Prime 5 Mixed Use Income Producing Commercial Units

2027 N DONOVAN AVE, CRYSTAL RIVER

This property contains 4 buildings comprised of 5 units, encompassing a total of 7,990 SF on a 1.89 acre plot classified for commercial use. Located on the NE corner of CR 486 (12,500 AADT, one access point) and N Donovan Ave (one access point) while across from a median cut on CR 486, which allows full ingress and egress to the property. This location has prime visibility with 225’ fronting N Donovan Ave, and 265’ fronting CR 486/W Norvell Bryant Hwy. Just 7 mins (3.2 miles) from Downtown Crystal River, 9 mins (5.2 mi) from Lecanto and 22 mins (14.3 mi) from Downtown Inverness. This location allows for an immediate 6 min (3.5 mi) drive to the 589 Tollroad, making this location just 1 hour 6 mins (73.6 mi) from the Tampa International Airport. Highly trafficked nearby roadways include SR 44 (1 min, .3mi), CR 491 (5 mins, 3.7 mi), and US 41 (15 mins, 10.5 mi). Just moments away from national retailer Publix, located in the Crystal Springs community shopping center, also home to big names such as Regions Bank, the UPS Store, Beef O’ Brady’s, and more. Within a 5-mile radius, there is a population of 30,551 with a median age of 59 years, and 13,360 households with a median household income of $80,387 that is expected to grow annually by 3.98%. Citrus County is the 34th largest county in Florida and includes 155,582 residences with growth under the county’s LDC for a maximum of 350k residences segmented by 66.3% owned residencies and 19.2% renters. While expanding infrastructure for development to support the expected 30,000 additional residences moving to the area by 2030, Citrus County also offers amazing development opportunities with the 3rd highest amount of vacant residential parcels (61,000) in the State of Florida—ripe for the flood of housing demand and wealth with Americans flocking to Florida at four times the rate of any other state. Citrus County is located within the Tampa–St. Petersburg–Clearwater MSA ,which is the 18th largest metropolitan area and hottest real estate market in the United States. The retail asset class is trending within Florida with a median cap rate of 5.8%, and 6% within the Tampa-St. Petersburg MSA. The current Supply Demand Ratio of .56 indicates a surplus of demand with average rental rates performing at $18/sf in predominately NNN leases.