299 Gulf To Lake HwyLecanto, FL 34461

Property Details for 299 Gulf To Lake Hwy

Year built

1978

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

2.73 AC

Property size (Sq ft)

7,254 SF

Zone code

GNC GEN COMMERCIAL

Property type

Retail properties

Property subtype

Other individual retail properties

APN

18E-19S-01-0010-000D0-006.0

APU

18E19S010010000D00060

Description

This exceptional 7,254-square-foot retail building in Lecanto, Florida, presents a prime commercial opportunity. Located at 299 E Gulf to Lake Hwy, this single-tenant property sits on a 2.73-acre lot with 68 parking spaces and boasts 297 feet of highway frontage on SR 44. Built in 1978, the building features a 3-phase electrical system and is zoned GNC. The property's open floor plan is highly adaptable, suitable for various uses including restaurants, bars, or QSR establishments. Its previous configuration included a ballroom, kitchen with walk-in refrigeration and hood/fire suppression system, cocktail lounge, and meeting hall. Recent upgrades include a new HVAC system and interior lighting. The property benefits from its location between Inverness and Crystal River, offering access to a substantial customer base within a 5-mile radius, including Citrus Hills. With the expansion of the Suncoast Parkway and projected population growth in Citrus County (estimated to reach 350,000 residents by 2030), this property offers significant long-term investment potential. The area's strong consumer spending on dining and healthcare services further enhances its appeal. Its proximity to key facilities like the Citrus County Courthouse and Citrus Memorial Hospital adds to its strategic advantage within the Tampa-St. Petersburg-Clearwater MSA, the 18th largest in the U.S. The property's two points of ingress and egress ensure convenient access for customers and employees. This is a rare opportunity to acquire a well-located, adaptable commercial property in a rapidly growing market. The APN is 18E19S010010 000D0 0060.

• CAP approach

  CAP return

  Valuation

  6%

  $2,003,766

  6.5%

  $1,849,630

  7%

  $1,717,514

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,338,491

  Geo Method

  $3,338,491

• Alternative Use

  Use

  Valuation

  Residential

  $1,560,232

  Hospitality

  $1,429,164

  Educational

  $1,189,048

  Medical

  $1,229,941

  Retail

  $1,849,630

Location Insight

City

Lecanto

County

Citrus

State

Florida

Latitude

28.859

Longitude

-82.4294

CBSA code

26140

CBSA name

HOMOSASSA SPRINGS, FL MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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