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State Road 60 Okeechobee, FL 34972
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For Sale
$30,800,000
1,660-acre Florida farm, abundant water, high yield.
Description
Added:
Dec 11, 2024
Days on Market:
408
Exceptional opportunity to acquire a highly productive 1,660+/- acre agricultural farm situated in Okeechobee County, Florida, near Lake Kissimmee. This expansive property boasts 1,138 acres currently dedicated to row crops (approaching organic certification within one year) and 522 acres of citrus groves. The farm's strategic location within a warm microclimate, at the southeastern edge of Lake Kissimmee and the headwaters of the Kissimmee River, provides ideal growing conditions for a wide variety of crops, including peppers, watermelons, cucumbers, squash, tobacco, strawberries, peanuts, tomatoes, cabbage, potatoes, lettuce, cantaloupe, and more. The property includes a substantial 30,000 square foot packing house with 12,000 square feet of cooler space, offering ample capacity for post-harvest processing and storage. Further enhancing operational efficiency are two H-2A approved labor housing facilities capable of accommodating up to 180 workers, along with a custom commercial kitchen. Water resources are abundant, with a Lake Kissimmee surface water permit for irrigation, ensuring year-round irrigation efficiency via a semi-closed/drip system. The property features 9,700 feet of road frontage on State Road 60, providing excellent accessibility with three convenient entrances. Utilities including well water, septic, telephone, and electric services are readily available. A 24-inch lift station at the western end of the canal system efficiently supplies water to twelve surface pumps. The property is zoned AG and is free of easements or encroachments. This turnkey operation presents a rare opportunity for significant agricultural investment and expansion. The property's scale, infrastructure, and prime location make it a compelling acquisition for established agricultural businesses or those seeking to enter the Florida market.
Property Features for 0 State Road 60
General Information
Property type
Farms
Lot Size
72,309,600 SF
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Listing Contact
Benjamin Crosby
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HighLights
$30,800,000 asking price for 1,660+/- acres of agricultural land in Okeechobee, FL.
9,700 feet of SR 60 frontage provides high visibility.
Lake Kissimmee surface water permit for irrigation.
Farm - 1,660-acre Florida farm, abundant water, high yield.
Where is this farm located?
The property is located at State Road 60 Okeechobee, FL.
What is the asking price?
The asking price for this property is $30,800,000.
What are key features of this property?
This property features: $30,800,000 asking price for 1,660+/- acres of agricultural land in Okeechobee, FL.; 9,700 feet of SR 60 frontage provides high visibility.; Lake Kissimmee surface water permit for irrigation.
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State Road 60 Okeechobee, FL 34972
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Realmo Value Estimations
Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods.
Disclaimer
These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.
AI approach
Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.
Realmo CapRate Calculation
Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.
How We Calculate Cap Rate
Cap Rate Formula: Cap Rate (%) = (Net Operating Income / Property Value) × 100
Net Operating Income (NOI) Formula: NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)
Components
Net Operating Income (NOI) represents the annual income a property generates after operating expenses:
Area: Building square footage from property records
Lease Rate: Annual $/sqft based on market data for the property type and geographic location
Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
Operating Expense Ratio: Operating costs as a percentage of income, varies by property type
Property Value is derived from:
Recent sale price (if available)
Statistical models using comparable sales
AI-powered valuation estimates
Example Calculation
For a 100,000 sqft Office Building:
Lease Rate: $25.00/sqft/year (market data for Office in this area)
Vacancy Rate: 8% (market data for Office in this area)
Operating Expense Ratio: 35% (typical for Office properties)
Property Value: $15,000,000
Step 1: Calculate NOI
NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35) NOI = 100,000 × $25.00 × 0.92 × 0.65 NOI = $1,495,000/year
Step 2: Calculate Cap Rate
Cap Rate = ($1,495,000 / $15,000,000) × 100 Cap Rate = 9.97%
Property Type Considerations
Net Operating Income calculations vary by property type due to different operating expense ratios:
Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
Retail: Moderate expenses (25-35%) for common area maintenance
Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
Multifamily: Moderate expenses (35-45%) including property management
Self-Storage: Lower expenses (25-35%) due to minimal maintenance
Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.
Disclaimer
These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.
Cap Rate calculations depend on market data that may change over time
Actual operating expenses, lease rates, and vacancy rates may differ from market averages
Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
Property value estimates are approximations and not official appraisals
Cap rates vary widely by market, property condition, and investment risk profile
Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.
Cap approach
Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.
Comparable approach
Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.
Relative
Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.
Geo
Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels
across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.
Stat Estimate
This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.
Ranges - area data calculated by industry standard IQR Outlier Removal Method
Range-from: 75% of all similar sales ($/sqft) are above this value
Range-to: 75% of all similar sales ($/sqft) are below this value
AI Estimate
This method estimates value based on AI market estimation of comparable properties around by location and property type.
Ranges - area data calculated by industry standard IQR Outlier Removal Method
Range-from: 75% of all estimations ($/sqft) are above this value
Range-to: 75% of all estimations ($/sqft) are below this value
Alternative use
Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.
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State Road 60 Okeechobee, FL 34972
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State Road 60, Okeechobee, FL
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State Road 60, Okeechobee, FL
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