Polk City Commercial Corner
For Sale
$500,000
302 Broadway Boulevard SE, Polk City, FL 33868
C-2 zoning, high-visibility corner location on State Road 559.
Property Size3,800 SF
Price / SF$131.58
Days on Market251
Property Features for 302 Broadway Boulevard SE
General Information
Standard status
Active
Size
3,800 SF
Property subtype
Commercial
Building Details
Year Built
1989
Listing Agency:
CENTURY 21 MYERS REALTY
(863) 557-3300
Listed By:
Michael Brenner · License #3069077
Source:
Realtygroupfl
Added: Dec 15, 2025
Changed: Aug 23
Last Checked: Aug 22 at 8:08AM
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 CENTURY 21 MYERS REALTY
Investment Insights
Based on property information with market context.
Located in Polk City, Florida, this commercial property offers immediate potential due to its C-2 zoning and corner location on State Road 559. The property is positioned in an area experiencing growth along State Road 33. Previously used as a restaurant, some kitchen equipment remains, making it suitable as a 2nd generation restaurant. The location is suited for various services to meet the needs of the Polk City residential area. Potential uses include a bakery, nail salon, quick-service restaurant, barber shop, insurance office, spa/massage establishment, medical office, auto dealership start-up, general retail, professional law/real estate firm, dog grooming/daycare, financial/bank consulting firm, tutoring/learning center, coffee/cafe, bike sales/repair shop, or computer/phone sales and repair. It also suits jewelry sales/repair. The corner space offers visibility and easy traffic flow for customers. The building presents a triplex opportunity with three-meter electric boxes, allowing for a three-unit commercial space. The location has a bike score of 65, indicating it is bikeable, and a walk score of 43, indicating car dependence.
Key Highlights
- Prime corner location on State Road 559 with high visibility and easy traffic flow.
- C‑2 zoning allows for a wide range of commercial uses.
- Located in Polk City, a rapidly growing community between Tampa and Orlando.
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
$42,674
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
8.53%
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%
$853,480
$853.5K
Cap Rate 7%
$609,629
$609.6K
Cap Rate 9%
$474,156
$474.2K
Market Conditions
NOI Build-Up for 3,800 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
$66.1K $17.40/SF
− Vacancy
−$5.2K −$1.36/SF
EGI
$61.0K $16.04/SF
− OpEx
−$18.3K −$4.81/SF
NOI
$42.7K $11.23/SF
Area
Polk County, FL
Vacancy
7.80%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$853,480
Cap Rate 7%
$609,629
Cap Rate 9%
$474,156
Alternative Uses
Best Use
Retail
$609.6K
$533.4K – $711.2K
NOI $42,674 @ 7.0% cap · market cap 8.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$913.2K
$799.0K – $1.07M
NOI $63,922 @ 7.0% cap · market cap 12.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
223
Businesses Nearby
31k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 70%
Home Improvements & Furnishings 15%
Dining 15%
Circle K
Shops & Services
15,576 visits/mo
0.3 miles
Polk City Ace Hardware
Home Improvements & Furnishings
4,849 visits/mo
0.2 miles
O'Reilly Auto Parts
Shops & Services
3,502 visits/mo
0.2 miles
Hungry Howie's Pizza
Dining
3,056 visits/mo
0.2 miles
Texaco Station
Shops & Services
1,905 visits/mo
0.5 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - C-2 zoning, high-visibility corner location on State Road 559.
Where is this retail space located?
The property is located at 302 Broadway Boulevard SE Polk City, FL.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Prime corner location on State Road 559 with high visibility and easy traffic flow.; C‑2 zoning allows for a wide range of commercial uses.; Located in Polk City, a rapidly growing community between Tampa and Orlando.
