Open-Plan Office Building with
For Sale
$250,000
2339 N C 470, Lake Panasoffkee, FL 33538
Versatile office building with open layout, 10-foot ceilings, one bathroom, storage closet, and an 8-space parking lot.
Property Size1,350 SF
Lot Size0.43 Acres
Price / SF$185.19
Days on Market304
Property Features for 2339 N C 470
General Information
Standard status
Active
Size
1,350 SF
Total Parking Spaces
8
Lot size
0.43 Acres
Additional Details
Clear Height
10 ft
Taxes and HOA fees
Annual Taxes
$1,942
Building Details
Year Renovated
2024
Listing Agency:
Keller Williams Realty - Elite Partners II
(352) 637-2777
Listed By:
Bruce Brunk · License #3138787
(352) 228-7744
Source:
Exprealty
Added: Nov 6, 2025
Changed: Sep 3
Last Checked: Sep 5 at 2:01PM
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 Keller Williams Realty - Elite Partners II
Investment Insights
Based on property information with market context.
This versatile commercial office building offers an open interior plan with 10-foot ceilings, designed for flexible configuration. The space includes one bathroom and a dedicated storage closet, and the layout is well-suited for reconfiguration into private offices, a meeting space, or collaborative work areas. The property sits on a 0.43-acre lot and includes an 8-space parking lot.
The building is located in Lake Panasoffkee near popular restaurant Catfish Johnny’s, with convenient access to major roadways and surrounding local businesses and community services. The roof was updated in 2024.
With its functional interior, parking for visitors and staff, and recent roof improvements, the property can support a range of professional office needs in a central Lake Panasoffkee setting.
The building is located in Lake Panasoffkee near popular restaurant Catfish Johnny’s, with convenient access to major roadways and surrounding local businesses and community services. The roof was updated in 2024.
With its functional interior, parking for visitors and staff, and recent roof improvements, the property can support a range of professional office needs in a central Lake Panasoffkee setting.
Key Highlights
- 1,350 SF commercial office building with open interior and 10‑ft ceilings for flexible use
- 0.43‑acre lot with room for operations, expansion, or customization
- Includes 1 bathroom and a dedicated storage closet
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
$20,723
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
8.29%
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%
$414,460
$414.5K
Cap Rate 7%
$296,043
$296.0K
Cap Rate 9%
$230,256
$230.3K
Market Conditions
NOI Build-Up for 1,350 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
$33.7K $24.96/SF
− Vacancy
−$6.1K −$4.49/SF
EGI
$27.6K $20.47/SF
− OpEx
−$6.9K −$5.12/SF
NOI
$20.7K $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%
$414,460
Cap Rate 7%
$296,043
Cap Rate 9%
$230,256
Alternative Uses
Best Use
Office B
$296.0K
$259.0K – $345.4K
NOI $20,723 @ 7.0% cap · market cap 8.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$386.5K
$338.2K – $450.9K
NOI $27,054 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10 ft
Clear height
Location Intelligence
Trade Area within ½ mile
116
Businesses Nearby
Explore this area
Business Placement
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 - Versatile office building with open layout, 10-foot ceilings, one bathroom, storage closet, and an 8-space parking lot.
Where is this office building located?
The property is located at 2339 N C 470 Lake Panasoffkee, FL.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 1,350 SF commercial office building with open interior and 10‑ft ceilings for flexible use; 0.43‑acre lot with room for operations, expansion, or customization; Includes 1 bathroom and a dedicated storage closet
