241 Commerce AveSebring, FL 33870

Property Details for 241 Commerce Ave

Year built

1949

Property size (Sq ft)

8,166 SF

Property type

Mixed-use properties

Property subtype

Multifamily properties

Description

This exceptional mixed-use property in downtown Sebring, Florida, presents a compelling investment opportunity. Located at 241 S Commerce Ave, this portfolio comprises six buildings totaling 8,166 square feet, constructed between 1949 and 1979. The property features 19 units: 15 residential apartments (13 one-bedroom/one-bath, 2 two-bedroom/one-bath) and four retail spaces. Currently, a tattoo parlor and massage spa occupy two retail spaces; two additional 2,400 square foot spaces are vacant, offering potential for conversion to residential or commercial use, increasing income potential. Recent upgrades include new roofs (2020) on two buildings and several HVAC unit replacements. The private parking lot was resurfaced in August 2022. Each unit has separate electric and water meters, and the property utilizes city sewer and water. A central courtyard with BBQ grills, patio tables, new outdoor umbrellas, and mature landscaping enhances the property's appeal. An on-site coin laundry (requiring some repairs) adds convenience. The property benefits from its prime location near the Highlands County Courthouse, government center, shops, restaurants, and fairgrounds, enjoying high foot and vehicle traffic. Sebring's central location in Highlands County (population nearly 11,000), 1.5 hours from Tampa and Orlando, and four hours from Miami, adds to its desirability. The property boasts a strong financial performance, generating a gross income of $183,900 and annual operating expenses of $36,413, resulting in a net operating income (NOI) of $147,487. With a 7.8% cap rate and an asking price of $1,900,000, this well-maintained property offers a rare chance to acquire a significant asset in a thriving downtown area. The property is zoned for commercial and multi-family use.

Location Insight

City

Sebring

County

Highlands

State

Florida

Latitude

27.4942

Longitude

-81.4392

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