Historic Office
For Sale
$395,000
702 W DR MARTIN LUTHER KING JR Boulevard, Plant City, FL 33563
SINGLE_FAMILY - PLANT CITY, FL
Property Size2,506 SF
Lot Size0.07 Acres
Price / SF$157.62
Days on Market250
Property Features for 702 W DR MARTIN LUTHER KING JR Boulevard
General Information
Property type
Residential
Property subtype
Office
Zoning
C-1
Lot features
Central Business District, Corner Lot
Directions
From E Baker St., go South on N Wheeler St., turn right onto W. Dr. Martin Luther King Jr Blvd., building is on the right
Subdivision
33563 - Plant City
Standard status
Active
APN
P-29-28-22-5DB-000016-00008.0
Size
2,506 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
PLANT CITY WARREN'S SURVEY A PART OF LOT 8 BLOCK 16 DESC AS BEG SELY COR OF SD LOT 8 THN S 80 DEG W ALG SLY LINE OF SD LOT 8 27.14 FT THN N 10 DEG 09 MIN 47 SEC W 106.03 FT TO PT ON NLY BDRY OF SD LOT 8 THN N 79 DEG 57 MIN 47 SEC E TO NELY COR OF SD LOT 8 THN S 10 DEG 04 MIN 36 SEC E 106.05 FT TO POB
Tax Annual Amount
1778
Legal Description
PLANT CITY WARREN'S SURVEY A PART OF LOT 8 BLOCK 16 DESC AS BEG SELY COR OF SD LOT 8 THN S 80 DEG W ALG SLY LINE OF SD LOT 8 27.14 FT THN N 10 DEG 09 MIN 47 SEC W 106.03 FT TO PT ON NLY BDRY OF SD LOT 8 THN N 79 DEG 57 MIN 47 SEC E TO NELY COR OF SD LOT 8 THN S 10 DEG 04 MIN 36 SEC E 106.05 FT TO POB
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1919
Floors in Building
1
Flooring type
Carpet, Concrete
Building materials
Block
Roof type
Metal
Listing Agency:
KELLER WILLIAMS REALTY SMART
(863) 577-1234
Listed By:
Tabatha Pugh · License #3376544
(813) 476-8457
Added: Dec 9, 2025
Changed: Aug 14
Last Checked: Aug 16 at 7:06PM
MLS# L4956770
Copyright © 2026 Stellar MLS. 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.
Built in 1919, this 2,506-square-foot office building occupies 0.07 acres at 702 W Dr Martin Luther King Jr Boulevard in Plant City. The property is zoned C-1 and includes office space, a one-bedroom apartment, and a second apartment converted to storage, creating a flexible configuration for an owner-user or commercial operator.
Construction is block with concrete and carpet flooring, central heating, central air conditioning, a metal roof, public water, and public sewer. The address sits along a major Plant City thoroughfare with access to downtown, government offices, medical facilities, and community services. Its established structure and mixed office and residential components provide a practical base for customization or continued rental use.
Construction is block with concrete and carpet flooring, central heating, central air conditioning, a metal roof, public water, and public sewer. The address sits along a major Plant City thoroughfare with access to downtown, government offices, medical facilities, and community services. Its established structure and mixed office and residential components provide a practical base for customization or continued rental use.
Key Highlights
- 2,506 square feet of interior space on 0.07 acres
- C‑1 zoning in Plant City
- Built in 1919 with block construction and a metal roof
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
$16,911
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
4.28%
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%
$338,220
$338.2K
Cap Rate 7%
$241,586
$241.6K
Cap Rate 9%
$187,900
$187.9K
Market Conditions
NOI Build-Up for 2,506 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
$27.7K $11.04/SF
− Vacancy
−$5.1K −$2.04/SF
EGI
$22.5K $9.00/SF
− OpEx
−$5.6K −$2.25/SF
NOI
$16.9K $6.75/SF
Area
Hillsborough County, FL
Vacancy
18.50%
Lease Rate
$11.04 /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%
$338,220
Cap Rate 7%
$241,586
Cap Rate 9%
$187,900
Alternative Uses
Best Use
Office B
$241.6K
$211.4K – $281.9K
NOI $16,911 @ 7.0% cap · market cap 4.28%
Second Best
—
—
no second resolved use
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
Property Profile
Current Use
Lease Details
Yes
Paved road access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Central Plant City office property with a one-bedroom apartment and additional storage area.
Where is this office building located?
The property is located at 702 W 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: 2,506 square feet of interior space on 0.07 acres; C‑1 zoning in Plant City; Built in 1919 with block construction and a metal roof
