Multi-Building Flex
For Sale
$650,000
19 EVERGREEN Drive, Lake Wales, FL 33898
Commercial Sale, LAKE WALES, FL
Property Size6,063 SF
Lot Size0.83 Acres
Price / SF$107.21
Days on Market185
Property Features for 19 EVERGREEN Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
LCC
Subdivision
COUNTRY CLUB ESTATES
Directions
Take Highway 27 to Highway 60 and head East. Take Highway 60 east to Evergreen Rd. and the commercial property is located on the left once you take a left onto Evergreen Rd.
Standard status
Active
APN
28-30-06-940200-001030
Size
6,063 SF
Lot size
0.83 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
COUNTRY CLUB ESTATES PB 12 PG 29 BLK A LOTS 3 & 4 & THE E1/2 OF CLOSED STREET LYING WEST OF SAME LESS R/W FOR EVERGREEN RD & BLK B LOT 5 LESS S 20 FT & LOT 6 & THE W1/2 OF CLOSED STREET LYING E OF SAME
Tax Annual Amount
3551
Legal Description
COUNTRY CLUB ESTATES PB 12 PG 29 BLK A LOTS 3 & 4 & THE E1/2 OF CLOSED STREET LYING WEST OF SAME LESS R/W FOR EVERGREEN RD & BLK B LOT 5 LESS S 20 FT & LOT 6 & THE W1/2 OF CLOSED STREET LYING E OF SAME
Utilities
Cooling system
Wall/Window Unit(s), Window Unit(s)
Building Details
Year built
1940
Floors in Building
1
Building materials
Concrete, Metal Frame, Frame
Roof type
Metal
Listing Agency:
COLDWELL BANKER REALTY · Coldwell Banker Real Estate
(863) 294-7541
Listed By:
Brandy Duncan · License #3386190
(863) 585-6849
Added: Mar 23
Changed: Sep 11
Last Checked: Sep 23 at 8:06AM
MLS# L4960488
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.
Investment Insights
Based on property information with market context.
This flex property in unincorporated Polk County includes three commercial buildings with distinct construction and utility profiles. The improvements comprise a 1,766-square-foot concrete-block retail-style building, a 1,842-square-foot concrete-block warehouse, and a 2,760-square-foot steel building. The warehouse and steel building are identified with new roofs dated August 2026. A wood-frame single-family home is also located on the site but carries no contributory value.
The 0.83-acre property is positioned just off the Highway 60 corridor and is zoned Linear Commercial Corridor (LCC). The rear area is fenced and provides space for storage or equipment, with possible expansion space noted in the property information. A survey is available to buyers at no cost.
The 0.83-acre property is positioned just off the Highway 60 corridor and is zoned Linear Commercial Corridor (LCC). The rear area is fenced and provides space for storage or equipment, with possible expansion space noted in the property information. A survey is available to buyers at no cost.
Key Highlights
- Three commercial buildings total 6,368 square feet: 1,766‑square‑foot retail‑style building, 1,842‑square‑foot warehouse, and 2,760‑square‑foot steel building
- New roof August 2026 identified for the concrete‑block warehouse and steel building
- 0.83‑acre property in unincorporated Polk County
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$40,388
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.21%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$807,760
$807.8K
Cap Rate 7%
$576,971
$577.0K
Cap Rate 9%
$448,756
$448.8K
Market Conditions
NOI Build-Up for 6,063 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$51.5K $8.50/SF
− Vacancy
−$4.0K −$0.66/SF
EGI
$47.5K $7.84/SF
− OpEx
−$7.1K −$1.18/SF
NOI
$40.4K $6.66/SF
Area
Polk County, FL
Vacancy
7.80%
Lease Rate
$8.50 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$807,760
Cap Rate 7%
$576,971
Cap Rate 9%
$448,756
Alternative Uses
Best Use
Retail
$972.7K
$851.1K – $1.13M
NOI $68,087 @ 7.0% cap · market cap 10.47%
Second Best
Warehouse
$577.0K
$504.9K – $673.1K
NOI $40,388 @ 7.0% cap · market cap 6.21%
Theoretical Best
Office A
$1.46M
$1.27M – $1.70M
NOI $101,989 @ 7.0% cap · market cap 15.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
246
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33898, FL
17,971
Population
10,080
Households
1.8
Avg Household Size
51
Median Age
17%
College-Educated
85%
High-School Grad
296.9 sq mi
ZIP Area
61
Density / Sq Mi
$54,778
Median Household Income
$32,414
Median Earnings
$1,122
Median Rent
$161,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - LCC-zoned commercial site combines retail, warehouse, and steel-building improvements with a fenced rear area.
Where is this flex space located?
The property is located at 19 EVERGREEN Drive Lake Wales, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Three commercial buildings total 6,368 square feet: 1,766‑square‑foot retail‑style building, 1,842‑square‑foot warehouse, and 2,760‑square‑foot steel building; New roof August 2026 identified for the concrete‑block warehouse and steel building; 0.83‑acre property in unincorporated Polk County
