Two-Story Office
New
For Sale
$690,000
Pending
1218 BROAD, Groveland, FL 34736
Commercial Sale, GROVELAND, FL
Property Size2,872 SF
Lot Size1.29 Acres
Days on Market1
Property Features for 1218 BROAD
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C-1
Subdivision
GROVELAND ANDERSONS SUB
Directions
From the intersection of Villa City Rd and Hwy 50 (W Broad St), head West on Hwy 50(W Broad St). Make a U-turn just after Wendell Ave. Property is on the right.
Standard status
Pending
APN
24-22-24-0500-000-00701
Size
2,872 SF
Lot size
1.29 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
GROVELAND ANDERSON'S SUB LOT 7--LESS S 150.63 FT--PB 4 PG 17 ORB 4133 PG 734
Tax Annual Amount
4073
Legal Description
GROVELAND ANDERSON'S SUB LOT 7--LESS S 150.63 FT--PB 4 PG 17 ORB 4133 PG 734
Utilities
Cooling system
Central Air
Building Details
Year built
1902
Building materials
Frame, Wood Siding
Roof type
Metal
Listing Agency:
WHEATLEY REALTY GROUP
(352) 227-3834
Listed By:
Matthew Wheatley · License #3191795
(407) 702-8351
Added: Sep 2
Last Checked: Sep 2 at 5:06PM
MLS# G5116891
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.
This two-story office building at 1218 Broad in Groveland contains 2,872 square feet on a 1.29-acre lot. The frame structure features wood siding, a metal roof, central air, and ample parking. A full-length porch extends across both levels, while the interior includes original hardwood floors, wood trim, a grand staircase, high ceilings, bay windows, and a brick fireplace.
The first floor offers large, naturally lit rooms with multiple exits and distinctive architectural details. Upstairs, several additional rooms include an enclosed porch with wrap-around windows and a slatted ceiling. A kitchen with tile flooring and wood cabinetry, along with a room containing a standing shower, adds to the building’s functional range. C-1 zoning and the existing room configuration support office or retail use potential.
The first floor offers large, naturally lit rooms with multiple exits and distinctive architectural details. Upstairs, several additional rooms include an enclosed porch with wrap-around windows and a slatted ceiling. A kitchen with tile flooring and wood cabinetry, along with a room containing a standing shower, adds to the building’s functional range. C-1 zoning and the existing room configuration support office or retail use potential.
Key Highlights
- 2,872‑square‑foot two‑story office building on 1.29 acres
- C‑1 zoning supports office or retail use potential
- Original hardwood floors, wood trim, and grand staircase
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
$42,908
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
6.22%
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%
$858,160
$858.2K
Cap Rate 7%
$612,971
$613.0K
Cap Rate 9%
$476,756
$476.8K
Market Conditions
NOI Build-Up for 2,872 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
$68.9K $24.00/SF
− Vacancy
−$11.7K −$4.08/SF
EGI
$57.2K $19.92/SF
− OpEx
−$14.3K −$4.98/SF
NOI
$42.9K $14.94/SF
Area
Lake County, FL
Vacancy
17.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$858,160
Cap Rate 7%
$612,971
Cap Rate 9%
$476,756
Alternative Uses
Best Use
Office B
$613.0K
$536.4K – $715.1K
NOI $42,908 @ 7.0% cap · market cap 6.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$817.3K
$715.1K – $953.5K
NOI $57,210 @ 7.0% cap · market cap 8.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
181
Businesses Nearby
Explore this area
Business Placement
Demographics for 34736, FL
24,679
Population
10,029
Households
2.5
Avg Household Size
41
Median Age
32%
College-Educated
87%
High-School Grad
115.0 sq mi
ZIP Area
215
Density / Sq Mi
$82,478
Median Household Income
$42,322
Median Earnings
$1,535
Median Rent
$335,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Historic character, flexible room layouts, and a full-length porch support office or retail use.
Where is this office building located?
The property is located at 1218 BROAD Groveland, FL.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: 2,872‑square‑foot two‑story office building on 1.29 acres; C‑1 zoning supports office or retail use potential; Original hardwood floors, wood trim, and grand staircase
