Historic Two-Unit Mixed-Use
New
For Sale
Contact for pricing
356 3rd Street Northwest, Winter Haven, FL 33881
Commercially zoned property with two units, wide sidewalks, and angle parking in downtown Winter Haven.
Property Size5,044 SF
Price / SF$297.38
Days on Market5
Property Features for 356 3rd Street Northwest
General Information
Standard status
Active
Size
5,044 SF
Property subtype
Office, Retail
Occupancy
50%
Amenities
angle parking
wide sidewalks
Building Details
Year Built
1928
Buildings
1
Tenancy
Multi
Listing Agency:
Saunders Real Estate
Listed By:
R. Todd Dantzler, CCIM · License #BK3277972
Source:
Crexi
Added: Sep 9
Changed: Sep 12
Last Checked: Sep 12 at 2:59PM
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 Saunders Real Estate
Investment Insights
Based on property information with market context.
This mixed-use property contains a 5,044-square-foot building divided into 2 units and dates to 1928. The commercial zoning supports a combination of retail and office/residential use, with the property currently at 50% occupancy.
The building is positioned in downtown Winter Haven between City Hall and Heartland Church, on the east side of 3rd Street. Wide sidewalks and angle parking contribute to the surrounding urban setting, while the two-unit configuration provides a straightforward framework for commercial or mixed-use occupancy.
The building is positioned in downtown Winter Haven between City Hall and Heartland Church, on the east side of 3rd Street. Wide sidewalks and angle parking contribute to the surrounding urban setting, while the two-unit configuration provides a straightforward framework for commercial or mixed-use occupancy.
Key Highlights
- 5,044‑square‑foot building with 2 units
- Dating to 1928
- Commercial zoning supports retail or office/residential use
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
$56,802
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
3.79%
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%
$1,136,040
$1.1M
Cap Rate 7%
$811,457
$811.5K
Cap Rate 9%
$631,133
$631.1K
Market Conditions
NOI Build-Up for 5,044 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
$99.9K $19.80/SF
− Vacancy
−$9.0K −$1.78/SF
EGI
$90.9K $18.02/SF
− OpEx
−$34.1K −$6.76/SF
NOI
$56.8K $11.26/SF
Area
Polk County, FL
Vacancy
9.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
37.50%
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%
$1,136,040
Cap Rate 7%
$811,457
Cap Rate 9%
$631,133
Alternative Uses
Best Use
Mixed Use
$811.5K
$710.0K – $946.7K
NOI $56,802 @ 7.0% cap · market cap 3.79%
Second Best
Retail
$809.2K
$708.1K – $944.1K
NOI $56,644 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,848 @ 7.0% cap · market cap 5.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,388
Businesses Nearby
Explore this area
Business Placement
Demographics for 33881, FL
38,369
Population
17,948
Households
2.1
Avg Household Size
44
Median Age
18%
College-Educated
85%
High-School Grad
21.9 sq mi
ZIP Area
1,752
Density / Sq Mi
$53,867
Median Household Income
$33,941
Median Earnings
$1,153
Median Rent
$177,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail 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?
Mixed-use property - Commercially zoned property with two units, wide sidewalks, and angle parking in downtown Winter Haven.
Where is this mixed-use property located?
The property is located at 356 3rd Street Northwest Winter Haven, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 5,044‑square‑foot building with 2 units; Dating to 1928; Commercial zoning supports retail or office/residential use
