Two-Building Mixed-Use
New
For Sale
$450,000
221 N Scenic Hwy, Frostproof, FL 33843
Commercial General zoning, public utilities, and flexible office, storage, and service-oriented building layouts.
Property Size4,680 SF
Price / SF$96.15
Days on Market4
Property Features for 221 N Scenic Hwy
General Information
Standard status
Active
Size
4,680 SF
Zoning
COMMERCIAL GENERAL
Site & Location
Road Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
20 ft
Office Build-Out
240 SF
Building Details
Year Built
1957
Buildings
2
Listing Agency:
ESTELLE SULLIVAN REALTY, LLC
Listed By:
Estelle Sullivan · License #348503
(863) 632-2062
Source:
Chenoregroup
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 11 at 4:34PM
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 ESTELLE SULLIVAN REALTY, LLC
Investment Insights
Based on property information with market context.
This mixed-use property includes two separate commercial buildings totaling 4,680 square feet. The front structure is a 2,700-square-foot concrete block building with 12-foot ceilings, an open area suitable for reception, boardroom, or additional office space, and an existing 24-by-10-foot office. A 34-by-34-foot rear area contains a kitchenette, parts storage, utility closets, two bathrooms, and additional open space.
Positioned behind the office is a 1,980-square-foot steel building measuring 45 by 44 feet, with 20-foot ceilings and two roll-up doors. The closed alley provides additional space that may be used for parking or other purposes. Electricity is connected, public utilities are available, and public parking is located in front along a State Road. Commercial General zoning allows banking, special needs care, beauty shops, fitness, medical offices, and other listed business uses. The property is located at 221 N Scenic Hwy in Frostproof, Florida, and was built in 1957.
Positioned behind the office is a 1,980-square-foot steel building measuring 45 by 44 feet, with 20-foot ceilings and two roll-up doors. The closed alley provides additional space that may be used for parking or other purposes. Electricity is connected, public utilities are available, and public parking is located in front along a State Road. Commercial General zoning allows banking, special needs care, beauty shops, fitness, medical offices, and other listed business uses. The property is located at 221 N Scenic Hwy in Frostproof, Florida, and was built in 1957.
Key Highlights
- Two separate buildings totaling 4,680 square feet
- 2,700‑square‑foot concrete block building with 12‑foot ceilings
- 1,980‑square‑foot steel building with 20‑foot ceilings and two roll‑up doors
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
$31,176
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
6.93%
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%
$623,520
$623.5K
Cap Rate 7%
$445,371
$445.4K
Cap Rate 9%
$346,400
$346.4K
Market Conditions
NOI Build-Up for 4,680 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
$39.8K $8.50/SF
− Vacancy
−$3.1K −$0.66/SF
EGI
$36.7K $7.84/SF
− OpEx
−$5.5K −$1.18/SF
NOI
$31.2K $6.66/SF
Area
Polk County, FL
Vacancy
7.80%
Lease Rate
$8.50 /SF/Yr
Expense Ratio
15.00%
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%
$623,520
Cap Rate 7%
$445,371
Cap Rate 9%
$346,400
Alternative Uses
Best Use
Office B
$821.3K
$718.7K – $958.2K
NOI $57,494 @ 7.0% cap · market cap 12.78%
Second Best
Mixed Use
$752.9K
$658.8K – $878.4K
NOI $52,703 @ 7.0% cap · market cap 11.71%
Theoretical Best
Office A
$1.12M
$984.1K – $1.31M
NOI $78,725 @ 7.0% cap · market cap 17.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
20 ft
Clear height
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
271
Businesses Nearby
Explore this area
Business Placement
Demographics for 33843, FL
11,864
Population
5,930
Households
2
Avg Household Size
45
Median Age
15%
College-Educated
81%
High-School Grad
124.0 sq mi
ZIP Area
96
Density / Sq Mi
$51,358
Median Household Income
$28,857
Median Earnings
$864
Median Rent
$107,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial General zoning, public utilities, and flexible office, storage, and service-oriented building layouts.
Where is this mixed-use property located?
The property is located at 221 N Scenic Hwy Frostproof, 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: Two separate buildings totaling 4,680 square feet; 2,700‑square‑foot concrete block building with 12‑foot ceilings; 1,980‑square‑foot steel building with 20‑foot ceilings and two roll‑up doors
