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    Property profile & analytics

    502 Park St Okeechobee, FL 34972-2930

    • Drive through restaurants
    • 2,975 SF
    • 0.99 lot acres
    OFF-MARKET
    Last Sale
    Dec 02, 2021
    $2,765,000
    Value Estimations
    $3,010,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-4058153
    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

    • Wendy's / Fast Food Restaurant / Hamburger Restaurant

    Property Details for 502 Park St

    Year built
    1984
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.99 lot acres
    Property size
    2,975 SF
    Property type
    Drive through restaurants
    APN
    3-15-37-35-0010-01710-0110
    APU
    9223372036854775807

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,010,000
      ML approach
      $3,255,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Okeechobee
    County
    Okeechobee
    State
    Florida
    Longitude
    -80.825
    Latitude
    27.2432
    CBSA code
    36380
    CBSA name
    OKEECHOBEE, FL MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $15,034
    $267,227
    $461,863
    $729,090
    -
    $267,227
    $461,863
    $729,090

    Comparable in this City

    • Value Estimation
      $295,000
      2,859 SF

      501 Park St

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,859 SF
      501 Park St, Okeechobee, FL 34972-2929
      View Details
    • Value Estimation
      $325,000
      4,301 SF

      401 Park St

      DRIVE-THRU RESTAURANT, FAST FOOD • 4,301 SF
      401 Park St, Okeechobee, FL 34972-2927
      View Details
    • Value Estimation
      $360,000
      4,370 SF

      912 Park St

      DRIVE-THRU RESTAURANT, FAST FOOD • 4,370 SF
      912 Park St, Okeechobee, FL 34972-4525
      View Details
    • Value Estimation
      $315,000
      2,035 SF

      604 Park St

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,035 SF
      604 Park St, Okeechobee, FL 34972-4548
      View Details
    • Value Estimation
      $320,000
      5,959 SF

      205 Park St

      DRIVE-THRU RESTAURANT, FAST FOOD • 5,959 SF
      205 Park St, Okeechobee, FL 34972-2923
      View Details
    • Value Estimation
      $405,000
      10,851 SF

      105 Us Hwy 98th N

      NIGHTCLUB (COCKTAIL LOUNGE) • 10,851 SF
      105 Us Hwy 98th N, Okeechobee, FL 34972-2704
      View Details

    Similar Nearby for Sale

    • $699,000

      Highway Frontage Motel and Parking

      Motel, storage, and parking near Highway 70.
      104 NE 6Th Ave, Okeechobee, FL 34972
      View Details
    • $2,765,000
      3,086 SF

      NNN Leased Retail Building

      Freestanding NNN leased retail building with approximately 12 years remaining.
      502 NE Park St, Okeechobee, FL 34972
      View Details
    • $299,000
      0.47 Acres

      Okeechobee Commercial Property For Sale

      Commercial property in Okeechobee, Florida, with highway frontage.
      805 N Parrott Ave, Okeechobee, FL 34972
      View Details
    • $799,000
      3,317 SF

      Okeechobee Retail Space - Owner Financing!

      Prime Retail Location, 3,317 SF, Owner Financing Available
      2558 144Th St, Okeechobee, FL 34972
      View Details
    • $1,750,000
      15,560 SF

      Okeechobee Retail & Industrial

      Downtown Okeechobee investment opportunity.
      512 Park St, Okeechobee, FL 34972
      View Details
    • $400,000

      Highway 70 Versatile Investment Property

      Grandfathered residential property on HWY 70, suitable for commercial ventures.
      2130 State Road 70, Okeechobee, FL 34972
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      30,660 SF

      Retail/Industrial/Flex Space Available

      Retail, industrial, or flex space with high street visibility.
      3601 Us Highway 441 S, Okeechobee, FL 34972
      View Details
    • $19 SF/Yr
      3,442 SF

      Okeechobee Office Space Available

      Office space available for lease in Okeechobee, Florida.
      208 SE Park St, Okeechobee, FL 34972
      View Details
    • $23 SF/Yr
      52,000 SF

      Raulerson Medical Office Suites

      Modern Medical Office Space Available
      1796 Us Highway 441, Okeechobee, FL 34972
      View Details
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    502 Park St
    Okeechobee, FL 34972-2930
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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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