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    512 Park St Okeechobee, FL 34972-4151

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    512 Park St Okeechobee, FL 34972-4151

    View on Map
    • Retail space
    • 10,592 SF
    • 0.49 lot acres
    Off-Market
    Last Sale May 8, 2025
    $1,550,000
    Property ID
    US18-3818006
    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.
    Value Estimations
    $1,525,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Badcock Home Furniture &more / Home Appliance Store / Hardware & Home Improvement

    Property Details for 512 Park St

    Year built
    1959
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.49 lot acres
    Property size
    10,592 SF
    Property type
    Retail space
    APN
    3-15-37-35-0010-01590-0070
    APU
    9223372036854775807

    Description

    This exceptional Okeechobee, Florida property offers a combined 15,560 square feet of retail and industrial space, presenting a unique investment opportunity. The property comprises two buildings situated on a 1.79-acre lot at 512 & 513 NW Park St, in the heart of downtown Okeechobee. One building, a 10,592 square foot free-standing structure, renovated in 1990, is ideally suited for retail use. It benefits from approximately 150 feet of frontage on NW Park Street, a major thoroughfare with an estimated 22,500 vehicles passing daily, ensuring high visibility. The second building, a 4,968 square foot warehouse, provides ample space for industrial operations or storage. The entire property boasts 14 parking spaces and is served by readily available power. Built in 1959, this single-tenant property is zoned for retail and industrial uses, offering flexibility for a variety of businesses. The property's location in downtown Okeechobee provides easy access to local amenities and a strong customer base. The property's APN numbers are 31537350010015900070 and 31537350010015900030, located in Okeechobee County, Florida, zip code 34972. This is a rare opportunity to acquire a well-located, versatile property with significant potential for growth and return on investment. The property is a single-story building.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,450,000
      ML approach
      $1,545,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $958,000
      Market price range: $668k - $1.83M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,380,000
      Current use
      COMMERCIAL (GENERAL)
      $1,195,000
      Change: -13% Conversion: Easy
      WAREHOUSE, STORAGE
      $1,140,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Okeechobee
    County
    Okeechobee
    State
    Florida
    Longitude
    -80.8353
    Latitude
    27.244
    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
    $12,171
    $199,368
    $338,813
    $538,181
    -
    $199,368
    $338,813
    $538,181

    Comparable in this City

    • Value Estimation by Request
      240 SF

      227 39th Blvd

      RETAIL STORES (PERSONAL SERVICES) • 240 SF
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      View Details
    • Value Estimation
      $1,395,000
      15,490 SF

      907 Park St

      RETAIL STORES (PERSONAL SERVICES) • 15,490 SF
      907 Park St, Okeechobee, FL 34972-4117
      View Details
    • Value Estimation by Request
      6,831 SF

      815 Park St

      RETAIL STORES (PERSONAL SERVICES) • 6,831 SF
      815 Park St, Okeechobee, FL 34972-4116
      View Details
    • Value Estimation by Request
      6,002 SF

      519 Park St

      RETAIL STORES (PERSONAL SERVICES) • 6,002 SF
      519 Park St, Okeechobee, FL 34972-4166
      View Details
    • Value Estimation by Request
      5,924 SF

      415 Park St

      RETAIL STORES (PERSONAL SERVICES) • 5,924 SF
      415 Park St, Okeechobee, FL 34972-4164
      View Details
    • Value Estimation
      $705,000
      7,840 SF

      400 Park St

      RETAIL STORES (PERSONAL SERVICES) • 7,840 SF
      400 Park St, Okeechobee, FL 34972-4149
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      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
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      0.66 Acres

      Okeechobee Commercial Food Truck Site

      Operating food truck site with income on Route 70.
      1600 State Road 70, Okeechobee, FL 34972
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    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
    • Contact for pricing
      1,600 SF

      Retail Space in Premier Center

      Retail space available in Okeechobee's premier shopping center.
      3371-3559 Us Highway 441 S, Okeechobee, FL 34972
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    • Contact for pricing
      3,442 SF

      Okeechobee Office Space Available

      Office space available for lease in Okeechobee, Florida.
      208 SE Park St, Okeechobee, FL 34972
      View Details
    • Contact for pricing

      Okeechobee Acute Care Hospital

      100-bed acute care hospital providing quality healthcare.
      1796 Us Highway 441, Okeechobee, FL 34972
      View Details
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    Okeechobee, FL 34972-4151
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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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