$1,650,000
1115 W Gulf to Lake Hwy
Details
Property Type Industrial
Sub Type Warehouse
Square Footage 12,250
Cap Rate 8.00%
NOI $165,000
Tenancy Single
Lease Type NNN
Price per SqFt $135
Class C
Year Built 1988
Buildings 1
Acreage 1.660
Zoning Light Industrial
Investment Type Sale/Leaseback
Ground Lease No
Ceiling Height 25
Dock High Doors 5
Sale Condition Sale for leaseback
Industrial | 8.00% CAP | 12,250 SqFt
Marketing description
A 12,250 SF± dual-bay industrial and warehouse facility with direct frontage on State Road 44 — Citrus County's primary commercial arterial — offering five roll-up doors, multiple private office suites, and a rare combination of seller-held second mortgage financing and immediate leaseback income. A turnkey acquisition with day-one cash flow and a capital structure that reduces equity at entry.
Investment highlights
- Asking Price: $1,650,000 ~$135/SF · Very Negotiable
- Seller 2nd Mortgage: $500,000 2nd lien · Rate & term negotiable
- Current Back Canopy Lease Income: $18,000/yr
- Day-1 Leaseback NOI: $60,000/yr 5,000 SF @ $12.00/SF NNN
- Bay 2 Income (Stabilized): $84,000/yr 7,000 SF @ $12.00/SF NNN
- Stabilized NOI: ~$164,000 Both bays leased, NNN basis
- Value @ 8% Cap: ~$2M+ Upside vs. asking price
- Seller Second Mortgage — $500,000 in 2nd Position reduces equity required at closing and boosts cash-on-cash returns
- Stable income from back canopy lease and seller-leaseback on one side to cover note payments.
- Home Depot Opening Fall 2026 — 136,980 SF new store opening nearby on SR 44
- Suncoast Parkway (SR 589) — $430M+ active buildout through Lecanto
- SR 44 — ~22,000 AADT Direct frontage on Citrus County's primary east-west commercial corridor
- Retail Explosion — Target, Aldi, Ulta, Five Below, Ross, PetSmart, Old Navy, and Skechers committed to corridor
- Undersupplied Industrial Market — Citrus County has minimal new warehouse construction
- Tampa MSA Overflow — Tampa-area operators priced out at $120–$200/SF find value here at $100–$135/SF
- Lecanto — County Seat — Government, medical, and trade services concentrated
- Regional Population Growth — Neighboring counties rank among fastest-growing in nation
Listing Contacts
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$165,000.00
$13,750.00/mo
Valuation Metrics
0
DSCR
10%
Cap Rate
10%
ROI
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Name
License
Brokerage
Brokerage Phone
Title
Is there information that looks off?
