Industrial Office and Shop
For Sale
Contact for pricing
607 Prairie Mine Road, Mulberry, FL 33860
Industrial, office, and shop property with three buildings totaling 11,352+/- sq. ft. on 2.52 acres.
Property Size11,352 SF
Lot Size2.52 Acres
Price / SF$114.52
Days on Market105
Property Features for 607 Prairie Mine Road
General Information
Standard status
Active
Size
11,352 SF
Lot size
2.52 Acres
Property subtype
Industrial
Zoning
industrial
Additional Details
Highway Access
Yes
Building Details
Buildings
3
Listing Agency:
Steinbauer Associates Inc
Listed By:
Jim Steinbauer · License #FL 0447461
Source:
Crexi
Added: Apr 27
Changed: Aug 8
Last Checked: Aug 7 at 11:03AM
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 Steinbauer Associates Inc
Investment Insights
Based on property information with market context.
Industrial, office, and shop property located in Mulberry Industrial Park. The offering totals 11,352+/- sq. ft. across three separate buildings on 2.52 acres.
The owner is willing to subdivide, with a minimum building size of 2,800 sq. ft. The property is described as conveniently located in Central Florida off Highway 60.
With a multi-building configuration and potential for subdivision, the site may support a range of operational needs where separate building space is beneficial.
The owner is willing to subdivide, with a minimum building size of 2,800 sq. ft. The property is described as conveniently located in Central Florida off Highway 60.
With a multi-building configuration and potential for subdivision, the site may support a range of operational needs where separate building space is beneficial.
Key Highlights
- Industrial/office/shop property in Mulberry Industrial Park with three buildings totaling 11,352+/- SF
- Set on 2.52 acres in the Lakeland/Mulberry area
- Owner willing to subdivide with a minimum building size of 2,800 SF
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
$61,096
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
4.70%
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%
$1,221,920
$1.2M
Cap Rate 7%
$872,800
$872.8K
Cap Rate 9%
$678,844
$678.8K
Market Conditions
NOI Build-Up for 11,352 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
$102.2K $9.00/SF
− Vacancy
−$8.2K −$0.72/SF
EGI
$94.0K $8.28/SF
− OpEx
−$32.9K −$2.90/SF
NOI
$61.1K $5.38/SF
Area
Polk County, FL
Vacancy
8.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,221,920
Cap Rate 7%
$872,800
Cap Rate 9%
$678,844
Alternative Uses
Best Use
Office B
$1.99M
$1.74M – $2.32M
NOI $139,459 @ 7.0% cap · market cap 10.73%
Second Best
Retail
$1.82M
$1.59M – $2.12M
NOI $127,483 @ 7.0% cap · market cap 9.81%
Theoretical Best
Office A
$2.73M
$2.39M – $3.18M
NOI $190,959 @ 7.0% cap · market cap 14.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
148
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33860, FL
24,932
Population
9,649
Households
2.6
Avg Household Size
36
Median Age
15%
College-Educated
83%
High-School Grad
98.4 sq mi
ZIP Area
253
Density / Sq Mi
$62,779
Median Household Income
$37,688
Median Earnings
$1,150
Median Rent
$221,400
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?
Flex space - Industrial, office, and shop property with three buildings totaling 11,352+/- sq. ft. on 2.52 acres.
Where is this flex space located?
The property is located at 607 Prairie Mine Road Mulberry, FL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Industrial/office/shop property in Mulberry Industrial Park with three buildings totaling 11,352+/- SF; Set on 2.52 acres in the Lakeland/Mulberry area; Owner willing to subdivide with a minimum building size of 2,800 SF
