508 Citrus AveCrystal River, FL 34428

Property Details for 508 Citrus Ave

Year built

1959

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.52 AC

Property size (Sq ft)

2,952 SF

Zone code

CG GENERAL COMMERCIAL

Property type

Retail properties

Property subtype

Turn key restaurants

APN

17E-18S-21-0060-074.0

APU

17E18S2100600740

Description

This exceptional 2,952-square-foot restaurant property, located in Crystal River, Florida, presents a unique investment opportunity. Situated on a 0.52-acre corner lot, this vacant, single-story building boasts 27 on-site parking spaces, supplemented by ample street parking. Completely renovated in 2019, the concrete block structure offers a modern and inviting space, perfect for a variety of food and beverage concepts. The property benefits from its prime downtown location within the city's designated Downtown Wet Area, allowing for alcohol sales. Its strategic placement maximizes foot traffic, with easy access via interconnected trails and bike paths. Within a three-mile radius, the property is surrounded by national retailers, parks, and waterways leading to the Gulf of Mexico. The property is ideally positioned to benefit from the recently completed Suncoast Parkway extension and future planned expansions, positioning Citrus County for significant growth within the Tampa Metropolitan Statistical Area (MSA). A strong customer base of 46,361 residents within a 15-minute radius, with a median household income of $65,000 and an average age of 58, provides a solid foundation for a successful business. The property is part of a rapidly growing area, with Citrus County projected to reach an estimated 350,000 residents by 2030. This is a rare chance to acquire a thriving business in a vibrant downtown locale. The asking price is $1,100,000. Equipment and fixtures are sold separately. The property is zoned CG. Built in 1959.

• CAP approach

  CAP return

  Valuation

  6%

  $815,301

  6.5%

  $752,586

  7%

  $698,830

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,358,592

  Geo Method

  $1,358,592

• Alternative Use

  Use

  Valuation

  Residential

  $634,834

  Hospitality

  $581,505

  Educational

  $483,805

  Medical

  $500,444

  Retail

  $752,586

Location Insight

City

Crystal River

County

Citrus

State

Florida

Latitude

28.8984

Longitude

-82.5934

CBSA code

26140

CBSA name

HOMOSASSA SPRINGS, FL MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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