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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, but the additional 2 spaces totaling 2,400 square feet give this property so much income potential! 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 $184,200 ($15,350 monthly) in rents with annual operating expenses of $49,297, resulting in a net operating income (NOI) of $134,903. With a cap rate of 8.18% and a purchase price of $1,650,000, this well-maintained property offers a rare chance for an owner/investor to acquire a significant asset in a thriving downtown area. With slight rent increases to market rates and renting of the two vacant 2,400 sf of vacant space CAP rate will go up to 13.23%!

Listing courtesy of HMLS_FL / Future Home Realty, Inc.

Last checked: Checking… • Last updated Feb 25, 2025 •

MLS# 312697 —

The Building

Year Built:

1949
Building Name:

The Key West Apartments
Architectural Style:

Two Story
Roof:

Metal, Other
Levels:

Two
Stories:

2
Window Features:

Blinds
Construction Materials:

Brick, Block, Concrete

Interior

Interior Features:

Ceiling Fan(s), Window Treatments
Flooring:

Tile, Vinyl

Financial & Terms

Possession:

Closing
Listing Terms:

Cash, Conventional

Location

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

Parcel Number:

S-29-34-29-070-0640-0020
Property Type:

Residential Income
Property Subtype:

Apartment
Property Subtype Additional:

Apartment
Property Condition:

Resale
Lot Size Acres:

0.45
Lot Size Area:

0.45
Lot Size Square Feet:

19500
Lot Size Units:

Acres
Zoning Description:

C1
Frontage Length:

50
Road Responsibility:

Public Maintained Road
Road Surface Type:

Alley Paved, Paved
Additional Parcels:

Yes
Additional Parcels Description:

S-29-34-29-070-0640-0010,S-29-34-29-070-0640-0111,

Listing Agent

Contact info:

Taxes

Tax Year:

2023
Tax Legal Description:

TOWN OF SEBRING 2ND ADD TB-PG 7 LOT 2 BLK 64
Tax Annual Amount:

9826.9

Beds

Total Bedrooms:

17

Baths

Total Baths:

16
Half Baths:

5
Full Baths:

15

The Listing

Virtual Tour URL Unbranded:

https://www.propertypanorama.com/instaview/heartland/307392

Heating & Cooling

Heating:

Central, Electric
Heating:

Yes
Cooling:

Yes
Cooling:

Central Air, Electric

Utilities

Utilities:

Sewer Available
Sewer:

Public Sewer
Water Source:

Public

Appliances

Appliances:

Dryer, Oven, Range, Refrigerator, Washer

The Community

Community Features:

None
Pool Features:

None
Association:

No
# of Units In Community:

19

Parking

Parking Features:

Driveway, On Street

Explore the Area

My Commute

From

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Soundscore™

Provided by HowLoud

Max Internet Speed

Xfinity

Provided by BroadbandNow®

Sale history

Date	Event	Source	Price	% Change
2/25/25 Feb 25, 2025	Listed / Active	HMLS_FL	$1,650,000

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This multifamily located in Sebring, FL 33870 is currently for sale for $1,650,000. 241 S Commerce Avenue Unit 111 is a – square foot multifamily with 17 beds and 16 baths that has been on Estately for 18 days. This multifamily is in the attendance area of Woodlawn Elementary School, Sebring High School, and Hill-Gustat Middle School.

Listing Courtesy of: HMLS_FL and Future Home Realty, Inc..

The information provided is exclusively for consumers' personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information provided is deemed reliable but is not guaranteed and should be independently verified.