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Property profile & analytics
OFF-MARKET
Estimated value
$575,000
Manufacturing properties
704 Spruce Ave Lake Placid, FL 33852-6966
Entity Owned
3-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US18-2843988
Property profile
Verified
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Year built
1982
Construction
CONCRETE BLOCKS
Total area
4,650 SF
Lot
0.32 ac (14,000 SF)
Zoning code
C1
APN
P-06-37-30-020-0020-0030
UPID
US18-2843988
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$605k
CAP Approach
CAP
$425k
Comparable Approach
Comparable
$414k
Blend (final)
Blend
$575k
Owner & transaction history
Grove Enterprise II LLC · 3 yrs held
Grove Enterprise II LLC
since 2023
Last sale
$550,000
4 recorded transactions
Zoning & alternative use
C1 · Lake Placid, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The purpose of the C-1 Highway Commercial District is to provide for commercial uses of land and buildings along highway frontage.
Zone name
Highway Commercial
General category
COMMERCIAL
Zone area
173.85 ac
Source
Realmo
Top alternative use upside
Medical building
$765,000
+46.3%
Office building
$760,000
+45.5%
Retail stores
$705,000
+34.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Lake Placid submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lake Placid submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$590,000
ML approach
$605,000
CAP Approach
CAP Return
Estimation
6%
$465,000
6.5%
$425,000
7%
$395,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$525,000
Current use
MEDICAL BUILDING
$765,000
Change: +46% · Conversion: Difficult
OFFICE BUILDING
$760,000
Change: +45% · Conversion: Difficult
RETAIL STORES
$705,000
Change: +35% · Conversion: Moderate
WAREHOUSE, STORAGE
$620,000
Change: +18% · Conversion: Easy
AUTO REPAIR, GARAGE
$575,000
Change: +10% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$515,000
Change: -2% · Conversion: Difficult
Blend value · Realmo final
$575k
Range $518k – $633k · ±10% · vs last sale $550k (Jun 21 2023)
Last sale anchor
$550k
Jun 21 2023
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$124 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$3,407
Tax year 2023
Assessed value
$183,139
Assessed 2023
Previous assessed
$134,406
+36.3% YoY
Effective rate
1.86%
On assessed value
Assessed land
$9,100
Assessed improvement
$174,039
Land market value
$9,100
Improvement market value
$174,039
Total market value
$183,139
Applied tax rate
50.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Status
Off-Market
Year built
1982
Construction
CONCRETE BLOCKS
Heating
NONE
Cooling
NONE
Stories
1
Rooms
3
Bathrooms
6
Total area
4,650 SF
Lot
0.32 ac (14,000 SF)
Zoning code
C1
APN
P-06-37-30-020-0020-0030
UPID
US18-2843988
Jurisdiction
HIGHLANDS
Zoning & alternative use
C1 · Lake Placid, FLZoning C1 · permitted uses
C1 · Lake Placid, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The purpose of the C-1 Highway Commercial District is to provide for commercial uses of land and buildings along highway frontage.
Zone name
Highway Commercial
General category
COMMERCIAL
Zone area
173.85 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$525,000
MEDICAL BUILDING
Est. value
$765,000
OFFICE BUILDING
Est. value
$760,000
RETAIL STORES
Est. value
$705,000
WAREHOUSE, STORAGE
Est. value
$620,000
AUTO REPAIR, GARAGE
Est. value
$575,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$515,000
INDUSTRIAL (GENERAL) Current
MEDICAL BUILDING
OFFICE BUILDING
RETAIL STORES
WAREHOUSE, STORAGE
AUTO REPAIR, GARAGE
NEIGHBORHOOD: SHOPPING CENTER
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1982
Construction
CONCRETE BLOCKS
Heating
NONE
Cooling
Yes
Stories
1
Rooms
3
Bathrooms
6
Lot
0.32 ac
Current owner
From public records · entity-resolved
Grove Enterprise II LLC
Entity
Mailing address
823 ALDER CRK DR, MEDFORD, OR 97504-8900
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 21, 2023
$550,000
Grove Enterprise II LLC
David C Lusby
Warranty Deed
$100,000 · Von T Ruddle Living Trust
May 4, 2022
$300,000
David C Lusby
Salem Medical Teams LLC
Quit Claim Deed
related
$240,000 · Heartland National Bank
Apr 7, 2022
—
Salem Medical Teams LLC
Hosmer L Compton
Warranty Deed
—
May 1, 2018
—
Compton,hosmer L Trust
Compton,hosmer L
Quit Claim Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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