Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    598 Spruce Ave Lake Placid, FL 33852-6236

    • Warehouses
    • 5,472 SF
    • 0.96 lot acres
    OFF-MARKET
    Value Estimations
    $745,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5511449
    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

    • Warehouses

    Property Details for 598 Spruce Ave

    Year built
    1980
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.96 lot acres
    Property size
    5,472 SF
    Zone code
    C1
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    P-06-37-30-A00-0065-0000
    APU
    P063730A0000650000

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $725,000
      6.5%
      $670,000
      7%
      $620,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $852,000
      Market price range: $209k - $852k

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $730,000
      Current use
      MEDICAL BUILDING
      $900,000
      Change: +24% Conversion: Difficult
      OFFICE BUILDING
      $895,000
      Change: +23% Conversion: Difficult
      RETAIL STORES
      $830,000
      Change: +14% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $680,000
      Change: -7% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $615,000
      Change: -16% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $605,000
      Change: -17% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Placid
    County
    Highlands
    State
    Florida
    Longitude
    -81.3603
    Latitude
    27.2914
    CBSA code
    42700
    CBSA name
    SEBRING, 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
    $10,237
    $27,300
    $502,002
    $529,302
    -
    $27,300
    $502,002
    $529,302

    Comparable in this City

    • Value Estimation
      $1,985,000
      4,800 SF

      1390 County Rd 621st E

      MINI-WAREHOUSE, STORAGE • 4,800 SF
      1390 County Rd 621st E, Lake Placid, FL 33852-8610
      View Details
    • Value Estimation
      $1,980,000
      3,300 SF

      1324 County Rd 621st E

      MINI-WAREHOUSE, STORAGE • 3,300 SF
      1324 County Rd 621st E, Lake Placid, FL 33852-8610
      View Details
    • Value Estimation
      $640,000
      4,500 SF

      2412 Old State Rd 8th 8

      MINI-WAREHOUSE, STORAGE • 4,500 SF
      2412 Old State Rd 8th 8, Lake Placid, FL 33852-9591
      View Details
    • Value Estimation by Request
      7,200 SF

      608 Main Ave

      MINI-WAREHOUSE, STORAGE • 7,200 SF
      608 Main Ave, Lake Placid, FL 33852-1818
      View Details
    • Value Estimation by Request
      4,724 SF

      2088 Us 27th N

      MINI-WAREHOUSE, STORAGE • 4,724 SF
      2088 Us 27th N, Lake Placid, FL 33852-6266
      View Details
    • Value Estimation by Request
      1,560 SF

      111 Arron Dr

      MINI-WAREHOUSE, STORAGE • 1,560 SF
      111 Arron Dr, Lake Placid, FL 33852
      View Details

    Similar Nearby for Sale

    • $4,350,000
      495.10 Acres

      Denco Ranch: Prime Florida Land

      495-Acre Cattle Ranch, Hunting, Recreation
      121 Denco Rd, Lake Placid, FL 33852
      View Details
    • Contact for pricing

      Lake Placid Commercial Land - $28,900

      Buildable lot, prime location, near amenities.
      708 Concert Dr, Lake Placid, FL 33852
      View Details
    • $85,900

      Lake Placid Commercial Land - $85,900

      1.41-Acre Commercial/Residential Lot
      95 Lake Ridge Dr, Lake Placid, FL 33852
      View Details
    • $149,500
      5.00 Acres

      Lake Placid Commercial Land - 5 Acres

      Prime 5-acre commercial lot near Lake Placid.
      108 Lake Francis Rd, Lake Placid, FL 33852
      View Details
    • Contact for pricing
      0.24 Acres

      Lake Placid Residential Land

      Build Your Dream Home Today!
      107 Vagabond Ave, Lake Placid, FL 33852
      View Details
    • $450,000
      1.37 Acres

      Lake Placid Commercial Land

      1.37 Acres, Hwy 27 Frontage, High Traffic
      790 Us Highway 27, Lake Placid, FL 33852
      View Details

    Similar Nearby for Lease

    • $96 SF/Yr
      16,989 SF

      Lykes Road Commercial Property

      16,989 SF Office/Warehouse, Prime Location
      7 Lykes Rd, Lake Placid, FL 33852
      View Details
    • $900 /Mo
      1,320 SF

      Lake Placid Warehouse Rental Space

      Commercial warehouse space for rent in Lake Placid, Florida.
      506 S Main Ave, Lake Placid, FL 33852
      View Details
    • $120 SF/Yr
      17,360 SF

      Lake Placid Warehouse For Lease

      17,360 SF Industrial Space, Great Location
      110 Interlake Blvd, Lake Placid, FL 33852
      View Details
    • $2,000 /Mo

      Lakefront Highway Frontage Log Cabin

      Lakefront log cabin with highway frontage, ideal for small business.
      2200 Us 27 Hwy S, Lake Placid, FL 33852
      View Details
    • $1,300 /Mo

      Updated Apartment in Lake Placid

      Recently updated 3-bedroom apartment in central Lake Placid.
      526 S Main St, Lake Placid, FL 33852
      View Details
    • $10 SF/Yr
      4,650 SF

      Lake Placid Office Space

      High-traffic US-27 location, flexible office space.
      708 Us Highway 27, Lake Placid, FL 33852
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    598 Spruce Ave
    Lake Placid, FL 33852-6236
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.