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    143 Patton Ave Lake Placid, FL 33852

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    For Sale
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    Land - LAKE PLACID, FL

    Lot size:
    0.52 Acres
    Days on Market:
    3
    Last Refresh:
    Mar 21 at 2:06 pm

    Property Features for 143 Patton Ave

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    R1
    APN
    C-20-36-30-040-0170-0100
    Lot size
    0.52 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Mindy Russo
    Mindy Russo

    Smart Realty of Polk Inc dba Keller Williams Realty

    Listing agent Mindy Russo License #3320423

    Listing date Mar 19, 2026

    MLS# L4960431 Listing URL

    Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Spacious Corner Lot in Lake Placid

    This double parcel lot, combined into just over a half acre, is situated on a corner. It presents an ideal opportunity to build a dream home in a peaceful, small-town setting with a close-knit community. Lake Placid is known as "Florida's best-kept secret" and offers shops, restaurants, and events that celebrate the area's heritage. Lake Placid, Florida, is famously known as the "Caladium Capital of the World" and the "Town of Murals". The murals depict local history and culture. The annual Caladium Festival in June is a major event. Nestled among dozens of lakes, popular spots include Lake June-in-Winter Scrub Preserve State Park for hiking and birding, and Lake Istokpoga for world-class bass fishing. Sebring, about 10 miles away, offers larger shopping centers, hospitals, and entertainment options, including the Sebring International Raceway.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Law Firm Building Supply Big Box & Wholesale Store Auto Repair Shop Kitchen & Bath Showroom Storage Facility Garden Center Electrical Service Daycare Center Home Appliance Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lake Placid
    County
    Highlands
    State
    Florida
    Longitude
    -81.321196
    Latitude
    27.30629

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    FAQs

    What type of property is this?
    Residential land & home lot - Over half-acre corner lot, ideal for building a dream home.
    Where is this residential land & home lot located?
    The property is located at 143 Patton Ave Lake Placid, FL.
    What is the asking price?
    The asking price for this property is $27,900.
    What are key features of this property?
    This property features: - Large double parcel lot (over half an acre) on a corner, ideal for building a custom home.; - Peaceful, small-town living in Lake Placid, known for its close-knit community and relaxed atmosphere.; - Proximity to numerous lakes, including Lake Istokpoga, a world-class bass fishing destination, and Lake June-in-Winter Scrub Preserve State Park for outdoor recreation.
    (863) 812-1294
    Request Owner's contact information
    143 Patton Ave Lake Placid, FL 33852
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    Lake Placid, FL 33852
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    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
    143 Patton Ave Lake Placid, FL 33852
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    Listing Contact
    Mindy Russo
    Mindy Russo
    Real Estate License ID: 3320423
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