Professional Office Building with
For Sale
$395,000
702 Dr Martin Luther King Jr Boulevard, Plant City, FL 33563
Office building with flexible workspace, a month-to-month one-bedroom unit, and additional storage converted from an apartment.
Property Size2,666 SF
Price / SF$148.16
Days on Market270
Property Features for 702 Dr Martin Luther King Jr Boulevard
General Information
Standard status
Active
Size
2,666 SF
Property subtype
Office
Additional Details
Business Included
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,778
Amenities
Central Air
3
Corner Lot.
Central Business District, Corner.
Building Details
Year Built
1919
Listing Agency:
KELLER WILLIAMS REALTY
(863) 577-1234
Listed By:
Tabatha Pugh · License #3376544
Source:
Xome
Added: Nov 12, 2025
Changed: Aug 7
Last Checked: Aug 9 at 4:33AM
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
Investment Insights
Based on property information with market context.
Available for sale, this professional office building at 702 W Dr Martin Luther King Jr Boulevard in Plant City offers a flexible interior layout with approximately 2,666 square feet of space for a variety of business uses. The property also includes residential and ancillary components: a one-bedroom apartment that is month-to-month, plus an additional apartment that has been converted to storage.
The building is positioned along a major thoroughfare, providing prominent street frontage and visibility for a professional office setting. Public remarks also note close proximity to downtown, government offices, medical facilities, and key community services.
With a mix of office space and on-site storage, the configuration supports an owner-user or investor approach, with room to tailor the space to individual operational needs. Easy to show—schedule your tour to review the layout and existing improvements.
The building is positioned along a major thoroughfare, providing prominent street frontage and visibility for a professional office setting. Public remarks also note close proximity to downtown, government offices, medical facilities, and key community services.
With a mix of office space and on-site storage, the configuration supports an owner-user or investor approach, with room to tailor the space to individual operational needs. Easy to show—schedule your tour to review the layout and existing improvements.
Key Highlights
- Office building on a corner lot in Plant City CBD at 702 W Dr Martin Luther King Jr Blvd
- Over 2,500 sq ft of interior space with a flexible layout for professional office uses
- Central air cooling and heating system listed as “3”
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
$24,589
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
6.23%
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%
$491,780
$491.8K
Cap Rate 7%
$351,271
$351.3K
Cap Rate 9%
$273,211
$273.2K
Market Conditions
NOI Build-Up for 2,666 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
$44.8K $16.80/SF
− Vacancy
−$3.8K −$1.43/SF
EGI
$41.0K $15.37/SF
− OpEx
−$16.4K −$6.15/SF
NOI
$24.6K $9.22/SF
Area
Hillsborough County, FL
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
40.00%
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%
$491,780
Cap Rate 7%
$351,271
Cap Rate 9%
$273,211
Alternative Uses
Best Use
Healthcare Medical
$351.3K
$307.4K – $409.8K
NOI $24,589 @ 7.0% cap · market cap 6.23%
Second Best
Office B
$257.0K
$224.9K – $299.9K
NOI $17,991 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$772.1K
$675.6K – $900.8K
NOI $54,047 @ 7.0% cap · market cap 13.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,207
Businesses Nearby
Explore this area
Business Placement
Demographics for 33563, FL
27,344
Population
10,794
Households
2.5
Avg Household Size
35
Median Age
18%
College-Educated
76%
High-School Grad
15.1 sq mi
ZIP Area
1,811
Density / Sq Mi
$56,318
Median Household Income
$35,142
Median Earnings
$1,226
Median Rent
$197,500
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?
Office building - Office building with flexible workspace, a month-to-month one-bedroom unit, and additional storage converted from an apartment.
Where is this office building located?
The property is located at 702 Dr Martin Luther King Jr Boulevard Plant City, FL.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Office building on a corner lot in Plant City CBD at 702 W Dr Martin Luther King Jr Blvd; Over 2,500 sq ft of interior space with a flexible layout for professional office uses; Central air cooling and heating system listed as “3”
