Flex Space Building with
For Sale
$457,465
632 1ST STREET S, Winter Haven, FL 33880
Commercial building with open work areas, storage, two restrooms, ramped entry, and central air conditioning.
Property Size2,300 SF
Days on Market578
Property Features for 632 1ST STREET S
General Information
Standard status
Active
Size
2,300 SF
Property subtype
Commercial
Zoning
RP
Additional Details
Asking Price
$720,000
Taxes and HOA fees
Annual Taxes
$2,255
Amenities
open work or display areas
storage
two restrooms
ramped access
central air conditioning
on-site parking
Building Details
Building Size
2,300 SF
Year Built
1953
Buildings
2
Listing Agency:
KELLER WILLIAMS REALTY SMART
(407) 467-5760
Listed By:
Chris Renfro · License #3425065
(407) 467-5760
Source:
Mbifloridarealty
Added: Jan 7, 2025
Changed: Aug 8
Last Checked: Aug 8 at 12:10PM
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 KELLER WILLIAMS REALTY SMART
Investment Insights
Based on property information with market context.
The property is a 2,300± SF commercial building constructed in 1953, with an open interior suited to work or display functions. The layout includes storage areas, two restrooms, ramped access, central air conditioning, and on-site parking.
Located at 632 1st Street S in Winter Haven, the building is offered as part of a two-property sale that also includes 524 1st St S. The companion property contains an additional 1,320± SF office or medical-style building, and the two properties are to be conveyed together. Inventory, refrigeration, shelving, racking, and trade fixtures are excluded from the real estate sale unless separately negotiated.
Located at 632 1st Street S in Winter Haven, the building is offered as part of a two-property sale that also includes 524 1st St S. The companion property contains an additional 1,320± SF office or medical-style building, and the two properties are to be conveyed together. Inventory, refrigeration, shelving, racking, and trade fixtures are excluded from the real estate sale unless separately negotiated.
Key Highlights
- 2,300± SF commercial building at 632 1st Street S
- Built in 1953
- Open interior areas for work or display use
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
$28,256
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
6.18%
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%
$565,120
$565.1K
Cap Rate 7%
$403,657
$403.7K
Cap Rate 9%
$313,956
$314.0K
Market Conditions
NOI Build-Up for 2,300 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
$48.3K $21.00/SF
− Vacancy
−$10.6K −$4.62/SF
EGI
$37.7K $16.38/SF
− OpEx
−$9.4K −$4.10/SF
NOI
$28.3K $12.29/SF
Area
Polk County, FL
Vacancy
22.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$565,120
Cap Rate 7%
$403,657
Cap Rate 9%
$313,956
Alternative Uses
Best Use
Office B
$403.7K
$353.2K – $470.9K
NOI $28,256 @ 7.0% cap · market cap 6.18%
Second Best
Retail
$369.0K
$322.9K – $430.5K
NOI $25,829 @ 7.0% cap · market cap 5.65%
Theoretical Best
Office A
$552.7K
$483.6K – $644.8K
NOI $38,690 @ 7.0% cap · market cap 8.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,710
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33880, FL
42,005
Population
17,055
Households
2.5
Avg Household Size
38
Median Age
17%
College-Educated
84%
High-School Grad
32.4 sq mi
ZIP Area
1,296
Density / Sq Mi
$56,803
Median Household Income
$35,051
Median Earnings
$1,128
Median Rent
$200,900
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 - Commercial building with open work areas, storage, two restrooms, ramped entry, and central air conditioning.
Where is this flex space located?
The property is located at 632 1ST STREET S Winter Haven, FL.
What is the asking price?
The asking price for this property is $457,465.
What are key features of this property?
This property features: 2,300± SF commercial building at 632 1st Street S; Built in 1953; Open interior areas for work or display use
