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    Property profile & analytics

    1702 Parrott Ave Okeechobee, FL 34974

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-2257179
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 1702 Parrott Ave

    Property type
    Commercial real estate

    Description

    This exceptional commercial property, located at 1702 S Parrott Avenue in Okeechobee, Florida, 34974, presents a unique investment opportunity. Priced at $699,000, this offering encompasses a full acre of land within the city limits, strategically positioned directly on S. Parrott Avenue. The property comprises three separate parcels, one of which features a small existing commercial building, providing immediate utility or a foundation for expansion. The substantial lot size offers considerable flexibility for a wide range of commercial ventures. Its prime location ensures high visibility and accessibility, making it an ideal site for businesses seeking a strong presence in the Okeechobee market. The existing structure, while small, could serve as an office, retail space, or workshop, depending on the buyer's needs. The undeveloped portions of the land offer significant potential for future development, allowing for expansion or the construction of additional buildings to suit specific business requirements. This property is an excellent choice for entrepreneurs and investors seeking a versatile and well-situated commercial space in a growing Florida community. The absence of a specified building size allows for creative development plans tailored to individual business needs. This is a rare opportunity to acquire a substantial commercial property in a desirable location at an attractive price.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Okeechobee
    County
    Okeechobee
    State
    Florida
    Longitude
    -80.830139
    Latitude
    27.2271287

    Comparable in this City

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    • $339,000

      Remodeled Stand Alone Office Building

      Remodeled office building with open space, offices, and storage.
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    • $275,000
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      Okeechobee Office Building For Sale

      Office building in Okeechobee, Florida, with commercial zoning.
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    • $525,000

      Okeechobee Office Building: 5 Units

      Five-unit office building, excellent investment.
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    • $399,500

      Okeechobee Mixed-Use Investment Opportunity

      1.7 Acres, Hwy 78 Frontage, High Potential
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    • $1,595,000
      2.58 Acres

      Okeechobee Mixed-Use Investment Property

      High-security, 2.58-acre mixed-use building.
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    Similar Nearby for Sale

    • $389,000

      Office Building with Living Quarters

      Office building with living space and warehouse on 1.77 acres.
      8840 State Road 78 W, Okeechobee, FL 34974
      View Details
    • $339,000

      Remodeled Stand Alone Office Building

      Remodeled office building with open space, offices, and storage.
      206 SW 3Rd St, Okeechobee, FL 34974
      View Details
    • $275,000
      956 SF

      Okeechobee Office Building For Sale

      Office building in Okeechobee, Florida, with commercial zoning.
      304 SW 3Rd Ave, Okeechobee, FL 34974
      View Details
    • $525,000

      Okeechobee Office Building: 5 Units

      Five-unit office building, excellent investment.
      3431 38Th Ave, Okeechobee, FL 34974
      View Details
    • $399,500

      Okeechobee Mixed-Use Investment Opportunity

      1.7 Acres, Hwy 78 Frontage, High Potential
      8840 Hwy 78, Okeechobee, FL 34974
      View Details
    • $1,595,000
      2.58 Acres

      Okeechobee Mixed-Use Investment Property

      High-security, 2.58-acre mixed-use building.
      5351 16Th Ave, Okeechobee, FL 34974
      View Details

    Similar Nearby for Lease

    • Contact for pricing

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      Okeechobee Commercial Building Opportunity

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      Waterfront Restaurant/Bar in Okeechobee

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      1,400 SF

      Retail Outparcel to Walmart Supercenter

      Retail space available in Okeechobee, adjacent to national retailers.
      2105 S Parrott Ave, Okeechobee, FL 34974
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    1702 Parrott Ave
    Okeechobee, FL 34974
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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.

    More about this property
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