DUE DILIGENCE 

Located in a prime industrial area, this 7.30-acre property offers a unique opportunity for businesses looking to expand or relocate to a thriving business hub. Zoned PDR (Planned Development), the property is approved for industrial use, with approximately 2 acres of surplus land for future development just off main thoroughfare inside the main commercial corridor .  

The highlight of this property is the impressive 56,186 sq.ft. building, built in 1984 with predominantly concrete block and red iron steel. The building comprises a 45,326 sq.ft. manufacturing facility/warehouse distribution with 14.67’-33.4’ clear ceilings and 10,860 sq.ft. of two-story professional office space with 12′-14′ clear ceiling heights.

The building is well-equipped to handle various industrial needs, with two and three-phase electrical supply, city water and sewer, and dock-high loading platforms at “0” level with dock levelers and five roll-up doors, as well as two ground-level roll-up doors. The LED lighted flex space allows for immediate retrofitting for a multitude of production uses.

The site is thoughtfully designed to accommodate trucks of all sizes, from small to semi trucks, with full pull-through and loading and off-loading capabilities. With 111 parking spaces available, there is ample room for staff and customers.

This industrial property is ideal for light manufacturing and distribution facilities. Its excellent location, modern amenities, and well-maintained building make it a top choice for businesses looking for a reliable and flexible space to grow and thrive.

Don’t miss out on this unique opportunity to own a prime industrial property with a well-designed building and room for future development. Contact us today to schedule a viewing and see how this property can take your business to the next level.

TO BE DELIVERED VACANT UPON CLOSING.

VIRTUAL TOUR LINK https://rb.gy/mi2j3
Architecial Building Plans Available upon request please email Salessupport@eliasgeorge.com and it will be sent to you directly. Note you must sign the NDA to receive any sensitive documents.

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 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 Stoke’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 type 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 Hwy constructed from Hernando County line to Fort Island Trail and US 19 in Crystal River, Florida. 

Suncoast Parkway: 

The Suncoast Parkway recently opened was a of $135 Million Dollar expansion which 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 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 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 Run Way 5000 feet to allow for larger aircraft to land and take off including a newly funded 75 acres industrial complex granted by the state to expand utilities, road reconstruction to support eighteen wheelers and to include environmentally friendly and energy conservation features.   

Community Development: 

957 single-family residential homes on a 354-acre site in Lecanto.  

500 lot subdivision, located in Citrus Springs by Habitat for Humanity of Citrus County.   

Green Mills Group in 2020 built a 106-unit apartment campus offering affordable housing on Colonade Street in Inverness.  

County commissioners approved a planned unit development (PUD) for Preservation Point RV Resort, a 234-acre property.  

Jaymelday Holdings LLC calls for up to 600 RV sites, along with amenities such as pool, golf cart rentals, bar and grill, basketball court and walking trails in Crystal River.   

207 Home subdivision by DR Horton in Beverly Hills, Florida Citrus Ridge Area.  

930 Unit Subdivision in Planning with national builder in Lecanto just off the Suncoast Parkway extension on SR 44.   

Investment Highlights
Market Performance Highlights:

Asking Cap Rates:
Tampa/St Petersburg MSA 5.8%

Ocala MSA 6.8%

Sale Cap Rates:
Tampa/St Petersburg MSA 6.7%

Ocala MSA 6.1%

Distribution / Warehousing
Vacancy
The average Vacancy Rate was 3.8% in the Tampa-St. Petersburg metro
Vacancy in the Tampa-St. Petersburg metro drifted upward by 30 basis points.
Vacancy is expected to finish 2023 at 3.6% in the Tampa-St. Petersburg metro.
 

Rent
The average Asking Rent was $6.72 in the Tampa-St. Petersburg metro
Rent in the Tampa-St. Petersburg metro was up 0.4% from year-end 2022.
Rent has risen in every quarter since year-end 2019 in the Tampa-St. Petersburg metro.
Rent is expected to finish 2023 at $7.09 in the Tampa-St. Petersburg metro.
 

Rental Costs/Lease Rates
Asking
Q4 2022: $6.69
Q1 2023: $6.72
Effective
Q4 2022: $6.32
Q1 2023: $6.35

 
Flex / R&D
 

Vacancy
The average Vacancy Rate was 4.9% in the Tampa-St. Petersburg metro
Vacancy in the Tampa-St. Petersburg metro drifted upward by 20 basis points.
The Tampa-St. Petersburg metro was among the 20 lowest vacancies nationally.
Vacancy is expected to finish 2023 at 4.4% in the Tampa-St. Petersburg metro.
 

Rent
The average Asking Rent was $9.65 in the Tampa-St. Petersburg metro
Rent in the Tampa-St. Petersburg metro was up 0.4% from year-end 2022.
Rent Has risen for ten consecutive quarters in the Tampa-St. Petersburg metro.
Rent is expected to finish 2023 at $10.16 in the Tampa-St. Petersburg metro.
 

Rental Costs/Lease Rates
Asking
Q4 2022: $9.61
Q1 2023: $9.65
Effective
Q4 2022: $8.84
Q1 2023: $8.87