70+ Ac of LDR1 Land in Inverness City Limmits

Vacant Land for Sale
70+ Ac of LDR1 Land in Inverness City Limmits
Catylist Listing ID: 30804798
Property Subtypes: Multi-Family, Residential (Single Family)
Gross Land Area: 70.30 Acres
Sale Price: $3,892,000
Unit Price: $55,362 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/1/2022

Overview / Comments

This is a waterfront development opportunity you won't want to miss! With 70.3  waterfront  acres, central  water and sewer available.​ and a prime location within Inverness City Limits! There is nearly 3500’ of waterfront on Little Lake Henderson, part of  the 22 mile long chain of interconnecting lakes known as Lake Tsala Apopka.​  Lake Henderson is a 422 acre pristine waterway with a depth of 12'.​ The property offers 57.48 acres of Net Usable Uplands and 12.82 acres of pristine wetland preserves, and natural springs.​ Located inside the LDR1 zoning district of City Limits of Inverness, FL, this zoning allows for up to 5 units/acre (8,500 sf minimum lot and an impervious coverage ratio of 40%, 25% Building Allowance) with a minimum of 1,000 sf of living area.​ Permissible building types in the LDR1 zoning district include Single Family Detached, Single Family Attached and Multifamily Duplex.​ Estimated unit density at the subject property with compliance in the LDR1 zoning district could yield a potential of  287 units priced at just $13,560/unit of density, pending municipal approval.​ Centrally located just 1.4 miles drive time from Historical Downtown Inverness, City Hall, Citrus County CourtHouse, Liberty Park, Wallace Brooks Park and Rails To Trails Recreation Path (46 miles in length).​ Neighboring cities include Lecanto (11.2 miles), Beverly Hills (13.3 miles), and Inverness (1.4 miles).​ Citrus County currently holds 153,600 residences with room under the county’s LDC for a maximum of 350k residents.​ Currently Citrus County is expanding infrastructure to pave the way for development which is projected to support 30,000 new  residences moving to the area by 2030.​  Citrus County offers an amazing opportunity  for development with the 3rd highest number of vacant parcels (61,000) in the State of Florida.​  Citrus County is located inside of the Tampa–St.​ Petersburg–Clearwater MSA, the 18th Largest MSA in the United States and the hottest real estate market in the nation!

Logistic Details:

County Road 486 runs entirely along West Norvell Bryant Highway.​ It runs West to East from SR 44 east of Crystal River into US-41 in Hernando, just south of the southern terminus of SR 200.​ The route was once former SR 486.​ County Road 486 spans 4 lanes, is almost entirely a divided highway, and is flanked by a parallel bicycle path on the south side.​  Annual Traffic County 4,562,500, 12,500 AADT.​

County Road 491 is Lecanto Highway, a bi-county South to North road that begins at the Hernando-Citrus County Line in Oak Grove near the Withlacoochee State Forest, and ends at SR 200 in Stoke's Ferry, just south of the intersection with the northern segment of CR 39.​ It was formerly designated as SR 491.​

County Road 44 (often marked as County Road 44W) exists as the western tip of old Florida State Road 44, south of "Downtown" Crystal River.​ The suffix "W" was most likely added to not confuse this section with State Road 44, to the north, and to show its location by being west of US 19 and US 98(SR 55).​   As with the majority of these type of 'coastal spur' routes, in West Central Florida, it is county maintained.​  Annual Traffic County 13,322,500, 36,500 AADT.​ 

Suncoast Parkway: 

The Suncoast Parkway recently opened was a of $135 Million Dollar expansion which extends 13 miles north from US-98 to SR 44 which features 15 new bridges, electronic tolling gantries and the extension of The Suncoast Trail part of the Florida's Statewide Greenways and Trail System.​ The Suncoast Parkway is just 68 Miles 1 hour and 15 mins  from Tampa making it a great commuting Highway for workforce seeking to be outside of the Tampa traffic.​ The Veterans Expressway and Suncoast Parkway is a north–south toll road near the Florida Gulf Coast.​ Maintained and operated by Florida's Turnpike Enterprise, this 68-mile transportation corridor extends from State Road 60 in Tampa, north to State Road 44 near Lecanto.​

Additional Details

Nearest MSA: Homosassa Springs
County: Citrus
Taxing Authority: City of Inverness
Tax ID/APN: 20E19S08 12000
Zoning: LDR1
Property Visibility: Excellent
Legal Description: GL 4 & GL 5 LESS E 721 FT IN SEC 9 & GL 7 IN SEC 8 & GL 8IN SEC 8 LESS FOL: BEG AT CONC MON IN LT LN BETW GL 8 & 5,TH S 530 FT FROM 1/4 SEC COR BETW SECS 8 & 9 E TO POB, TH S
Zoning Description: allows for up to 5 units/acre (8,500 sf minimum lot and an impervious coverage ratio of 40%, 25% Building Allowance) with a minimum of 1,000 sf of living area. Permissible building types in the LDR1 zoning district include Single Family Detached, Single Family Attached and Multifamily Duplex. Estimated unit density at the subject property with compliance in the LDR1 zoning district could yield a potential of 287 units priced at just $13,560/unit of density, pending municipal approval.
Available Utilities: Water, Sewer

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,568 13,866 27,155
Median Age: 56.05 54.19 52.2
Households: 1,292 6,370 12,308

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