Freestanding Bank
For Sale
$799,900
695 N Scenic Highway, Frostproof, FL 33843
Commercial, Single Story, Frostproof, FL
Property Size3,886 SF
Lot Size1.40 Acres
Price / SF$205.84
Days on Market1113
Property Features for 695 N Scenic Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C1
Directions
At the Intersection of Hammock Road and US Hwy 27 head north for 19.4 miles then turn right onto CR 630. In .5 miles turn left to stay on CR 630. In 2 miles turn right onto FL-17S (Scenic Highway) and property is on your right in 151 ft.
Standard status
Active
APN
28-31-29-000000-021220
Size
3,886 SF
Lot size
1.40 Acres
Taxes and HOA fees
Tax Year
2022
Tax Description
BEG 50 FT S & 25 FT W OF NE COR OF US GOVT LOT 1 RUN WLY 250 FT SLY 250 FT ELY 250 FT NLY 250 FT TO POB LESS RD R/W & LESS ADDL R/W AS DESC IN OR 4701-877
Tax Annual Amount
7918
Legal Description
BEG 50 FT S & 25 FT W OF NE COR OF US GOVT LOT 1 RUN WLY 250 FT SLY 250 FT ELY 250 FT NLY 250 FT TO POB LESS RD R/W & LESS ADDL R/W AS DESC IN OR 4701-877
Amenities
vault
Building Details
Year built
1980
Floors in Building
1
Architectural style
Other
Listing Agency:
ADVANTAGE REALTY #1
(863) 386-0303
Listed By:
Gregory Karlson · License #3229372
(863) 381-4932
Added: Sep 5, 2023
Changed: Aug 19
Last Checked: Sep 21 at 8:06PM
MLS# 297577
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.
The property includes a 3,886-square-foot bank building constructed in 1980, situated on approximately 1.4 acres. An existing vault remains part of the improvements, providing a notable feature for banking or other secure commercial operations. The building is single-story and is offered with the land as a commercial property.
Located at 695 N Scenic Highway in Frostproof, the site occupies the corner of N. Scenic Highway/17 and CR 630. McDonald’s is directly across the intersection. The property carries C1 zoning, supporting its classification as a commercial bank asset in Polk County.
Located at 695 N Scenic Highway in Frostproof, the site occupies the corner of N. Scenic Highway/17 and CR 630. McDonald’s is directly across the intersection. The property carries C1 zoning, supporting its classification as a commercial bank asset in Polk County.
Key Highlights
- 3,886‑square‑foot bank building on approximately 1.4 acres
- Existing vault included with the building
- Hard‑corner position at N. Scenic Highway/17 and CR 630
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
$50,523
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
6.32%
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%
$1,010,460
$1.0M
Cap Rate 7%
$721,757
$721.8K
Cap Rate 9%
$561,367
$561.4K
Market Conditions
NOI Build-Up for 3,886 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
$72.3K $18.60/SF
− Vacancy
−$4.9K −$1.26/SF
EGI
$67.4K $17.34/SF
− OpEx
−$16.8K −$4.33/SF
NOI
$50.5K $13.00/SF
Area
Polk County, FL
Vacancy
6.80%
Lease Rate
$18.60 /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%
$1,010,460
Cap Rate 7%
$721,757
Cap Rate 9%
$561,367
Alternative Uses
Best Use
Specialty Retail
$721.8K
$631.5K – $842.1K
NOI $50,523 @ 7.0% cap · market cap 6.32%
Second Best
Retail
$623.4K
$545.5K – $727.3K
NOI $43,640 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$933.8K
$817.1K – $1.09M
NOI $65,369 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
117
Businesses Nearby
50k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 41%
Dining 33%
Groceries 18%
Home Improvements & Furnishings 8%
McDonald's
Dining
16,695 visits/mo
0.1 miles
Save-A-Lot
Groceries
9,028 visits/mo
0.0 miles
Dollar General
Shops & Services
8,544 visits/mo
0.1 miles
Citgo
Shops & Services
5,192 visits/mo
0.1 miles
Family Dollar
Shops & Services
4,152 visits/mo
0.1 miles
Demographics for 33843, FL
11,864
Population
5,930
Households
2
Avg Household Size
45
Median Age
15%
College-Educated
81%
High-School Grad
124.0 sq mi
ZIP Area
96
Density / Sq Mi
$51,358
Median Household Income
$28,857
Median Earnings
$864
Median Rent
$107,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - C1-zoned property includes an existing vault and occupies a hard-corner site.
Where is this bank located?
The property is located at 695 N Scenic Highway Frostproof, FL.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 3,886‑square‑foot bank building on approximately 1.4 acres; Existing vault included with the building; Hard‑corner position at N. Scenic Highway/17 and CR 630
