241 S Commerce Avenue Unit 111
Sebring, FL 33870
- 17 beds
- 16 baths
- – sqft
- ~1/2 acre lot
- 1949 build
- – on site
This mixed-use commercial/residential building, located right off the Sebring Circle in the heart of downtown Sebring, FL, presents a prime investment opportunity. The property consists of six buildings built between 1949 and 1979, encompassing approximately 8,166 square feet. It includes a total of 19 units, with 15 residential apartments and four retail spaces. The apartments are divided into 13 one-bedroom/one-bath units and two two-bedroom/one-bath units. The retail spaces are currently leased to a tattoo parlor, a massage spa - two spaces totaling 2,400SF are vacant and could be converted into residential or commercial space for more income. The property has undergone significant recent upgrades, including new roofs on two of the buildings in 2020 and the replacement of several HVAC units. The private parking lot was resurfaced in August 2022. Each unit is separately metered for electric and water, and the property is connected to city sewer and water. Additionally, the buildings are arranged around a central courtyard featuring BBQ grills, patio tables, new outdoor umbrellas, and mature landscaping. There is also an onsite coin laundry facility with three washers and three dryers, although some repairs are needed. This property’s prime location offers close proximity to the Highlands County Courthouse, government center, shops, restaurants, and fairgrounds. The area benefits from a good mix of walking and car traffic, with several new businesses recently relocating to the area. Sebring is centrally located in Highlands County, with a population of nearly 11,000. It’s just 1.5 hours from Tampa and Orlando and approximately four hours from Miami. Financially, the property generates a gross income of $183,900 with annual operating expenses of $36,413, resulting in a net operating income (NOI) of $147,487. With a cap rate of 7.8% and a purchase price of $1,900,000, this well-maintained property offers a rare chance for an owner/investor to acquire a significant asset in a thriving downtown area.
Last checked:
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Last updated Oct 28, 2024
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MLS# 308328 —
The Building
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Year Built:1949
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Building Name:The Key West Apartments
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Architectural Style:Two Story
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Roof:Metal, Other
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Levels:Two
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Stories:2
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Construction Materials:Brick, Block, Concrete
Interior
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Flooring:Tile, Vinyl
Location
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Directions:From US-98 & Lakeview Dr, Sebring, FL 33870 Head north on Lakeview Dr toward Flare Rd 5.6 mi Turn left onto W Center Ave 0.1 mi At Circle Park Dr, take the 2nd exit onto S
The Property
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Parcel Number:S-29-34-29-070-0640-0020
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Property Type:Residential Income
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Property Subtype:Apartment
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Property Subtype Additional:Apartment
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Property Condition:Resale
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Lot Size Acres:0.45
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Lot Size Area:0.45
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Lot Size Square Feet:19500
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Lot Size Units:Acres
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Zoning Description:C1
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Frontage Length:50
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Road Responsibility:Public Maintained Road
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Road Surface Type:Alley Paved, Paved
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Additional Parcels:Yes
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Additional Parcels Description:S-29-34-29-070-0640-0010,S-29-34-29-070-0640-0111,
Listing Agent
- Contact info:
- Agent phone:
- (813) 855-4982
- Office phone:
- (813) 855-4982
Taxes
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Tax Year:2023
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Tax Legal Description:TOWN OF SEBRING 2ND ADD TB-PG 7 LOT 2 BLK 64
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Tax Annual Amount:9826.9
Beds
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Bedrooms Total:17
Baths
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Bathrooms Total:16
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Bathrooms Half:5
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Bathrooms Full:15
The Listing
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Virtual Tour URL Unbranded:https://www.propertypanorama.com/instaview/heartland/307392
Heating & Cooling
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Heating:Central, Electric
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Heating:Yes
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Cooling:Yes
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Cooling:Central Air, Electric
Utilities
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Utilities:Sewer Available
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Sewer:Public Sewer
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Water Source:Public
The Community
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Pool Features:None
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Association:No
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Number Of Units In Community:19
Parking
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Parking Features:Driveway, On Street
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
10/22/24
Oct 22, 2024
|
Listed / Active | HMLS_FL | $1,900,000 |
