Fenced Flex Space With Bay
For Sale
$1,000,000
623 Park Street, Sebring, FL 33870
Commercial, Single Story, Sebring, FL
Property Size10,188 SF
Lot Size1.29 Acres
Price / SF$98.15
Days on Market167
Property Features for 623 Park Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C2
Security features
Security System
Interior features
Cable TV Available, Private Restrooms, Public Restrooms
Exterior features
Concrete, Fenced, Shed/Workshop
Fencing
Fenced
Directions
From Hammock Rd and US Hwy 27, travel South to left on Lakeview Dr (by CVS), continue on Lakeview to S Ridgewood Drive, turn left on N Franklin St, right on Park St, building is on the right.
Standard status
Active
APN
S-29-34-29-070-0310-0030
Size
10,188 SF
Lot size
1.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
TOWN OF SEBRING-TRANS TB-PG 6 LOTS 1+ 2+ 3 + 4 + 1/2 CONTIG CLOSED ALLEY BLK 31 + TOWN OF SEBRING-TRANS N 1/3 OF LOTS 18-19-20 + ELY 150 FT OF LOT 21+ LOT 22 + 1/2 CONTIG CLOSED ALLEY WAY
Tax Annual Amount
5684
Legal Description
TOWN OF SEBRING-TRANS TB-PG 6 LOTS 1+ 2+ 3 + 4 + 1/2 CONTIG CLOSED ALLEY BLK 31 + TOWN OF SEBRING-TRANS N 1/3 OF LOTS 18-19-20 + ELY 150 FT OF LOT 21+ LOT 22 + 1/2 CONTIG CLOSED ALLEY WAY
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Amenities
dedicated reception area
separate copy/scan room
two ADA-compliant public restrooms
shared supply room with first aid
backup generator
Building Details
Year built
1996
Floors in Building
1
Flooring type
Concrete, Tile, Carpet
Building materials
Concrete Block
Roof type
Metal
Architectural style
Other
Additional Structures
Workshop
Listing Agency:
RE/MAX REALTY PLUS · RE/MAX International
(863) 385-0077
Listed By:
C Boring III
(863) 381-1298
Added: Apr 13
Changed: Sep 13
Last Checked: Sep 26 at 4:06AM
MLS# 324594
Copyright © 2026 Heartland Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex-space property includes two concrete-block buildings totaling 10,188 square feet on 1.29 acres of fenced land. The primary 6,000-square-foot industrial building has three oversized bay doors, a warehouse restroom, workbenches, and a 1,500-square-foot upper mezzanine. Its office component includes eight private offices, reception space, a copy and scan room, a shared supply room, and two ADA-compliant public restrooms. A backup generator is also included.
The adjacent standalone building contains 1,188 square feet and has its own garage door, providing separate space for storage, workshop use, or specialty operations. The property includes open covered parking or shed space for heavy machinery, an on-site diesel and gas tank, central water, public sewer, concrete and tile flooring, central electric heating, and central air conditioning. Located on a corner lot in downtown Sebring, the property is identified as C2 zoning and includes six strap numbers.
The adjacent standalone building contains 1,188 square feet and has its own garage door, providing separate space for storage, workshop use, or specialty operations. The property includes open covered parking or shed space for heavy machinery, an on-site diesel and gas tank, central water, public sewer, concrete and tile flooring, central electric heating, and central air conditioning. Located on a corner lot in downtown Sebring, the property is identified as C2 zoning and includes six strap numbers.
Key Highlights
- 10,188 square feet across two buildings on 1.29 acres
- Primary industrial building measures 6,000 square feet
- Three oversized bay doors provide vehicle and equipment access
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
$67,272
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
6.73%
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%
$1,345,440
$1.3M
Cap Rate 7%
$961,029
$961.0K
Cap Rate 9%
$747,467
$747.5K
Market Conditions
NOI Build-Up for 10,188 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
$83.1K $8.16/SF
− Vacancy
−$4.0K −$0.39/SF
EGI
$79.1K $7.77/SF
− OpEx
−$11.9K −$1.17/SF
NOI
$67.3K $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%
$1,345,440
Cap Rate 7%
$961,029
Cap Rate 9%
$747,467
Alternative Uses
Best Use
Office B
$1.48M
$1.30M – $1.73M
NOI $103,704 @ 7.0% cap · market cap 10.37%
Second Best
Warehouse
$961.0K
$840.9K – $1.12M
NOI $67,272 @ 7.0% cap · market cap 6.73%
Theoretical Best
Office A
$2.12M
$1.85M – $2.47M
NOI $148,370 @ 7.0% cap · market cap 14.84%
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
4
Drive-in doors
Yes
Fenced yard
Yes
Utilities to site
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Luke's Good Eatin — Sebring, FL 33871
Frequently Asked Questions
What type of property is this?
Flex space - Two concrete-block buildings combine office, warehouse, storage, and workshop areas with public and private restrooms.
Where is this flex space located?
The property is located at 623 Park Street Sebring, FL.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 10,188 square feet across two buildings on 1.29 acres; Primary industrial building measures 6,000 square feet; Three oversized bay doors provide vehicle and equipment access
