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    Okeechobee Land with Turnpike Frontage Title is generated by Realmo AI

    5001 S Kenansville Road, Okeechobee, FL 34972

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    For Sale
    $2,099,000

    COMMERCIAL - Okeechobee, FL

    Lot size:
    40.84 Acres
    Added:
    Feb 18, 2026
    Days on Market:
    103
    Last Refresh:
    Jun 1 at 2:06 pm

    Property Features for 5001 S Kenansville Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    RMH+Commercial
    Vegetation
    Grassed
    Standard status
    Active
    APN
    033234000000500000
    Lot size
    40.84 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    BEG 2176.06 FT N OF SE COR ON W R/W SUNSHINE PKY, N 44 DEG W ALONG R/W 1172 FT TO POB, N 44 DEG W 1700 FT S 25 DEG ALON
    Tax Annual Amount
    113

    Utilities

    Utilities
    Electricity Available

    We can help!

    Listing Contact
    Bob Berman

    Listing agent Bob Berman License #6217

    Listing office Berman Realty PO Box 30128, Palm Beach Gardens, FL

    Listing date Feb 18, 2026

    MLS# R11164725 Listing URL

    Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Significant development potential on this 40.84‑acre property.
    • Prime location at the Florida Turnpike/State Road 60 exit (Yeehaw Junction), only 30 minutes from Vero Beach.
    • Almost 6 acres approved for commercial future land use, making it suitable for industrial, commercial, or mixed‑use development.
    • Enjoy 1700 feet of frontage on both the Turnpike and US 441/Kenansville Rd.
    • Income‑generating billboard on the property.
    • Adjacent 205+ acre property also available, offering a potential of 246+ acres combined.

    Overview

    This 40.84-acre property is located in Okeechobee at the Florida Turnpike/State Road 60 exit at Yeehaw Junction, approximately 30 minutes from Vero Beach. The site is centrally located to major Florida markets. Zoned RMH residential, the property includes almost 6 acres approved for commercial future land use. The property is suitable for residential development, industrial uses, commercial uses, distribution centers, or mixed-use projects. It features 1700 feet of frontage on the Turnpike, as well as 1700 feet of frontage on US 441/Kenansville Rd. An income-generating billboard is located on the property. The adjacent 205+ acre property is also available for purchase, creating a potential combined area of 246+ acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Okeechobee
    County
    Okeechobee
    State
    Florida
    Longitude
    -80.911783
    Latitude
    27.723769

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    FAQs

    What type of property is this?
    Land - 40.84 acres with commercial potential near Florida Turnpike.
    Where is this land located?
    The property is located at 5001 S Kenansville Road Okeechobee, FL.
    What is the asking price?
    The asking price for this property is $2,099,000.
    What are key features of this property?
    This property features: Significant development potential on this 40.84‑acre property.; Prime location at the Florida Turnpike/State Road 60 exit (Yeehaw Junction), only 30 minutes from Vero Beach.; Almost 6 acres approved for commercial future land use, making it suitable for industrial, commercial, or mixed‑use development.
    (561) 627-1118
    We can help!
    Listing Contact
    Bob Berman
    Real Estate License ID: 6217
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    5001 S Kenansville Road, Okeechobee, FL 34972
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