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2322 W Main St
Inverness, FL 34452
6.41-Acre Multifamily Development Site · Land For Sale
·
6.41 AC
Executive Summary
6.41-Acre Multifamily Development Site | Inverness, FL | Zoned R-3
Centrally located within the City of Inverness, this ±6.41-acre development site presents a compelling opportunity for multifamily or alternative residential development in a supply-constrained submarket. The property is zoned R-3 Residential, allowing for up to 10 units per acre with building heights up to three stories, supporting a range of development concepts including garden-style apartments, workforce housing, and senior-oriented residential product. The site benefits from city water and sewer access via a designated easement, supporting current density allowances and providing a pathway for potential increased density through future zoning considerations.
Positioned just off SR 44 / Gulf to Lake Highway (±28,000 AADT) and within city limits, the site offers strong accessibility and connectivity to the surrounding region. The property is in close proximity to key demand drivers, including Citrus Memorial Hospital, Publix, and the upcoming Aldi, as well as the Downtown Inverness Square, which features a variety of restaurants, boutiques, and local retail. Nearby recreational amenities such as Whispering Pines Park and the Tsala Apopka Chain of Lakes further enhance the overall livability and appeal of the location. The site is also within a 15-minute drive of Lecanto, Hernando, and Floral City, expanding its reach across the greater Citrus County area.
From a rental perspective, the Inverness submarket continues to demonstrate stable performance supported by limited rental supply within a predominantly owner-occupied environment. One-bedroom units ranging from approximately 600 to 800 square feet achieve rents between $900 and $1,150 per month, while two-bedroom units ranging from approximately 850 to 1,100 square feet achieve rents between $1,050 and $1,350 per month. These rent levels align with the area’s income profile and reflect a value-driven tenant base, while the constrained inventory of rental housing supports consistent demand and reliable absorption for new development.
The broader market is influenced by a significant concentration of retirement and senior households, creating sustained demand for workforce housing, downsized living, and assisted or independent living concepts, further reinforcing the viability of multiple residential development strategies at the subject property.
Citrus County, with a 153,600 +/- residents, with long-term planning capacity for approximately 350,000 residents under the county’s Land Development Code. Continued residential expansion, infrastructure investment, and regional economic development are driving increased demand for healthcare, service, and retail facilities throughout the county.
Citrus County is also included within the Tampa–St. Petersburg–Clearwater Metropolitan Statistical Area, which ranks as the 18th largest MSA in the United States. This regional connectivity provides access to the broader Tampa Bay economic ecosystem while maintaining the advantages of a growing secondary market with lower entry costs and expanding demand for services.
Key Highlights:
±6.4 Acres in Inverness, FL
Zoned R-3 Residential (Multifamily)
Up to 10 Units/Acre | 3 Stories Allowed
Multifamily or Assisted Living Potential
Central Water & Sewer Access via Easement
Located Near SR 44 with Strong Retail Presence
Prior Soil Testing & Site Analysis Completed
Growing Market with Increasing Housing Demand
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 the 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.
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 Syou’re toke'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 types of 'coastal spur' routes, in West Central Florida, it is county-maintained.
U.S. Route 19 (US-19) runs 264 miles (425 km) along Florida's West Coast from an interchange with U.S. Route 41 in Memphis, Florida, south of Tampa, and continues to the Georgia border north of Monticello, Florida. Newly 6 lane Highway was constructed from the Hernando County line to Fort Island Trail and US 19 in Crystal River, Florida.
Suncoast Parkway:
The Suncoast Parkway recently opened was a $135 Million Dollar expansion that 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 the 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.
Citrus County Growth:
Citrus County, Florida's estimated population is 155,582 with a growth rate of 1.29% in the past year according to the most recent United States census data. Citrus County, Florida is the 34th largest county in Florida. The 2010 Population was 141,173 and has seen a growth of 10.21% since this time. Citrus County's current LDC allows for approximately a population of 350k residencies. Given the expansion of the Suncoast Parkway and the 6-lane expansion of US 19, we are in the path of tremendous growth. Currently, Citrus County has 60,000 vacant parcels of land prime for development. The County and incorporated Cities have plans for extensive utility expansion throughout the county including the expansion of the Crystal River Airport Runway 5000 feet to allow for larger aircraft to land and take off including a newly funded 75 acres industrial complex granted by the state to expand utilities, road reconstruction to support eighteen wheelers and to include environmentally friendly and energy conservation features.
Centrally located within the City of Inverness, this ±6.41-acre development site presents a compelling opportunity for multifamily or alternative residential development in a supply-constrained submarket. The property is zoned R-3 Residential, allowing for up to 10 units per acre with building heights up to three stories, supporting a range of development concepts including garden-style apartments, workforce housing, and senior-oriented residential product. The site benefits from city water and sewer access via a designated easement, supporting current density allowances and providing a pathway for potential increased density through future zoning considerations.
Positioned just off SR 44 / Gulf to Lake Highway (±28,000 AADT) and within city limits, the site offers strong accessibility and connectivity to the surrounding region. The property is in close proximity to key demand drivers, including Citrus Memorial Hospital, Publix, and the upcoming Aldi, as well as the Downtown Inverness Square, which features a variety of restaurants, boutiques, and local retail. Nearby recreational amenities such as Whispering Pines Park and the Tsala Apopka Chain of Lakes further enhance the overall livability and appeal of the location. The site is also within a 15-minute drive of Lecanto, Hernando, and Floral City, expanding its reach across the greater Citrus County area.
From a rental perspective, the Inverness submarket continues to demonstrate stable performance supported by limited rental supply within a predominantly owner-occupied environment. One-bedroom units ranging from approximately 600 to 800 square feet achieve rents between $900 and $1,150 per month, while two-bedroom units ranging from approximately 850 to 1,100 square feet achieve rents between $1,050 and $1,350 per month. These rent levels align with the area’s income profile and reflect a value-driven tenant base, while the constrained inventory of rental housing supports consistent demand and reliable absorption for new development.
The broader market is influenced by a significant concentration of retirement and senior households, creating sustained demand for workforce housing, downsized living, and assisted or independent living concepts, further reinforcing the viability of multiple residential development strategies at the subject property.
Citrus County, with a 153,600 +/- residents, with long-term planning capacity for approximately 350,000 residents under the county’s Land Development Code. Continued residential expansion, infrastructure investment, and regional economic development are driving increased demand for healthcare, service, and retail facilities throughout the county.
Citrus County is also included within the Tampa–St. Petersburg–Clearwater Metropolitan Statistical Area, which ranks as the 18th largest MSA in the United States. This regional connectivity provides access to the broader Tampa Bay economic ecosystem while maintaining the advantages of a growing secondary market with lower entry costs and expanding demand for services.
Key Highlights:
±6.4 Acres in Inverness, FL
Zoned R-3 Residential (Multifamily)
Up to 10 Units/Acre | 3 Stories Allowed
Multifamily or Assisted Living Potential
Central Water & Sewer Access via Easement
Located Near SR 44 with Strong Retail Presence
Prior Soil Testing & Site Analysis Completed
Growing Market with Increasing Housing Demand
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 the 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.
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 Syou’re toke'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 types of 'coastal spur' routes, in West Central Florida, it is county-maintained.
U.S. Route 19 (US-19) runs 264 miles (425 km) along Florida's West Coast from an interchange with U.S. Route 41 in Memphis, Florida, south of Tampa, and continues to the Georgia border north of Monticello, Florida. Newly 6 lane Highway was constructed from the Hernando County line to Fort Island Trail and US 19 in Crystal River, Florida.
Suncoast Parkway:
The Suncoast Parkway recently opened was a $135 Million Dollar expansion that 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 the 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.
Citrus County Growth:
Citrus County, Florida's estimated population is 155,582 with a growth rate of 1.29% in the past year according to the most recent United States census data. Citrus County, Florida is the 34th largest county in Florida. The 2010 Population was 141,173 and has seen a growth of 10.21% since this time. Citrus County's current LDC allows for approximately a population of 350k residencies. Given the expansion of the Suncoast Parkway and the 6-lane expansion of US 19, we are in the path of tremendous growth. Currently, Citrus County has 60,000 vacant parcels of land prime for development. The County and incorporated Cities have plans for extensive utility expansion throughout the county including the expansion of the Crystal River Airport Runway 5000 feet to allow for larger aircraft to land and take off including a newly funded 75 acres industrial complex granted by the state to expand utilities, road reconstruction to support eighteen wheelers and to include environmentally friendly and energy conservation features.
Property Facts
| Sale Type | Investment | Property Subtype | Residential |
| No. Lots | 1 | Proposed Use | |
| Property Type | Land | Total Lot Size | 6.41 AC |
| Zoning | R-3 - 10 Units Per Acre Allowable | ||
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Proposed Use | |
| Total Lot Size | 6.41 AC |
| Zoning | R-3 - 10 Units Per Acre Allowable |
1 Lot Available
Lot 1
| Price | $716,226 CAD | Lot Size | 6.41 AC |
| Price Per AC | $111,782.81 CAD |
| Price | $716,226 CAD |
| Price Per AC | $111,782.81 CAD |
| Lot Size | 6.41 AC |
Centrally located within the City of Inverness, this ±6.41-acre development site presents a compelling opportunity for multifamily or alternative residential development in a supply-constrained submarket.
Description
Community Development: 957 single-family residential homes on a 354-acre site in Lecanto. 500-lot subdivision, located in Citrus Springs by Habitat for Humanity of Citrus County. Green Mills Group 2020 built a 106-unit apartment campus offering affordable housing on Colonnade Street in Inverness. County commissioners approved a planned unit development (PUD) for Preservation Point RV Resort, a 234-acre property. Jaymelday Holdings LLC calls for up to 600 RV sites, along with amenities such as a pool, golf cart rentals, bar and grill, basketball court, and walking trails in Crystal River. 207 Home subdivision by DR Horton in Beverly Hills, Florida Citrus Ridge Area. 930 Unit Subdivision in Planning with a national builder in Lecanto just off the Suncoast Parkway extension on SR 44. Disclaimer to the consumer: This report is provided strictly for analysis and assumption purposes only. All financial models, development scenarios, and valuation estimates are based on hypothetical inputs and public information available at the time of preparation. The projections herein are not guaranteed, and no warranty or representation is made regarding the accuracy, completeness, or feasibility of any statements or conclusions presented. All data, including fill costs, rents, cap rates, and construction assumptions, must be independently verified through appropriate licensed professionals, engineers, surveyors, and governmental authorities prior to any investment, acquisition, or development decisions. The broker, its affiliates, and associated parties do not warrant or guarantee any outcome based on this analysis.
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