Historic Mixed-Use Building in
244 E PARK AVENUE, Lake Wales, FL 33853
Multi-Family 5+ - LAKE WALES, FL
Property size:
8,480 SFLot size:
0.12 AcresPrice / SF:
$194/SF- Added:
- Jul 16, 2025
- Days on Market:
- 306
- Last Refresh:
- May 17 at 3:06 pm
Property Features for 244 E PARK AVENUE
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- C-1
- Security features
- Fire Sprinkler System, Smoke Detector(s)
- Exterior features
- Paved
- Appliances
- Dishwasher, Dryer, Microwave, Refrigerator, Washer
- Standard status
- Active
- APN
- 27-30-01-883000-028020
- Size
- 8,480 SF
- Lot size
- 0.12 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 8696.7
Utilities
- Heating system
- Central
- Cooling system
- Central Air
Building Details
- Year built
- 1915
- Number of units
- 6
- Flooring type
- Tile
- Building materials
- Brick
- Roof type
- Built-Up
- Architectural style
- Other
Listing agent Dolores Vogel License #621090 (863) 632-5573
Listing office LEGACY REAL ESTATE CENTER INC 218 East Park Avenue, Lake Wales, FL (863) 676-0200
Listing date Jul 16, 2025
MLS# K4903016
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.
HighLights
- Historic J.T. Rhodes Building, built in 1915, significant to the founding of Lake Wales.
- Mixed‑use property featuring 2 commercial suites (with long‑term tenants) and 4 apartments.
- Fully renovated apartments boast in‑unit laundry, modern kitchens with new appliances, original hardwood flooring, and spacious rooms.
- Located in the heart of downtown Lake Wales, amidst a revitalized streetscape with brick‑paved streets and park‑like settings.
- Downtown Lake Wales is in the process of becoming an Arts, Cultural & Entertainment (ACE) District.
- Meticulously renovated with a focus on historic preservation and long‑term value.
Overview
This mixed-use property, constructed in 1915 as the J.T. Rhodes Building, represents a piece of Lake Wales history. The building features two commercial suites on the ground floor, currently occupied by long-term tenants. Upstairs, there are four apartments, each equipped with in-unit laundry, modern kitchens with new appliances, original hardwood flooring, timeless baths, spacious rooms, and high ceilings. These apartments blend modern amenities with historic character. The property is located in downtown Lake Wales, positioning it within the city's walkable 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 property is zoned C-1 and has a lot size of 0.12 acres. The building size is 8,480 square feet.
Financial Insights
Value Estimation Calculated for Mixed Use
Conservative
$1.06M
NOI $95,495 @ 9.00% cap · cautious / downside scenario
Moderate
$1.36M
NOI $95,495 @ 7.00% cap · market / base-case scenario
Aggressive
$1.91M
NOI $95,495 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Mixed Use
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $167.9k | $19.80 |
| − Vacancy | −$15.1k | −$1.78 |
| EGI | $152.8k | $18.02 |
| − OpEx | −$57.3k | −$6.76 |
| NOI | $95.5k | $11.26 |
8,480 SF · lease $19.80/SF/yr · vacancy 9.00% · expense 37.50%
Alternative Use Scenarios
Best Use
Mixed Use
$1.36M
$1.19M – $1.59M
NOI $95,495 @ 7.0% cap · market cap 5.79%
Second Best
Retail
$1.36M
$1.19M – $1.59M
NOI $95,230 @ 7.0% cap · market cap 5.77%
Theoretical Best
Office A
$2.04M
$1.78M – $2.38M
NOI $142,647 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with local authorities.
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
Location Insight
- Map
- Local Demand
- City
- Lake Wales
- County
- Polk
- State
- Florida
- Longitude
- -81.587161
- Latitude
- 27.902461
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Mixed-use building with commercial suites and residential apartments in downtown.
Where is this mixed-use property located?
The property is located at 244 E PARK AVENUE 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 J.T. Rhodes Building, built in 1915, significant to the founding of Lake Wales.; Mixed‑use property featuring 2 commercial suites (with long‑term tenants) and 4 apartments.; Fully renovated apartments boast in‑unit laundry, modern kitchens with new appliances, original hardwood flooring, and spacious rooms.
