75 NW 5TH STREET

CRYSTAL RIVER, FL 34428

Under contract-accepting backup offers. CURRENTLY ZONED HOTEL/MOTEL - CAN BE REVERTED BACK TO RESIDENTIAL! Bay views from this Incredible opportunity to own a 6-unit concrete block complex spanning three lots in one of downtown Crystal River’s most walkable and high-demand locations—just steps from Kings Bay, Hunter Springs Park, shops and restaurants of Citrus Avenue. Currently zoned Hotel/Motel under flexible CG / UC-1 zoning, a rare combination of income potential & development flexibility. The current configuration includes 2 two-bedroom/one-bath units and 4 one-bedroom/one-bath units, plus a shared laundry area. Keep as-is and re-zone back to residential for long-term rentals, convert the layout into 12 motel-style guest rooms, or tear down and build new. Under UC-1 zoning, you can develop up to 60 rooms, with a 75-foot building height, 3.0 FAR, and up to 59,400 square feet of hotel, mixed-use residential/commercial, or retail/restaurant space. With room to add a third building of similar size, or an additional 6 rooms for a total of 18 rooms, this site is ideal for investors or developers looking to maximize density, tap into Crystal River’s booming eco-tourism, and create a one-of-a-kind downtown lodging or rental destination. FOUR PATHS TO PROFIT: (1.) Remodel the existing buildings (2 concrete block structures, professionally mitigated post-Helene) into up to 12 rooms. Tile flooring and solid roofs already in place. (2.) Residential Conversion - Alternatively, the property could be re-zoned back to residential use, allowing for a 6-unit multifamily configuration: 2 two-bedroom / one-bath units, 4 one-bedroom / one-bath units, Plus a shared laundry room, Ability to add a 3rd Building adding additional apartments (3.) Redevelop into a 44- or 60-room hotel with projected NOI between $947K–$1.17M and a valuation potential of $11M–$13.8M. (4.) 3 Residential Homes – Redevelop into 3 Residential Homes as there’s 3 Separate Lots Professionally mitigated after Hurricane Helene, the two existing concrete block buildings sit on solid concrete block foundations with durable tile flooring, solid roofs, and a gorgeous park like setting nestled under mature oak trees and views of the bay. Plus, there's room to add a third building of equal size for additional density or value-add. Whether you're an investor seeking cash flow or a developer looking to activate its current hotel/motel entitlement, this property offers unmatched zoning flexibility in a location that’s central to everything Crystal River has to offer. Enjoy downtown convenience with water access, spring-fed parks, and year-round tourism right outside your door. Citrus County is now one of Florida’s fastest-growing counties, fueled by strong demand from locals and visitors alike. The new Suncoast Parkway extension connects Crystal River directly to Tampa and St. Pete in just over an hour, opening the door for increased tourism, second-home ownership, and commercial investment. This location also sits centrally between Ocala, Gainesville, The Villages, and Orlando, making it a uniquely strategic hub with access to over 5 million people within a 90-minute drive. Whether you're looking for a boutique hospitality project, high-yield multifamily, or mixed-use development, this property offers the zoning, location, and flexibility to bring your vision to life—right in the heart of Crystal River’s growing downtown core. **All Marketing represents the property PRE-Helene.***

Listing courtesy of AMY ROBINSON REAL ESTATE LLC 9419282044



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Last checked: 2025-06-21 04:51 AM EDT