17575 Us Highway 301Citra, FL 32113

  • Other commercial real estate
  • 4,126 SF
For Sale
$1,650,000 View listing

Property Details for 17575 Us Highway 301

Year built
1953
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Lot size
3.50 AC
Property size (Sq ft)
4,126 SF
Zone code
B4; PRV
Property type
Other commercial real estate
APN
03659-000-00
APU
365900000

Description

Exceptional investment opportunity in Citra, Florida, presents a combined 13-unit motel and 10-space RV park situated on approximately 3.5 acres (MOL), zoned B-4. This established business boasts a 1,600 sq ft, 3-bedroom, 2-bathroom doublewide manufactured home (2001) and a bathhouse conveniently located near the RV park. The motel, built in 1953 and featuring 8,266 sq ft, received a new roof in 2017 and fresh exterior paint in 2023. The property operates on a septic system and well water. Current gross revenue stands at $153,740, generating a net operating income (NOI) of $83,579, representing a 5.07% cap rate. Projections incorporate $150,000 for upgrades and repairs in the first year, leading to increased income in subsequent years. Year 2 projections include $48,000 in average annual gross income from RV lot rents ($500/month) and $208,000 in annual gross revenue for the motel, based on an average daily rate (ADR) of $55 and an 80% occupancy rate for both the motel and RV park. The property offers significant upside potential with the owner indicating the possibility of expanding the RV park by an additional 10 spaces. Asking price is $1,650,000.

17575 Us Highway 301, Citra, Florida

Location Insight

City
Citra
County
Marion
State
Florida
Latitude
29.4055
Longitude
-82.1131
CBSA code
36100
CBSA name
OCALA, FL METROPOLITAN 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
$7,130
$134,000
$229,034
$363,034
-
$134,000
$246,339
$380,339

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