700 SE 5th Ter - Medical FOR SALE


Crystal River, FL 34429
$195,000 USD
352-400-2635
700 SE 5th Ter, Crystal River, FL for Sale
$195,000 USD
Medical - FOR SALE
1/34
null | Request Cap Rate

700 SE 5th Ter
Crystal River, FL 34429


HIGHLIGHTS

  • Property Area: 0.03 Acres
  • Building Area: 1,410 Sf.
  • Zoned: CG (General Commercial)

OVERVIEW

The escalating costs and impracticality of traditional office spaces have presented a challenge for businesses seeking cost-effective and strategic commercial solutions. In response, an unparalleled opportunity has emerged in the heart of Crystal River, Florida, within the rapidly growing Citrus County Nature Coast region. This 1,410 SF commercial office/retail unit offers a competitively priced, partly renovated space that combines functionality, location, and growth potential. Located within a thriving retail corridor, the property is strategically positioned amidst national retailers, dining establishments, essential services, City Hall, and the downtown Square. The unit, wired for surround sound, security systems, and high-speed internet, features a front retail area, a private office/exam room, and additional storage space. These amenities are designed to accommodate diverse business operations, from retail enterprises to professional office use. Citrus County is experiencing unprecedented growth, driven by the $135 million Suncoast Parkway expansion, which has significantly improved connectivity within the Tampa-St. Petersburg-Clearwater MSA—the 18th largest metropolitan area in the United States. The county’s strategic location places it at the forefront of regional growth, with projections indicating a population surge from the current 153,600 residents to an estimated 350,000 by 2030 under the Land Development Code. The immediate vicinity of the property offers access to an ideal consumer base of 46,361 residents within a 15-minute radius. This demographic, characterized by an average age of 58 and a median household income of $65,000, demonstrates robust consumer spending habits. Approximately 66% of residents dine out regularly, while 89% frequent fast-food establishments, underscoring a strong demand for retail and dining services. Furthermore, healthcare expenditures, totaling over $106 million annually, highlight opportunities in medical and wellness-related sectors. Strategic Advantages The property benefits from proximity to several burgeoning communities, including Sugarmill Woods, Homosassa, Lecanto, and Beverly Hills, which collectively contribute to a growing population base. Crystal River itself serves as a gateway to the region's renowned natural attractions, including the Crystal River and surrounding preserves, further enhancing its appeal to businesses catering to residents and visitors alike. Location Advantages: Central Hub: Positioned in a vibrant retail corridor, the property is surrounded by national retailers, restaurants, essential services, City Hall, and the downtown square. Proximity to the Crystal River and nature preserves enhances its appeal. Infrastructure Development: The $135 million expansion of the Suncoast Parkway is set to improve connectivity, potentially boosting economic growth in Citrus County. Demographic Insights: Local Market: Within a 15-minute radius, there are approximately 46,361 residents with an average age of 58 and a median household income of $65,000. Consumer spending is robust, with 66% dining out and 89% frequenting fast-food restaurants. Healthcare expenditures are significant, totaling over $106 million, reflecting the median age of the population. Growth Projections: Citrus County's population was estimated at 170,884 in 2024, with a growth rate of 2.51% in the past year. World Population Review Projections indicate continued growth, with estimates reaching 196,536 by 2050. Florida Division of Elections Regional Context: Tampa MSA: As part of the Tampa–St. Petersburg–Clearwater Metropolitan Statistical Area, the 18th largest in the U.S., Citrus County benefits from regional economic dynamics. Logistic Details: -County Road 486 runs entirely along West Norvell Bryant Highway. It runs West to East from SR 44 east of Crystal River into US-41 in Hernando, just south of the southern terminus of SR 200. The route was once the former SR 486. County Road 486 spans 4 lanes, is almost entirely a divided highway, and is flanked by a parallel bicycle path on the south side. -County Road 491 is Lecanto Highway, a bi-county South to North road that begins at the Hernando-Citrus County Line in Oak Grove near the Withlacoochee State Forest and ends at SR 200 in Syou’re toke's Ferry, just south of the intersection with the northern segment of CR 39. It was formerly designated as SR 491. -County Road 44 (often marked as County Road 44W) exists as the western tip of old Florida State Road 44, south of "Downtown" Crystal River. The suffix "W" was most likely added to not confuse this section with State Road 44, to the north, and to show its location by being west of US 19 and US 98(SR 55). As with the majority of these types of 'coastal spur' routes, in West Central Florida, it is county-maintained. -U.S. Route 19 (US-19) runs 264 miles (425 km) along Florida's West Coast from an interchange with U.S. Route 41 in Memphis, Florida, south of Tampa, and continues to the Georgia border north of Monticello, Florida. Newly 6 lane Highway was constructed from the Hernando County line to Fort Island Trail and US 19 in Crystal River, Florida. Suncoast Parkway: The Suncoast Parkway recently opened was a $135 Million Dollar expansion that extends 13 miles north from US-98 to SR 44 which features 15 new bridges, electronic tolling gantries, and the extension of The Suncoast Trail part of the Florida's Statewide Greenways and Trail System. The Suncoast Parkway is just 68 Miles 1 hour and 15 mins from Tampa making it a great commuting Highway for the workforce seeking to be outside of the Tampa traffic. The Veterans Expressway and Suncoast Parkway is a north–south toll road near the Florida Gulf Coast. Maintained and operated by Florida's Turnpike Enterprise, this 68-mile transportation corridor extends from State Road 60 in Tampa, north to State Road 44 near Lecanto. Citrus County Growth: Citrus County, Florida's estimated population is 155,582 with a growth rate of 1.29% in the past year according to the most recent United States census data. Citrus County, Florida is the 34th largest county in Florida. The 2010 Population was 141,173 and has seen a growth of 10.21% since this time. Citrus County's current LDC allows for approximately a population of 350k residencies. Given the expansion of the Suncoast Parkway and the 6-lane expansion of US 19, we are in the path of tremendous growth. Currently, Citrus County has 60,000 vacant parcels of land prime for development. The County and incorporated Cities have plans for extensive utility expansion throughout the county including the expansion of the Crystal River Airport Runway 5000 feet to allow for larger aircraft to land. HOA Is $390 A Month As Insurance Soared

FOR SALE DETAILS

PRICE

$195,000 USD

PRICE/SF

$138 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Single

SALE TYPE

Owner User

BUILDING DETAILS

PROPERTY NAME

PRIME 1,410 SF OFFICE/RETAIL CONDO

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

C

YEAR BUILT

1984

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.04 AC

LAND SF

1,742 SF

ZONING

CG

APN/PARCEL ID

17E-18S-27-0000-44333-0070

ASK ABOUT THIS PROPERTY

Elias KirallahCentury 21 Commercial, Elias George KirallahMore Info
352-400-2635

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Elias KirallahCentury 21 Commercial, Elias George KirallahMore Info
352-400-2635

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.