Multi-Building Retail and Storage
For Sale
$975,000
540 S SCENIC, Frostproof, FL 33843
Three income-producing buildings sit on a fenced storage yard with a 60-unit self-storage facility and operating liquor store.
Property Size10,358 SF
Lot Size3.53 Acres
Days on Market61
Property Features for 540 S SCENIC
General Information
Standard status
Active
Size
10,358 SF
Lot size
3.53 Acres
Property subtype
Commercial
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Business Included
Yes
Liquor License
Yes
Taxes and HOA fees
Annual Taxes
$5,351
Building Details
Building Size
10,358 SF
Year Built
1928
Listing Agency:
Charles Rutenberg Realty, Inc
Listed By:
Mary Grantham · License #3343962
(813) 484-9520
Source:
Elliman
Added: Jul 8
Changed: Sep 1
Last Checked: Sep 5 at 7:37AM
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 Charles Rutenberg Realty, Inc
Investment Insights
Based on property information with market context.
The property is a multi-building commercial site on a 3.53-acre lot featuring three distinct businesses. A fully operating liquor store includes many storage rooms and a restroom, and it is subject to an approximately 9-year remaining lease with escalating payments. An attached building with a dividing wall is currently leased, includes two restrooms, and is approximately 6,700 square feet, with prior bar/nightclub use described in the remarks. In addition, the fenced, 60-unit storage building is located in the rear with its own separate entrance; 45 units are currently rented, and the facility is not air conditioned.
The site provides customer parking in front and includes an open field that is described as zoned commercial for additional storage units, another business, or additional parking. Exposure is supported by the property’s location off a busy highway, with the remarks citing average daily traffic volume on S Scenic Hwy (US 17).
Unit mix is described as 20- 10x10 units and 40- 5x10 units. The storage building has steady producing income, with additional upside discussed in the remarks; all measurements are approximate.
The site provides customer parking in front and includes an open field that is described as zoned commercial for additional storage units, another business, or additional parking. Exposure is supported by the property’s location off a busy highway, with the remarks citing average daily traffic volume on S Scenic Hwy (US 17).
Unit mix is described as 20- 10x10 units and 40- 5x10 units. The storage building has steady producing income, with additional upside discussed in the remarks; all measurements are approximate.
Key Highlights
- 3.53‑acre commercial property off S Scenic Hwy (US 17) with 3 buildings/businesses on‑site
- Operating liquor store included with an approximately 9‑year remaining lease term with escalating payments
- Additional building formerly used as a bar/nightclub (~6,700 SF) with dividing wall and two restrooms; leased with ~2.5 years left
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
$68,999
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
7.08%
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%
$1,379,980
$1.4M
Cap Rate 7%
$985,700
$985.7K
Cap Rate 9%
$766,656
$766.7K
Market Conditions
NOI Build-Up for 10,358 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
$88.0K $8.50/SF
− Vacancy
−$6.9K −$0.66/SF
EGI
$81.2K $7.84/SF
− OpEx
−$12.2K −$1.18/SF
NOI
$69.0K $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%
$1,379,980
Cap Rate 7%
$985,700
Cap Rate 9%
$766,656
Alternative Uses
Best Use
Specialty Retail
$1.92M
$1.68M – $2.24M
NOI $134,669 @ 7.0% cap · market cap 13.81%
Second Best
Retail
$1.66M
$1.45M – $1.94M
NOI $116,320 @ 7.0% cap · market cap 11.93%
Theoretical Best
Office A
$2.49M
$2.18M – $2.90M
NOI $174,238 @ 7.0% cap · market cap 17.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Fenced yard
Yes
Highway access
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
227
Businesses Nearby
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Three income-producing buildings sit on a fenced storage yard with a 60-unit self-storage facility and operating liquor store.
Where is this self storage facility located?
The property is located at 540 S SCENIC Frostproof, FL.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 3.53‑acre commercial property off S Scenic Hwy (US 17) with 3 buildings/businesses on‑site; Operating liquor store included with an approximately 9‑year remaining lease term with escalating payments; Additional building formerly used as a bar/nightclub (~6,700 SF) with dividing wall and two restrooms; leased with ~2.5 years left
