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    244 E Park Ave Lake Wales, FL 33853

    View on Map
    Sponsored
    For Sale
    $1,650,000

    Multi-Family 5+ - LAKE WALES, FL

    Property size:
    8,480 SF
    Lot size:
    0.12 Acres
    Days on Market:
    38
    Last Refresh:
    Mar 10 at 4:06 am

    Property Features for 244 E Park Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Security features
    Fire Sprinkler System, Smoke Detector(s)
    Zoning
    C-1
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Bedrooms
    6
    APN
    27-30-01-883000-028020
    Parking features
    On Street
    Interior features
    Ceiling Fans(s), Elevator, High Ceilings, Walk-in Closet(s)
    Exterior features
    Lighting, Sidewalk
    Fireplace
    1
    Accessibility
    Accessible Elevator Installed
    Appliances
    Dishwasher, Dryer, Garbage Disposer, Microwave, Range, Refrigerator, Washer
    Size
    8,480 SF
    Lot size
    0.12 Acres

    Utilities

    Heating system
    Central, Fireplace(s)
    Cooling system
    Central Air

    Building Details

    Year built
    1915
    Number of units
    6
    Flooring type
    Tile, Wood
    Building materials
    Brick
    Roof type
    Built-Up
    Architectural style
    Other

    We can help!

    Listing Contact
    Dolores Vogel
    Dolores Vogel

    Legacy Real Estate Center, Inc (863) 676-0200

    Listing agent Dolores Vogel (863) 676-0200 License #621090

    Listing date Jan 31, 2026

    MLS# K4903012 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

    Historic Mixed-Use Building in Lake Wales

    This mixed-use property, known as the J.T. Rhodes Building, was built in 1915 and is located in downtown Lake Wales. The building contains two commercial suites on the ground floor, currently occupied by long-term tenants. The second floor features four apartments. Each apartment includes in-unit laundry, modern kitchens with new appliances, original hardwood flooring, timeless baths, spacious rooms, and high ceilings, all while maintaining the building's historic character. The property is positioned at the heart of the city's walkable new streetscape, complete with brick-paved streets and park-like settings. The City is in the process of designating downtown Lake Wales an Arts, Cultural & Entertainment (ACE) District. The building played a role in the city's origins, as villagers gathered there to sign a petition for the issuance of a city charter. The lot size is 0.12 acres and the property size is 8,480 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Green Boppo Disposal ... Corporate Office Brian Harris Florida ... Real Estate Agency T & Z CLEANING ... Hardware & Home Improvement Shaw Hugh Insurance Agency

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Wales
    County
    Polk
    State
    Florida
    Longitude
    -81.587161
    Latitude
    27.902461

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    FAQs

    What type of property is this?
    Mixed-use property - Historic mixed-use building with commercial suites and residential apartments.
    Where is this mixed-use property located?
    The property is located at 244 E Park Ave Lake Wales, FL.
    What is the asking price?
    The asking price for this property is $1,650,000.
    What are key features of this property?
    This property features: - Historic Landmark: The J.T. Rhodes Building, built in 1915, is a historically significant property.; - Mixed-Use Income Property: Features two downstairs commercial suites with existing long-term tenants and four upstairs apartments.; - Fully Renovated with Modern Amenities: Apartments feature in-unit laundry, modern kitchens with new appliances, and updated bathrooms.
    (863) 632-5573
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    244 E Park Ave Lake Wales, FL 33853
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    Lake Wales, FL 33853
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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
    244 E Park Ave Lake Wales, FL 33853
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    We can help!
    Listing Contact
    Dolores Vogel
    Dolores Vogel
    Real Estate License ID: 621090
    (863) 632-5573 (863) 676-0200
    Learn more
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