
      $705,000
      5,164 SF

      301 Apopka Ave

      OFFICE BUILDING • 5,164 SF
      301 Apopka Ave, Inverness, FL 34450-4201
      View Details
    • Value Estimation
      $370,000
      3,077 SF

      407 Courthouse Sq

      OFFICE BUILDING • 3,077 SF
      407 Courthouse Sq, Inverness, FL 34450-4844
      View Details

    Similar Nearby for Sale

    • New
      $3,400,000
      0.15 Acres

      Prime Commercial Building in Inverness

      Commercial building in downtown Inverness, near government buildings and courthouse.
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      View Details
    • $525,000
      3,281 SF

      Highway 41 Office Building Investment

      High-visibility office building, 1 acre lot.
      625 Us Highway 41, Inverness, FL 34450
      View Details
    • $3,300,000
      11,484 SF

      Versatile Commercial Property For Sale

      3.3 acres with 11,874 sq ft building near Withlacoochee State Trail.
      601 S Us Highway 41, Inverness, FL 34450
      View Details
    • $3,300,000
      3.30 Acres

      Versatile Commercial Property For Sale

      3.3 acres with 11,874 sq ft building near Withlacoochee Trail.
      601 S Us Highway 41, Inverness, FL 34450
      View Details
    • $3,300,000
      11,484 SF

      Versatile Commercial Property For Sale

      3.3 acres with 11,874 sq ft building in Inverness, FL.
      601 S Us Highway 41, Inverness, FL 34450
      View Details
    • $650,000
      1,920 SF

      Inverness Commercial Land

      1.85-Acre Redevelopment Opportunity
      3109 Florida Ave, Inverness, FL 34450
      View Details

    Similar Nearby for Lease

    • $675 /Mo
      249 SF

      Historic Downtown Inverness Office Suite

      Charming furnished office suite in historic downtown Inverness.
      111 W Main St, Inverness, FL 34450
      View Details
    • New
      $13,500 /Mo
      134,600 SF

      Inverness Commercial Property for Rent

      3.09-acre commercial property with 32,608 SF mixed-use facility for rent.
      315 S Us Highway 41, Inverness, FL 34450
      View Details
    • $8,250 /Mo
      13,068 SF

      Remodeled Retail Space in Inverness

      3300 SF remodeled retail space in downtown Inverness for lease.
      805 W Main St, Inverness, FL 34450
      View Details
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    508 Main St
    Inverness, FL 34450-4749
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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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