Two-Building Flex
New
For Sale
$450,000
221 N SCENIC Highway, Frostproof, FL 33843
Commercial Sale, FROSTPROOF, FL
Property Size4,680 SF
Lot Size0.26 Acres
Price / SF$96.15
Days on Market5
Property Features for 221 N SCENIC Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
GC
Security features
Security Lighting
Subdivision
FROSTPROOF IN US
Lot features
Central Business District, City Limits, Sidewalk, Street Lights, Paved
Directions
Headed South on Hwy 27, Turn East (only one way) onto St Rd 630 to traffic light (McDonalds), turn South (R) continue to property. Headed North on Hwy 27, at first traffic light in Polk County, turn NW onto Scenic Hwy and continue through city limits to property.
Standard status
Active
APN
28-31-32-968200-004012
Size
4,680 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
FROSTPROOF IN U S LOT 1 PB 1 PG 41 BLK 4 LOT 1 LESS N 75 OF E 180 FT & LESS S 46.2 FT OF E 180 FT & LESS E 30 FT THEREOF FOR RD R/W
Tax Annual Amount
4981
Legal Description
FROSTPROOF IN U S LOT 1 PB 1 PG 41 BLK 4 LOT 1 LESS N 75 OF E 180 FT & LESS S 46.2 FT OF E 180 FT & LESS E 30 FT THEREOF FOR RD R/W
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Water source
Public
Building Details
Year built
1957
Floors in Building
1
Building materials
Block, Metal Frame
Additional Structures
Storage
Listing Agency:
ESTELLE SULLIVAN REALTY, LLC
(863) 632-2062
Listed By:
Estelle Sullivan · License #348503
(863) 632-2062
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 21 at 1:06AM
MLS# K4903702
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 flex property includes two separate buildings totaling 4,680 square feet on 0.26 acres. The front building is a 2,700-square-foot concrete block structure with 12-foot ceilings, an existing office, open area, kitchenette, parts storage, utility closets, two bathrooms, and additional workspace. The rear building is a 1,980-square-foot steel structure with 20-foot ceilings and two roll-up doors.
The property is zoned GC and has public water, public sewer, connected electricity, and phone availability. Public parking is located in front along N Scenic Highway, while the closed alley behind the buildings provides additional space for parking or other uses. Built in 1957, the improvements combine office, storage, service, and open-area configurations within one commercial property.
The property is zoned GC and has public water, public sewer, connected electricity, and phone availability. Public parking is located in front along N Scenic Highway, while the closed alley behind the buildings provides additional space for parking or other uses. Built in 1957, the improvements combine office, storage, service, and open-area configurations within one commercial property.
Key Highlights
- Two separate buildings totaling 4,680 square feet on 0.26 acres
- Front building measures 2,700 square feet with 12‑foot ceilings
- Rear steel building measures 1,980 square feet with 20‑foot ceilings
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
Warehouse
$445.4K
$389.7K – $519.6K
NOI $31,176 @ 7.0% cap · market cap 6.93%
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
Property Profile
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
271
Businesses Nearby
Balanced
Demand for This Use
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
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?
Flex space - Flexible commercial compound with office, storage, utility, and open work areas across separate block and steel buildings.
Where is this flex space located?
The property is located at 221 N SCENIC Highway 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 on 0.26 acres; Front building measures 2,700 square feet with 12‑foot ceilings; Rear steel building measures 1,980 square feet with 20‑foot ceilings
