One-Story Office-Retail
For Sale
$354,000
223 COMMONWEALTH AVENUE, Polk City, FL 33868
Single-story concrete building with two separate offices within a mixed retail and office setup.
Property Size1,412 SF
Price / SF$250.71
Days on Market57
Property Features for 223 COMMONWEALTH AVENUE
General Information
Standard status
Active
Size
1,412 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$3,473
Amenities
Central Air
3
City Road, Asphalt.
Building Details
Year Built
1987
Listing Agency:
DC GLOBAL PARTNERS
(407) 729-3006
Listed By:
Hugo L Calvillo · License #3339757
Source:
Xome
Added: Jun 15
Changed: Aug 7
Last Checked: Aug 9 at 5:17AM
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 DC GLOBAL PARTNERS
Investment Insights
Based on property information with market context.
This one-story concrete commercial building includes two separate office areas that can operate independently, with one side leased while the other is used. The property is classified in public records as mixed retail with office units, supporting flexible use options such as office, retail, and professional services, subject to zoning and municipal approval.
The building is located in Polk City and is described as being close to the freeway and roads, providing convenient connections for customers and tenants.
With approximately 1,412 square feet under roof on a 9,831-square-foot lot, the asset offers a straightforward, low-rise footprint suitable for owner-user or investment considerations, depending on the approved use.
The building is located in Polk City and is described as being close to the freeway and roads, providing convenient connections for customers and tenants.
With approximately 1,412 square feet under roof on a 9,831-square-foot lot, the asset offers a straightforward, low-rise footprint suitable for owner-user or investment considerations, depending on the approved use.
Key Highlights
- Single‑story concrete building with central air and two separate office areas
- Two offices can be leased on one side while the other is used for an owner‑user setup
- Approximately 1,412 total square feet under roof
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
$17,346
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
4.90%
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%
$346,920
$346.9K
Cap Rate 7%
$247,800
$247.8K
Cap Rate 9%
$192,733
$192.7K
Market Conditions
NOI Build-Up for 1,412 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
$29.7K $21.00/SF
− Vacancy
−$6.5K −$4.62/SF
EGI
$23.1K $16.38/SF
− OpEx
−$5.8K −$4.10/SF
NOI
$17.3K $12.29/SF
Area
Polk County, FL
Vacancy
22.00%
Lease Rate
$21.00 /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%
$346,920
Cap Rate 7%
$247,800
Cap Rate 9%
$192,733
Alternative Uses
Best Use
Office B
$247.8K
$216.8K – $289.1K
NOI $17,346 @ 7.0% cap · market cap 4.90%
Second Best
Retail
$226.5K
$198.2K – $264.3K
NOI $15,857 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$339.3K
$296.9K – $395.9K
NOI $23,752 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
37
Businesses Nearby
Explore this area
Business Placement
Demographics for 33868, FL
12,906
Population
5,197
Households
2.5
Avg Household Size
43
Median Age
18%
College-Educated
86%
High-School Grad
182.5 sq mi
ZIP Area
71
Density / Sq Mi
$74,048
Median Household Income
$40,658
Median Earnings
$1,092
Median Rent
$235,600
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 units - Single-story concrete building with two separate offices within a mixed retail and office setup.
Where is this office units located?
The property is located at 223 COMMONWEALTH AVENUE Polk City, FL.
What is the asking price?
The asking price for this property is $354,000.
What are key features of this property?
This property features: Single‑story concrete building with central air and two separate office areas; Two offices can be leased on one side while the other is used for an owner‑user setup; Approximately 1,412 total square feet under roof
