Office Building at Corner
New
For Sale
$450,000
1283 CR 463B, Lake Panasoffkee, FL 33538
Office-zoned property with multiple private rooms, a reception area, kitchen, bathrooms, and on-site parking.
Property Size2,144 SF
Price / SF$212.87
Days on Market2
Property Features for 1283 CR 463B
General Information
Standard status
Active
Size
2,144 SF
Property subtype
Commercial
Property Condition
Severity
Repairs Needed
Evidence
some renovations are required
Taxes and HOA fees
Annual Taxes
$3,420
Building Details
Building Size
2,144 SF
Year Built
1988
Listing Agency:
JLS INVESTMENT REALTY
Listed By:
Jennifer Stepanek · License #3110054
(813) 713-5180
Source:
Elliman
Added: Sep 12
Last Checked: Sep 12 at 3:00PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of JLS INVESTMENT REALTY
Investment Insights
Based on property information with market context.
This office property occupies more than half an acre at the junction of CR470 and CR463B. The 2,114-square-foot building was constructed in 1988 and provides a reception area, one larger office, five additional offices, a kitchen, and two bathrooms. The layout supports a range of office configurations, while the existing improvements require renovation before use.
On-site parking is provided, and the property is designated for office use. The site is located in Lake Panasoffkee, with a Walk Score of 20 and a Bike Score of 33. The building has previously operated as a medical office and later as an antique store, offering a commercial structure with an established interior layout for office occupancy.
On-site parking is provided, and the property is designated for office use. The site is located in Lake Panasoffkee, with a Walk Score of 20 and a Bike Score of 33. The building has previously operated as a medical office and later as an antique store, offering a commercial structure with an established interior layout for office occupancy.
Key Highlights
- More than half an acre at the CR470 and CR463B intersection
- 2,114‑square‑foot office building constructed in 1988
- One reception area, one larger office, and five additional offices
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
$32,451
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
7.21%
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%
$649,020
$649.0K
Cap Rate 7%
$463,586
$463.6K
Cap Rate 9%
$360,567
$360.6K
Market Conditions
NOI Build-Up for 2,114 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
$52.8K $24.96/SF
− Vacancy
−$9.5K −$4.49/SF
EGI
$43.3K $20.47/SF
− OpEx
−$10.8K −$5.12/SF
NOI
$32.5K $15.35/SF
Area
Sumter County, FL
Vacancy
18.00%
Lease Rate
$24.96 /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%
$649,020
Cap Rate 7%
$463,586
Cap Rate 9%
$360,567
Alternative Uses
Best Use
Office B
$463.6K
$405.6K – $540.9K
NOI $32,451 @ 7.0% cap · market cap 7.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$605.2K
$529.6K – $706.1K
NOI $42,365 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Demographics for 33538, FL
5,096
Population
3,409
Households
1.5
Avg Household Size
50
Median Age
15%
College-Educated
85%
High-School Grad
89.0 sq mi
ZIP Area
57
Density / Sq Mi
$48,951
Median Household Income
$43,178
Median Earnings
$1,005
Median Rent
$157,200
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 - Office-zoned property with multiple private rooms, a reception area, kitchen, bathrooms, and on-site parking.
Where is this office building located?
The property is located at 1283 CR 463B Lake Panasoffkee, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: More than half an acre at the CR470 and CR463B intersection; 2,114‑square‑foot office building constructed in 1988; One reception area, one larger office, and five additional offices
