Medical Office
For Sale
Under Contract
$262,535
524 1ST Street S, Winter Haven, FL 33880
Commercial Sale, WINTER HAVEN, FL
Property Size1,320 SF
Lot Size0.23 Acres
Price / SF$198.89
Days on Market622
Property Features for 524 1ST Street S
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-3
Security features
Security System
Window features
Blinds
Subdivision
VAN SICKLE C H SUB
Directions
From I-4 Eastbound: Take Exit 48 for County Road 557 toward Lake Alfred/Winter Haven. Turn right onto CR-557 South and follow for approximately 6.7 miles. Merge onto US-17 South (becomes 6th Street NW in Winter Haven) and continue for about 5.8 miles. Turn left onto Avenue G SW. Turn right onto 1st Street S. Your destination will be on the right.
Standard status
Active Under Contract
APN
26-28-28-615500-000060
Size
1,320 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
VAN SICKLE C H SUB DB 76 PG 2 LOT 6 W 135 FT OF N 90 FT LESS R/W ON SR #557
Tax Annual Amount
3282
Legal Description
VAN SICKLE C H SUB DB 76 PG 2 LOT 6 W 135 FT OF N 90 FT LESS R/W ON SR #557
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
reception/waiting area
office areas
support space
ramped entry
central air conditioning
Building Details
Year built
1942
Building materials
Stucco, Frame
Roof type
Shingle
Listing Agency:
KELLER WILLIAMS REALTY SMART
(863) 577-1234
Listed By:
Chris Renfro · License #3425065
(407) 467-5760
Added: Jan 7, 2025
Changed: Aug 26
Last Checked: Sep 21 at 4:06AM
MLS# L4949798
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 524 1ST Street S, this 1,320+/- SF commercial building is configured for office or medical-style use. The interior includes a reception and waiting area, office rooms, and supporting spaces, with ramped entry, central air conditioning, and on-site parking. Built in 1942, the structure has stucco and frame construction, a shingle roof, public water, and public sewer.
The property carries C-3 zoning and is being offered only with the adjoining property at 632 1st St S. The combined offering includes an additional 2,300+/- SF retail/flex building. The real estate sale excludes inventory, refrigeration, shelving, racking, and trade fixtures unless separately negotiated. Buyers should verify zoning, permitted uses, measurements, condition, and accessibility with the appropriate authorities.
The property carries C-3 zoning and is being offered only with the adjoining property at 632 1st St S. The combined offering includes an additional 2,300+/- SF retail/flex building. The real estate sale excludes inventory, refrigeration, shelving, racking, and trade fixtures unless separately negotiated. Buyers should verify zoning, permitted uses, measurements, condition, and accessibility with the appropriate authorities.
Key Highlights
- 1,320+/- SF office/medical‑style commercial building
- C‑3 zoning
- 0.23‑acre parcel at 524 1ST Street S, WINTER HAVEN, FL 33880
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$16,587
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.32%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$331,740
$331.7K
Cap Rate 7%
$236,957
$237.0K
Cap Rate 9%
$184,300
$184.3K
Market Conditions
NOI Build-Up for 1,320 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$30.9K $23.40/SF
− Vacancy
−$3.2K −$2.46/SF
EGI
$27.6K $20.94/SF
− OpEx
−$11.1K −$8.38/SF
NOI
$16.6K $12.57/SF
Area
Polk County, FL
Vacancy
10.50%
Lease Rate
$23.40 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$331,740
Cap Rate 7%
$236,957
Cap Rate 9%
$184,300
Alternative Uses
Best Use
Healthcare Medical
$237.0K
$207.3K – $276.5K
NOI $16,587 @ 7.0% cap · market cap 6.32%
Second Best
Office B
$231.7K
$202.7K – $270.3K
NOI $16,216 @ 7.0% cap · market cap 6.18%
Theoretical Best
Office A
$317.2K
$277.6K – $370.1K
NOI $22,205 @ 7.0% cap · market cap 8.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,767
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33880, FL
42,005
Population
17,055
Households
2.5
Avg Household Size
38
Median Age
17%
College-Educated
84%
High-School Grad
32.4 sq mi
ZIP Area
1,296
Density / Sq Mi
$56,803
Median Household Income
$35,051
Median Earnings
$1,128
Median Rent
$200,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - C-3-zoned property with reception space, offices, support areas, and ramped access.
Where is this medical office space located?
The property is located at 524 1ST Street S Winter Haven, FL.
What is the asking price?
The asking price for this property is $262,535.
What are key features of this property?
This property features: 1,320+/- SF office/medical‑style commercial building; C‑3 zoning; 0.23‑acre parcel at 524 1ST Street S, WINTER HAVEN, FL 33880
