Flex Space with Oversized Bay
For Sale
$1,000,000
623 Park Street, Sebring, FL 33870
COMMERCIAL - Sebring, FL
Property Size10,188 SF
Lot Size1.29 Acres
Price / SF$98.15
Days on Market121
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
Building Details
Year built
1996
Floors in Building
1
Flooring type
Concrete, Carpet, Tile
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) 385-0077
Added: Apr 13
Changed: Aug 4
Last Checked: Aug 11 at 9:06PM
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 C2 zoned flex space includes two buildings on 1.29 acres of fully fenced land with central water and sewer. The main industrial building offers 6,000 square feet and features three oversized bay doors for vehicle and equipment access. Inside, you’ll find a warehouse restroom, workbenches, and a second-floor area for additional storage. The office component includes eight private offices, a dedicated reception area with a refrigerator and microwave, a separate copy/scan room, two ADA-compliant public restrooms, and a shared supply room with first aid plus a backup generator for uninterrupted operations.
The warehouse area also includes an additional upper mezzanine of 1,500 square feet. An adjacent standalone building provides 1,188 square feet with its own garage door, suited for separate storage, a workshop, or specialty operations. Exterior and operational features include concrete construction, metal roofing, open covered parking/shed space for heavy machinery, and on-site diesel and gas tanking.
The property was built in 1996 and is served by public sewer. Sale includes six strap numbers and the lot size is approximate; a survey is needed to verify lot lines.
The warehouse area also includes an additional upper mezzanine of 1,500 square feet. An adjacent standalone building provides 1,188 square feet with its own garage door, suited for separate storage, a workshop, or specialty operations. Exterior and operational features include concrete construction, metal roofing, open covered parking/shed space for heavy machinery, and on-site diesel and gas tanking.
The property was built in 1996 and is served by public sewer. Sale includes six strap numbers and the lot size is approximate; a survey is needed to verify lot lines.
Key Highlights
- 1.29 acres of fully fenced land with central water and sewer
- Main industrial building: 6,000 SF with three oversized bay doors
- Upper mezzanine of 1,500 SF in the warehouse area
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
Warehouse
$961.0K
$840.9K – $1.12M
NOI $67,272 @ 7.0% cap · market cap 6.73%
Second Best
Flex RnD
$958.8K
$838.9K – $1.12M
NOI $67,114 @ 7.0% cap · market cap 6.71%
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
Property Profile
Current Use
Lease Details
Yes
Fenced yard
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - C2 zoned flex space on a corner lot with fenced yard and three oversized bay doors plus offices and storage.
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: 1.29 acres of fully fenced land with central water and sewer; Main industrial building: 6,000 SF with three oversized bay doors; Upper mezzanine of 1,500 SF in the warehouse area
