Historic Mixed-Use Building in Lake
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
- Residential Multi Family
- Property subtype
- Other
- Zoning
- C-1
- Bedrooms
- 6
- Rooms
- Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
- Parking features
- On Street
- Security features
- Fire Sprinkler System, Smoke Detector(s)
- 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
- 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, 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
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# 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.
HighLights
- 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.
- Prime Downtown Location: Situated in the heart of Lake Wales' revitalized downtown area.
- Designated ACE District: Located in the future Arts, Cultural & Entertainment (ACE) District.
- Meticulously Preserved: Extensive renovation focused on preserving the building's historic integrity.
Overview
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.
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
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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 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 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.
