Spring Hill, Florida Commercial Property at  County Line Road & Cobblestone Dr

Commercial Real Estate in Hernando County Florida

CRE includes commercial properties such as offices, retail spaces and industrial sites in addition to multifamily residential buildings. The value of this sector is based on several factors, making it an essential part of the global economy. The quality of credit standing, location and market conditions, as well as the physical condition of the property, are all important factors to consider. These elements not only determine the property's current worth but also influence its potential for future appreciation. Those wanting to invest in commercial real estate can consider either direct ownership or certain through investment vehicles, such as REITs or diverse mutual funds with a real estate concentration. In 2020 alone, the economy received over $1.3 trillion in CRE investments, emphasizing its importance to the sector. 

Why Hernando County

Projected Population Increase

Hernando County, FL, is experiencing a consistent population growth rate of approximately 1.5% per year. This steady increase has significant implications for local infrastructure and resources. By 2025, the population is expected to reach nearly 210,000, and projections suggest a rise to close to 250,000 by 2050.

Demographic Details and Housing Needs

The demographic landscape of Hernando County is diversifying. In 2022, the population included 7.7% foreign-born persons, with a notable percentage of the community speaking languages other than English at home. This diversity is accompanied by a population density of 411.3 per square mile as of 2020, emphasizing the need for adequate housing and community services.

Education and Infrastructure Challenges

With the population increase, the Hernando County School District anticipates the arrival of approximately 2,000 new students, necessitating the construction of two to three new schools within the next few years. This educational expansion is critical to accommodate the growing number of young residents and underscores the importance of strategic planning in school locations and construction timelines.

Comprehensive Demographic Table

• Total Population

  • 199,207

• Foreign-born Population

  • 14,678

• Average Household Size

  • 2.46

• Population Speaking Other Languages

  • 12.1%

• Racial Composition - African American

  • 6.7%

• Racial Composition - Asian

  • 1.6%

• Racial Composition - Hispanic or Latino

  • 17.1%

• Racial Composition - White, not Hispanic or Latino

  • 73.5%

• Veterans

  • 19,459

This table reflects the diverse and changing demographics of Hernando County, illustrating the evolving needs and composition of the community. As the county continues to grow, these factors will play a crucial role in shaping its future development strategies and community planning initiatives.

Economic Development and Business Environment

Regional Collaboration and Economic Opportunities

Hernando County, FL, is strategically positioned within a 6,515-square-mile area that includes seven counties in west Central Florida. This region, known for its collaborative efforts through the Tampa Bay Partnership, enhances economic opportunities by pooling resources and capabilities. This strategic alliance not only strengthens Hernando County's economic landscape but also provides a robust platform for business and investment prospects.

Cost of Living and Financial Incentives

One of the standout features of Hernando County's business environment is its competitive edge in the Tampa Bay market, characterized by a lower cost of living and attractive financial incentives. These economic advantages make it a compelling choice for site selectors and businesses looking for cost-effective operational bases with significant growth potential.

Workforce and Educational Resources

Hernando County benefits from its inclusion in the Tampa Bay area, offering access to a large, skilled workforce and extensive educational facilities. This access supports businesses in a variety of sectors, providing a steady stream of qualified professionals and ongoing workforce development opportunities which are crucial for sustaining long-term economic growth.

Cultural and Entertainment Access

The county's proximity to a wide array of cultural and entertainment venues within the Tampa Bay area enriches the local business environment. These market attributes not only enhance the quality of life but also serve as a draw for tourism and hospitality industries, contributing to the economic vibrancy of Hernando County.

Economic Challenges and Adjustments

Despite these advantages, Hernando County faces some economic challenges, such as a recent reduction in building permits and halted development plans. These indicators underscore the need for adaptive strategies to maintain economic stability and growth, ensuring that the county continues to attract and retain businesses.

Income and Poverty Statistics

The economic profile of Hernando County is marked by a median household income of $59,202 and a per capita income of $31,516 as of 2022. However, with 12.1% of the population living in poverty, there is a clear imperative for economic development strategies that not only boost income levels but also address socioeconomic disparities.

By leveraging its regional connections, cost advantages, and rich cultural resources, Hernando County is poised to strengthen its position as a desirable location for businesses and residents alike, fostering a dynamic and inclusive economic environment.

Housing and Real Estate Trends

Subdivision Developments and Housing Units

Hernando County, FL, showcases significant growth potential with 30 Class A subdivisions currently in various stages of platting and planning. These subdivisions are set to offer a total of 5,921 new dwelling units. Prominent subdivisions such as Cabot Citrus Farms, Lake Hideaway, Sherman Hills, Sherman Oaks, Caldera, Waterford, and Winding Oaks are expected to drive residential growth in the region.

Key Areas of Development

Strategic locations for commercial real estate in Hernando County include US Highway 19, County Line Road at Cobblestone Drive, SR50 and US 41. Further the Florida Turnpike System via The Suncoast Parkway serves as a crucial corridor, connecting the Tampa Bay area to Spring Hill and the County. 

Current Housing Statistics

The housing landscape in Hernando County as of 2022 indicates that 80.1% of housing units are owner-occupied. The median value of these owner-occupied units stands at $214,700, while the median gross rent is reported at $1,155. Additionally, the county issued 1,786 building permits in 2022, highlighting ongoing development activities.

Table: Housing and Real Estate Overview

• Total New Dwelling Units Planned

  • 5,921

• Owner-Occupied Housing Units (%)

  • 80.1%

• Median Value of Owner-Occupied Units

  • $214,700

• Median Gross Rent

  • $1,155

• Building Permits Issued (2022)

  • 1,786

This table provides a snapshot of the current and planned real estate developments in Hernando County, underscoring the county's growth trajectory and the expanding opportunities in the housing market.

FAQs

Q: What makes Hernando, Florida an appealing place to reside? 

A: Hernando, Florida is celebrated for its pleasant environment and the presence of small businesses. It offers ample space and boasts safe roads, making it an excellent location to nurture a family. The town exudes a quaint, small-town ambiance where one can enjoy the rustic sounds of airboats and cows, contributing to its charm.

Q: For what reasons is Hernando County famous? 

A: Established in 1843 and named after the Spanish explorer Hernando de Soto, Hernando County is now renowned as Florida's Adventure Coast. The county is a hub for outdoor enthusiasts, offering a wealth of activities with its freshwater rivers and springs, state forests, preserves, and access to the Gulf's waters, attracting both residents and visitors alike.

Q: How does Spring Hill, Florida rate as a community for living? 

A: Spring Hill is a favorable choice for residency, featuring numerous neighborhoods that are family-oriented and include gated communities. It has a lower crime rate per square mile compared to the state and national averages, which underscores its status as a safer alternative to many other locations.

County Line Road & Cobblestone Drive Signalized Intersection

Potential uses for the subject property offering include

• C-Store / Gas Stations

• Professional Office

• Medical Office / Urgent Care

• Multi-tenant Retail

• Auto Uses

For additional information regarding this property, please contact Lynda Nagy at Retail Solutions Advisors.