Mixed-Use Property with
For Sale
$395,000
702 W DR MARTIN LUTHER KING JR, Plant City, FL 33563
Flexible office space includes a one-bedroom apartment and a second apartment converted for storage use.
Property Size2,506 SF
Days on Market57
Property Features for 702 W DR MARTIN LUTHER KING JR
General Information
Standard status
Active
Size
2,506 SF
Property subtype
Commercial
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$1,777
Building Details
Building Size
2,506 SF
Year Built
1919
Listing Agency:
Smart Realty of Polk Inc dba Keller Williams Realty
Listed By:
Tabatha Pugh · License #3376544
(813) 476-8457
Source:
Elliman
Added: Aug 15
Changed: Oct 4
Last Checked: Oct 9 at 10:29PM
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 Smart Realty of Polk Inc dba Keller Williams Realty
Investment Insights
Based on property information with market context.
Located at 702 W Dr Martin Luther King Jr Blvd in Plant City, this mixed-use property combines office space with residential and storage components. The building offers over 2,500 square feet of interior area and was constructed in 1919, providing an established structure for office operations, customization, or modernization.
The property sits along a major Plant City thoroughfare with prominent street frontage and access to downtown, government offices, medical facilities, and community services. A one-bedroom apartment is leased on a month-to-month basis, while a second apartment has been converted to storage. The location records a Walk Score of 74, rated Very Walkable, and a Bike Score of 52, rated Bikeable.
The property sits along a major Plant City thoroughfare with prominent street frontage and access to downtown, government offices, medical facilities, and community services. A one-bedroom apartment is leased on a month-to-month basis, while a second apartment has been converted to storage. The location records a Walk Score of 74, rated Very Walkable, and a Bike Score of 52, rated Bikeable.
Key Highlights
- Over 2,500 square feet of interior space
- One‑bedroom apartment on a month‑to‑month arrangement
- Second apartment converted to storage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,125
Cap Rate
7.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$622,500
$622.5K
Cap Rate 7%
$444,643
$444.6K
Cap Rate 9%
$345,833
$345.8K
Market Conditions
NOI Build-Up for 2,506 SF
Gross rent
$54.1K $21.60/SF
− Vacancy
−$4.3K −$1.73/SF
EGI
$49.8K $19.87/SF
− OpEx
−$18.7K −$7.45/SF
NOI
$31.1K $12.42/SF
Area
Hillsborough County, FL
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$622,500
Cap Rate 7%
$444,643
Cap Rate 9%
$345,833
Alternative Uses
Best Use
Mixed Use
$444.6K
$389.1K – $518.8K
NOI $31,125 @ 7.0% cap · market cap 7.88%
Second Best
Office B
$241.6K
$211.4K – $281.9K
NOI $16,911 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$725.8K
$635.0K – $846.7K
NOI $50,803 @ 7.0% cap · market cap 12.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,260
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible office space includes a one-bedroom apartment and a second apartment converted for storage use.
Where is this mixed-use property located?
The property is located at 702 W DR MARTIN LUTHER KING JR 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: Over 2,500 square feet of interior space; One‑bedroom apartment on a month‑to‑month arrangement; Second apartment converted to storage
