Assisted Living Senior
For Sale
Contact for pricing
602 MELTON AVE, Auburndale, FL 33823
Special-purpose assisted living/group home facility designed to accommodate up to 90 residents.
Property Size33,676 SF
Lot Size1.29 Acres
Price / SF$126.20
Days on Market103
Property Features for 602 MELTON AVE
General Information
Standard status
Active
Size
33,676 SF
Lot size
1.29 Acres
Property subtype
Mixed Use, Senior Living, Special Purpose
Zoning
RIO
Investment Type
Owner/User
Additional Details
Highway Access
Yes
Building Details
Year Built
1957
Buildings
1
Stories
1
Units
1
Listing Agency:
Red Wolf Property
Listed By:
Brian Carolan · License #BK 3237828
(407) 257-2781
Source:
Crexi
Added: May 28
Changed: Aug 25
Last Checked: Sep 7 at 3:01AM
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 Red Wolf Property
Investment Insights
Based on property information with market context.
Formerly operated as a group home, this assisted living senior housing facility is a special-purpose property with an in-place commercial kitchen and a layout designed to support residential/institutional operations. The building is approximately 33,676 square feet and sits on about 1.29 acres, configured to accommodate up to 90 residents.
The property is located at 602 W Melton Avenue in Auburndale, Florida. It provides convenient access to Magnolia Avenue and the Polk Parkway, with multiple public transit lines nearby.
According to public remarks, RIO (Residential, Institutional and Office) zoning provides flexibility for an owner-user or specialized operator considering assisted living, group home, or other creative uses.
The property is located at 602 W Melton Avenue in Auburndale, Florida. It provides convenient access to Magnolia Avenue and the Polk Parkway, with multiple public transit lines nearby.
According to public remarks, RIO (Residential, Institutional and Office) zoning provides flexibility for an owner-user or specialized operator considering assisted living, group home, or other creative uses.
Key Highlights
- Special‑purpose assisted living/group home facility on 1.29 acres, built in 1957
- Approximately 33,676 SF designed to accommodate up to 90 residents
- Includes an in‑place commercial kitchen and a functional institutional layout
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
$318,977
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
7.51%
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%
$6,379,540
$6.4M
Cap Rate 7%
$4,556,814
$4.6M
Cap Rate 9%
$3,544,189
$3.5M
Market Conditions
NOI Build-Up for 33,676 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
$618.3K $18.36/SF
− Vacancy
−$38.3K −$1.14/SF
EGI
$580.0K $17.22/SF
− OpEx
−$261.0K −$7.75/SF
NOI
$319.0K $9.47/SF
Area
Polk County, FL
Vacancy
6.20%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
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%
$6,379,540
Cap Rate 7%
$4,556,814
Cap Rate 9%
$3,544,189
Alternative Uses
Best Use
Apartment 5plus
$4.56M
$3.99M – $5.32M
NOI $318,977 @ 7.0% cap · market cap 7.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.09M
$7.08M – $9.44M
NOI $566,484 @ 7.0% cap · market cap 13.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
672
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33823, FL
33,733
Population
15,383
Households
2.2
Avg Household Size
42
Median Age
17%
College-Educated
86%
High-School Grad
34.9 sq mi
ZIP Area
967
Density / Sq Mi
$64,248
Median Household Income
$39,187
Median Earnings
$1,068
Median Rent
$234,300
Median Home Value
Questions? Ask Rey
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Similar Off Market Nearby
- Mainstay Senior Living — 505 Ariana Ave, Auburndale, FL 33823
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Frequently Asked Questions
What type of property is this?
Assisted living facility - Special-purpose assisted living/group home facility designed to accommodate up to 90 residents.
Where is this assisted living facility located?
The property is located at 602 MELTON AVE Auburndale, FL.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: Special‑purpose assisted living/group home facility on 1.29 acres, built in 1957; Approximately 33,676 SF designed to accommodate up to 90 residents; Includes an in‑place commercial kitchen and a functional institutional layout
