GoCommercial
Nationwide Commercial Real Estate
Confidential Listing Presentation
8929 – 8933 E Gulf to Lake Highway
Inverness, FL 34450  |  Citrus County  |  Waterfront — Tsala Apopka Chain of Lakes
$325,000
Recommended List Price
4,010 SF
Building • Concrete Block
0.98 Ac
Combined Lot (2 Parcels)
~380'
Highway 44 Frontage
Property Overview
Waterfront Mixed-Use / Warehouse — Shell Condition with Recent Capital Improvements

Direct Waterfront Access — Tsala Apopka Chain of Lakes

This property provides rear access to the Tsala Apopka Chain of Lakes — Citrus County's largest freshwater system encompassing over 22,000 acres and 15 interconnected lakes. The waterfront connectivity opens the property to marine service, boat storage, kayak/canoe outfitter, lakefront dining, and a wide range of water-dependent commercial uses that cannot be easily replicated elsewhere on the Highway 44 corridor.

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Property Details
Address8929 – 8933 E Gulf to Lake Hwy
City / CountyInverness, FL / Citrus County
Parcels2 (8929 + 8933 combined)
Building Size4,010 SF — Concrete Block
Stories2 (Warehouse + Upper Apartment)
Lot (8929)0.78 acres (33,977 SF)
Lot (8933)0.20 acres (8,712 SF)
Combined Lot0.98 acres (42,689 SF)
ZoningCLC (Coastal Lakes Commercial)
OwnerHobein, Eric (Both Parcels)
APN20E19S110020 00040 0020
ConditionShell — Partially Built Out
OccupancyVacant
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Building Features & Infrastructure
ConstructionConcrete block
Ceiling Height12 feet (warehouse)
Roll-Up Doors3 doors (10' x 12' grade-level)
Electrical3-phase power
ApartmentRoughed in — kitchen plumbing, 1.5 BA
Bathroom Status1 complete, 1 needs minor work
WaterfrontPrivate boat ramp / lake access
Highway Frontage~380' on State Road 44 (combined)
Market Demographics & Traffic
Inverness trade area data supporting commercial demand along the Highway 44 corridor
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Demographics Snapshot
MetricInverness (City)Citrus County
Population (2024 Est.)~11,843~165,000
Immediate Area (1-mi)~876 residents
Median HH Income$53,000$50,000
Population Growth (10-yr)+10% (Nature Coast corridor)
Median Age58 — Active retirement market
Key DriverRetiree in-migration & outdoor recreation
Growth Tailwind: Citrus County's 10% population growth is driven by retirees and remote workers relocating from Tampa, Orlando, and the Northeast. This trend expands the local consumer base and supports demand for marine services, trade shops, and small retail along the Highway 44 corridor.
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Traffic Counts — State Road 44
SegmentAnnual ADT
E Gulf to Lake Hwy (Near Subject)10,773 – 17,000
SR 44 at US 41 Intersection~28,191
SR 44 West of Subject~15,500
Daily Drive-By Traffic at Subject
10,700 – 17,000
vehicles per day • FDOT Annual Average Daily Traffic
Visibility Premium: With ~380' of combined highway frontage and 10K–17K daily vehicles, this property offers exceptional drive-by visibility for signage-dependent businesses — marine outfitters, auto repair, retail, and food service.
Recent Capital Improvements
Significant investment in the building envelope and interior finishes — reducing buyer risk and day-one capital expenditure
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Complete New Roof
Installed 2023
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Decking Repairs
Completed 2023
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New Skylights
Installed 2023
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New Drywall Throughout
Recently Completed
Improvement Impact: The new roof, skylights, and decking repairs (2023) represent an estimated $30,000–$45,000 in capital investment that protects the building envelope for 20+ years. Combined with new drywall throughout, a buyer inherits a structurally sound shell with zero deferred maintenance on the roof or interior walls — the two highest-cost items in any commercial renovation. The remaining buildout to generate income (finish the apartment kitchen, complete one bathroom) is estimated at $25,000–$35,000.
GoCommercial Valuation Analysis
Three independent approaches reconciled to establish opinion of value
1
Cost Approach

Most relevant for vacant/shell properties where comparable income data is unavailable

ComponentValue
Land Value (42,689 SF @ $6.00/SF incl. waterfront premium)$256,134
Replacement Cost New (4,010 SF @ $95/SF)$380,950
Less: Depreciation (35%)($133,332)
Plus: Recent Improvements (roof, skylights, drywall)$45,000
Cost Approach Value$548,750
Note: The cost approach tends to overstate market value in rural markets where replacement cost exceeds what the market will pay. Weighted at 20% in our reconciliation.
2
Sales Comparison

Weighted at 50% — most market-reflective for this property type

ComparablePrice
703 Southerly Ave (commercial lot, sold 8/2024)$175,000
9019 E Gulf to Lake Hwy (waterfront, listed)$340,000
7500 E Gulf to Lake Hwy (commercial, listed)$299,000
1758 S Mooring Dr (waterfront, sold 4/2024)$319,000
PRICE / SF RANGE (shell-adjusted)
$55
LOW
$70
MID
$85
HIGH
Sales Comp Value: $280,000 – $340,000
3
Income Potential (Post-Buildout)

Weighted at 30% — hypothetical stabilized income after ~$35K buildout

UnitAnnual
Warehouse/Shop (~2,500 SF @ $9/SF NNN)$22,500
Apartment (~1,200 SF @ $1,300/mo)$15,600
Garage/Storage @ $350/mo$4,200
Potential Gross Income$42,300
Less: Vacancy (10%)($4,230)
Less: Expenses (taxes/ins/maint)($8,500)
Potential NOI$29,570
STABILIZED VALUE @ 8.0% CAP
$369,625
Less $35K buildout = $334,625 net
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Value Reconciliation
ApproachValueWeightContribution
Cost Approach$548,75020%$109,750
Sales Comparison (Mid)$310,58050%$155,290
Income Potential (Net)$334,62530%$100,388
GoCommercial Opinion of Value
$265,000 – $310,000
Most Likely Value: ~$290,000  |  $72/SF
Listing Price Strategy
Three pricing tiers calibrated to attract the right buyer pool while maximizing seller proceeds
Quick-Sale
$289,000
$72/SF • At Market Value
Priced at estimated market value to generate immediate buyer interest. Targets owner-operators looking for a turn-key opportunity. Likely to attract offers within 30–45 days in the Citrus County market.
GoCommercial Recommended
Target Price
$325,000
$81/SF • ~10% Above Value
Reflects the waterfront premium, recent capital improvements, and income potential once stabilized. Leaves negotiation room while still attracting serious buyers. Positions well against the $340K listed waterfront comp at 9019.
Ceiling Price
$349,000
$87/SF • Premium Positioning
Tests the top of the market, pricing toward the stabilized income value. Best suited if owner has time flexibility. Risk of extended marketing period (90+ days) in this rural market segment.
Pricing Note — Current Market Listing at $375,000: Our analysis suggests the current $375K ask is 25–30% above the property's market value given its shell condition and vacant status. At $94/SF, this exceeds what rural Citrus County buyers typically pay for shell commercial space. GoCommercial's recommended $325K list price positions the property competitively while preserving negotiation flexibility and accounting for the genuine waterfront premium and recent roof/drywall investment.
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Key Value Drivers & Risk Factors
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Direct Waterfront Access — Rear access to the 22,000-acre Tsala Apopka Chain of Lakes with a private boat ramp. A 15–20% premium over comparable non-waterfront properties.
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New Roof & Building Envelope — 2023 roof, skylights, and decking eliminate the #1 deferred maintenance concern and give buyers 20+ years of protection.
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~380' Combined Highway 44 Frontage — High-visibility State Road frontage across both parcels with 10,700–17,000 daily vehicles — excellent drive-by exposure for retail, service, or trade-oriented businesses.
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Live/Work Flexibility — Roughed-in apartment with 1.5 bathrooms allows owner-operator to live on-site — a highly desirable feature for small business buyers.
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Heavy-Duty Infrastructure — 3-phase electric, three 10'x12' roll-up doors, 12' ceilings, and concrete block construction support marine, auto, fabrication, and trade uses.
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Two Parcels, Same Owner — 0.98 acres across 8929 & 8933 (both owned by Hobein, Eric) provides expansion room, outdoor storage, or separate lot sale optionality under CLC zoning.
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Shell Condition / No Income — Property is vacant and requires ~$25K–$35K in buildout to generate rental income. Limits buyer pool to those with renovation capital.
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Rural Market Dynamics — Citrus County has a smaller buyer pool and longer marketing times vs. metro markets. Commercial cap rates run 7.5–9.0%.
Highest & Best Use Analysis
Target buyer profiles and potential use cases that maximize the property's unique attributes
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Primary Buyer Targets
Marine Services OperatorBoat repair, storage, outfitter
Auto / Specialty Mechanic3-bay shop with heavy power
Trade Contractor (HVAC, Electrical)Warehouse + live/work
Small Manufacturer / Fabricator3-phase, roll-ups, high ceilings
Investor / Value-Add BuyerComplete buildout, lease up
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Stabilized Income Potential
Potential Gross
$42,300/yr
Potential NOI
$29,570/yr
Assumes: warehouse @ $9/SF NNN, apartment @ $1,300/mo, garage @ $350/mo
Buildout to Stabilization: Estimated $25K–$35K to complete the apartment (kitchen install, finish one bathroom) and prepare warehouse bays for tenant use. A buyer acquiring at $325K and investing $35K in buildout would own a stabilized asset generating a 8.2% cash-on-cash return.
GoCommercial Marketing Strategy
A multi-channel marketing strategy targeting the highest-probability buyer pools — owner-operators, 1031 exchange investors, and the regional broker community across the Tampa MSA and Nature Coast corridor.
Phase 1 — Days 1-7
Institutional Media Production
  • Cinema-Quality Video Production: Professionally produced video showcasing the 3-bay warehouse, waterfront access, boat ramp, and live/work apartment potential. Distributed across investor networks, LinkedIn, and proprietary channels.
  • Aerial Drone Footage: Comprehensive aerial coverage highlighting the ~1-acre site, ~380' highway frontage, direct lake connectivity, and proximity to Downtown Inverness — providing out-of-area buyers with the spatial context they need.
  • Matterport 3D Virtual Walkthrough: Interactive 3D model of the warehouse bays, apartment shell, and waterfront access enabling remote buyers to complete initial due diligence from their desks.
  • Institutional Offering Memorandum: A data-rich offering memorandum with submarket analytics, income projections, buildout cost estimates, and a detailed financial underwriting model.
Phase 2 — Days 5-21
Targeted Buyer Outreach
  • 1031 Exchange Buyer Network: Direct outreach to GoCommercial's proprietary database of active 1031 exchange buyers — particularly those exiting high-density metro markets seeking stable yields in Florida's Nature Coast. Time-pressured capital that works in the seller's favor.
  • Owner-Operator & Trade Networks: Targeted outreach to marine service operators, auto/specialty mechanics, trade contractors, and small manufacturers in the Tampa MSA, Ocala, and Nature Coast corridor who need shop/warehouse space with live/work potential.
  • National Broker Outreach: Direct contact with the top commercial brokers across Florida's Gulf Coast — ensuring every broker working with a 1031 buyer or trade-use investor is aware and motivated by our 5% co-broker commission.
Phase 3 — Ongoing
Financial Transparency & Due Diligence Readiness
  • Complete financial underwriting model with stabilized income projections and buildout cost analysis
  • Submarket analytics: Citrus County commercial vacancy, rent trends, and waterfront property premium data
  • Title, survey, and environmental pre-clearance documentation to minimize closing timeline
  • Roof warranty and improvement documentation package (2023 roof, skylights, drywall)
Partnership Terms
Performance-based. No long-term lock-in. Flexible and transparent.
10.0%
Total Commission
5.0%
Co-Broker Split
15 Days
Cancellation Notice
Why 5% Co-Broke?  In the commercial and mixed-use market, buyers are frequently represented by their own broker. A 5% co-broker commission guarantees that every broker with a qualified buyer — from Tampa to Orlando to out-of-state — will actively pitch your property before any competing listing. This creates a self-reinforcing distribution network that no amount of direct marketing can replicate.
The GoCommercial Advantage

Publicly Traded, Corporately Owned

Unlike franchised firms, GoCommercial (NYSE: COMP) operates every office as one unified, data-driven engine. A buyer in our Miami office is instantly flagged for your Citrus County asset.

Direct Principal Access

You will never be passed off to a junior agent. You have the direct cell number of our senior principals, available via call or text at any time.

Zero Upfront Fees

GoCommercial absorbs 100% of marketing, media, and production costs. If we don't close, you don't pay. Our commitment to your success is total.

Elite Buyer Verification

Mandatory NDA before sensitive data is shared. Proof of funds or certified pre-approval from a lender required prior to LOI stage.

Proposed Transaction Timeline
1
Engagement
Days 1-3
2
Media & Materials
Days 3-7
3
Market Launch
Days 7-10
4
Buyer Engagement
Weeks 2-8
5
LOI to Contract
Weeks 6-10
6
Close
Weeks 10-16