Fenced Flex Space with Bay
For Sale
Contact for pricing
623 Park St, Sebring, FL 33870
Two-building commercial property with offices, storage, and vehicle-access bays.
Property Size6,792 SF
Price / SF$176.68
Days on Market139
Property Features for 623 Park St
General Information
Standard status
Active
Size
6,792 SF
Property subtype
Industrial
Zoning
C2
Building Details
Year Built
1996
Buildings
2
Units
2
Listing Agency:
RE/MAX Realty Plus Sebring
Listed By:
Chip Boring · License #FL
Source:
Crexi
Added: Apr 14
Changed: Aug 29
Last Checked: Aug 29 at 7:56PM
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 RE/MAX Realty Plus Sebring
Investment Insights
Based on property information with market context.
This flex property includes two buildings totaling 6,792 square feet on a corner parcel in downtown Sebring. The primary 6,000-square-foot building contains three oversized bay doors, six private offices, a reception area, employee break space, a copy and scan room, a warehouse restroom, two ADA-compliant public restrooms, workbenches, and second-floor storage. A backup generator, diesel tank, central water, and sewer are also included.
The adjacent standalone building adds 792 square feet and has its own garage door, providing separate enclosed space for storage, workshop functions, or specialty operations. The land is fully fenced and includes open covered parking or shed space for heavy machinery. The property carries C2 zoning and comprises six strap numbers; lot lines require survey verification. Built in 1996.
The adjacent standalone building adds 792 square feet and has its own garage door, providing separate enclosed space for storage, workshop functions, or specialty operations. The land is fully fenced and includes open covered parking or shed space for heavy machinery. The property carries C2 zoning and comprises six strap numbers; lot lines require survey verification. Built in 1996.
Key Highlights
- 6,792 SF across two buildings, including a 6,000 SF primary facility and 792 SF standalone building
- Three oversized bay doors in the main building plus a separate garage door in the adjacent structure
- Six private offices, reception area, break space, copy/scan room, and second‑floor storage
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
$44,848
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
3.74%
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%
$896,960
$897.0K
Cap Rate 7%
$640,686
$640.7K
Cap Rate 9%
$498,311
$498.3K
Market Conditions
NOI Build-Up for 6,792 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
$55.4K $8.16/SF
− Vacancy
−$2.7K −$0.39/SF
EGI
$52.8K $7.77/SF
− OpEx
−$7.9K −$1.17/SF
NOI
$44.8K $6.60/SF
Area
Highlands County, FL
Vacancy
4.80%
Lease Rate
$8.16 /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%
$896,960
Cap Rate 7%
$640,686
Cap Rate 9%
$498,311
Alternative Uses
Best Use
Warehouse
$640.7K
$560.6K – $747.5K
NOI $44,848 @ 7.0% cap · market cap 3.74%
Second Best
Flex RnD
$639.2K
$559.3K – $745.7K
NOI $44,743 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$1.41M
$1.24M – $1.65M
NOI $98,913 @ 7.0% cap · market cap 8.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
811
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33870, FL
24,238
Population
13,933
Households
1.7
Avg Household Size
51
Median Age
18%
College-Educated
84%
High-School Grad
95.3 sq mi
ZIP Area
254
Density / Sq Mi
$50,606
Median Household Income
$28,475
Median Earnings
$977
Median Rent
$154,300
Median Home Value
Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Two-building commercial property with offices, storage, and vehicle-access bays.
Where is this flex space located?
The property is located at 623 Park St Sebring, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 6,792 SF across two buildings, including a 6,000 SF primary facility and 792 SF standalone building; Three oversized bay doors in the main building plus a separate garage door in the adjacent structure; Six private offices, reception area, break space, copy/scan room, and second‑floor storage
