Flex Space with Two Industrial
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
Electric (Heating), Central
Cooling system
Electric, Central Air
Amenities
backup generator
on-site diesel and gas tank
open covered parking/shed space
Building Details
Year built
1996
Floors in Building
1
Flooring type
Tile, Concrete, 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) 385-0077
Added: Apr 13
Changed: Aug 4
Last Checked: Aug 11 at 8:06PM
MLS# 324525
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.
Flex space on 1.29 acres of fully fenced land zoned C2, offered with central water and sewer. The property includes two buildings, both suited for manufacturing, distribution, or a growing service business setup.
The main industrial building totals 6,000 square feet and includes three oversized bay doors for vehicle and equipment access. Interior improvements include a warehouse restroom, workbenches, and a second floor for additional storage. Office amenities include eight private offices, a dedicated reception area with a refrigerator and microwave, a separate copy/scan room, and two ADA-compliant public restrooms. There is also a first aid area and a backup generator. The warehouse area includes an additional upper mezzanine of 1,500 square feet.
An adjacent standalone building provides 1,188 square feet and includes its own garage door, supporting separate storage, a workshop, or specialty operations. Exterior features include a concrete construction profile with metal roofing, an on-site diesel and gas tank, open covered parking or shed space for heavy machinery, and fenced grounds. The property was built in 1996.
The main industrial building totals 6,000 square feet and includes three oversized bay doors for vehicle and equipment access. Interior improvements include a warehouse restroom, workbenches, and a second floor for additional storage. Office amenities include eight private offices, a dedicated reception area with a refrigerator and microwave, a separate copy/scan room, and two ADA-compliant public restrooms. There is also a first aid area and a backup generator. The warehouse area includes an additional upper mezzanine of 1,500 square feet.
An adjacent standalone building provides 1,188 square feet and includes its own garage door, supporting separate storage, a workshop, or specialty operations. Exterior features include a concrete construction profile with metal roofing, an on-site diesel and gas tank, open covered parking or shed space for heavy machinery, and fenced grounds. The property was built in 1996.
Key Highlights
- 1.29 acres of fully fenced flex space zoned C2 with central water and sewer
- Main industrial building totals 6,000 SF with three oversized bay doors
- Second floor storage plus a 1,500 SF upper mezzanine 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
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
Property Profile
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
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 - 1.29-acre, fully fenced flex space zoned C2 with central water and sewer, featuring bay doors and two buildings.
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 flex space zoned C2 with central water and sewer; Main industrial building totals 6,000 SF with three oversized bay doors; Second floor storage plus a 1,500 SF upper mezzanine in the warehouse area
