For Sale
$3,890,000

1624 Meadowcrest BlvdCrystal River, FL 34429

56,186 SF Warehouse, R&D, Manufacturing

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 56,186 square foot industrial facility, situated on a 7.3-acre lot (including 2 acres of surplus land) in Crystal River, Florida, presents a compelling investment opportunity. Built in 1984 with significant renovations in 2005, 2007, 2008, and 2010, the property boasts a two-story design encompassing 45,326 square feet of warehouse/manufacturing space with impressive ceiling heights ranging from 14 to 30 feet, and a 10,860 square foot, two-story office area. The building features 12 loading docks with 5 dock-high doors, plus 2 ground-level roll-up doors, providing ample access for efficient loading and unloading. The property benefits from a robust electrical supply (up to 2000 AMPS), city water and sewer connections, and 111 parking spaces. Zoned PDR, it's approved for commercial and industrial uses, offering significant expansion potential. Strategically located 3.2 miles east of the Suncoast Parkway 2 and SR 44 interchange, this property enjoys proximity to thriving communities and benefits from the substantial growth projected for Citrus County, part of the Tampa-St. Petersburg-Clearwater MSA. The property is being delivered vacant upon closing. This is a fee-simple ownership opportunity with a Class B designation. The asking price is $3,890,000, translating to $69.23 per square foot.

Highlights

  • 56,186 SF industrial facility on a 7.3-acre lot (including 2 acres of surplus land) in Crystal River, FL. $3,890,000 asking price; $69.23/SF.
  • Tampa/St. Petersburg MSA asking cap rates at 5.8%, Ocala MSA at 6.8%; sale cap rates at 6.7% and 6.1% respectively.
  • Distribution/Warehousing: Q1 2023 average asking rent $6.72/SF, effective rent $6.35/SF; Vacancy expected to be 3.6% by year-end 2023.
  • Flex/R&D: Q1 2023 average asking rent $9.65/SF, effective rent $8.87/SF; Vacancy expected to be 4.4% by year-end 2023.

Property Details for 1624 Meadowcrest Blvd

Property type
Warehouses, Life science properties
Square Feet
56,186 SF
Class
B
Year Built
1984
Buildings
1
Stories
2
Lot Size (sq. ft)
317,988 SF
Units
1

Location Insight

City
Crystal River
County
Citrus
State
Florida
Latitude
28.8865818
Longitude
-82.5393629
1624 Meadowcrest Blvd, Crystal River, Florida

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1624 Meadowcrest Blvd
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