This is a rare opportunity to secure one of the last remaining large parcels in the main commercial corridor. Situated just off the controlled intersection of US Hwy 41/W Main Street interchange (25,500 AADT) and SR 44/E Gulf to Lake Hwy (17,500 AADT), the property spans 3.09 acres with over 330 feet of highway frontage and a combined traffic area of over 71,500 cars daily in the City Limits of Inverness with City Water and Sewer. Zoned C-Commercial allows the highest density of development for commercial enterprise in the Citrus County Land Development Code. The subject property is easily accessible, with full ingress and egress via a median curb cut from southbound traffic and right-in access for northbound traffic.
It is located at the nexus of W Main Street, US Hwy 41, and SR 44, which connects to I-75 within 15 miles to the east. Current improvements on the subject property include a mixed-use retail and warehouse facility with over 32,608 square feet, 3-phase electric, and 25-foot ceilings in the warehouse area. It also features two 20’x20’ grade-level doors and full pull-through access for large box trucks and other commercial vehicles. Additionally, approximately 1.9 acres of the site serve as a fenced laydown storage yard. This massive retail hub of Downtown Inverness benefits from a collective pool of consumers from well-known national and regional retailers such as Winn-Dixie, Future Aldi's, Publix, McDonald's, Burger King, and many more.
Beyond the retail offerings, you will find the City Hall of Inverness, Citrus County Tax Collectors, Property Appraisers, Department of Vehicles, and the Citrus County Courthouse. The City of Inverness has recently invested heavily in beautifying the town, including the newly constructed lakefront parks: Liberty, Wallace Brooks, and the Depot District. With the recent $135 million expansion of the Suncoast Parkway and future extensions, Citrus County is poised for historic growth within the Tampa MSA. Just a 15-minute drive from the property, an ideal customer base of 46,361 residents with an average age of 58 and a median household income of $65,000 awaits.
Strong market consumer expenditures reveal that 66% of residents dine out at restaurants/steakhouses, and 89% frequent fast-food restaurants. Moreover, given the median age of 58, the area's population has spent over $106 million on healthcare services. The property offers access to flourishing populations in Floral City (5 miles), Lecanto (12.3 miles), Beverly Hills (15.1 miles), Crystal River (16.6 miles), and Homosassa (18.8 miles). As part of Citrus County, currently home to 153,600 residents, the area is projected to experience exponential growth, reaching an estimated 350,000 residents under Citrus County’s Land Development Code by 2030. Positioned within the Tampa–St. Petersburg–Clearwater MSA, ranked as the 18th largest in the U.S., Citrus County emerges as one of the nation's premier real estate markets.
Economic and Demographic Highlights:
*Downtown Inverness is a bustling retail hub supported by a diverse mix of national and regional retailers, including Winn-Dixie, Future Aldis, Publix, McDonald's, and Burger King. Government buildings like the City Hall of Inverness, Citrus County Tax Collectors, Property Appraisers, Department of Vehicles, and the Citrus County Courthouse further bolster the area’s activity.
*Recent investments in the beautification of Inverness, such as the newly constructed lakefront parks—Liberty, Wallace Brooks, and the Depot District—have significantly enhanced the town's appeal. With a $135 million expansion of the Suncoast Parkway and future extensions, Citrus County is set for historic growth within the Tampa MSA.
*A 15-minute drive from the property offers access to a customer base of 46,361 residents with an average age of 58 and a median household income of $65,000. Consumer spending habits reveal that 66% of residents dine out at restaurants and steakhouses, and 89% frequent fast-food establishments. Additionally, the median age population spends over $106 million on healthcare services annually.
Retail Cap Rate:
5.8 Median Asking Cap Rate 2023
6.6 Median Sold Cap Rate
4.4 Median Q1 Sold Cap Rate
Price/SF:
$130-$520/Sq.Ft. Range
$188 Sq.Ft. Median Price
Retail Outlook:
A comprehensive assessment of the Tampa-St. Petersburg retail market indicates that the dominant concentrations of competitive retail space are located in the East Hillsborough County submarket, amounting to 9.1 million square feet and 22.2% of the metropolitan inventory, followed by Clearwater/North Pinellas, with a 22.1% share, and Northwest Hillsborough/Tampa/Westshore (21.8%). Since the beginning of Q2 2014, the fastest growing area has been the Pasco submarket, adding 454,000
square feet over that period, or 40.3% of total metropolitan retail completions.
Rent:
-The average Asking Rent was $16.40 in the Tampa-St. Petersburg metro.
-Rent in the Tampa-St. Petersburg metro was up 0.5% from year-end 2023.
-Rent is expected to finish 2024 at $16.56 in Tampa-St. Petersburg metro.
Vacancy:
-The average Vacancy Rate was 9.0% in the Tampa-St.Petersburg metro.
No vacancy change since year-end 2023 in the TampaSt. Petersburg metro.
The Tampa-St. Petersburg metro had the lowest vacancy level since Q3 2008.
-Vacancy is expected to finish 2024 at 9.3% in the Tampa-St. Petersburg metro.
Growth Potential:
The property is well-positioned to tap into flourishing nearby populations in Floral City (5 miles), Lecanto (12.3 miles), Beverly Hills (15.1 miles), Crystal River (16.6 miles), and Homosassa (18.8 miles). Citrus County, currently home to 153,600 residents, is projected to grow exponentially, potentially reaching 350,000 residents by 2030 under Citrus County’s Land Development Code. Being part of the Tampa–St. Petersburg–Clearwater MSA, the 18th largest in the U.S., further cements Citrus County as a prime real estate market.
Current Improvements:
Nearby Retailers: Winn-Dixie, Future Aldis, Publix, McDonald's, Burger King.
Government buildings include City Hall, Citrus County tax collectors, property appraisers, Department of Vehicles, and Citrus County Courthouse.
Community Investments: Newly constructed lakefront parks (Liberty, Wallace Brooks, Depot District).
Economic Indicators: $135 million Suncoast Parkway expansion, strong consumer expenditure on dining and healthcare.
Customer Base: 46,361 residents within a 15-minute drive, median household income of $65,000.
Projected Growth: Citrus County population projected to reach 350,000 by 2030.
