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 Market9
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
(813) 476-8457
Listed By:
Tabatha Pugh · License #3376544
(813) 476-8457
Source:
Elliman
Added: Aug 15
Changed: Aug 17
Last Checked: Aug 23 at 8:18AM
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 = 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
$31,125
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
7.88%
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%
$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
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
$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 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%
$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
Property Profile
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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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
