Historic Mixed-Use
For Sale
$1,650,000
244 E PARK Avenue, Lake Wales, FL 33853
Residential Income, LAKE WALES, FL
Property Size8,480 SF
Lot Size0.12 Acres
Price / SF$194.58
Days on Market419
Property Features for 244 E PARK Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
C-1
Bedrooms
6
Bathrooms
10
Full bathrooms
10
Rooms
Bedroom 6, Bathroom 6, Bedroom 3, Bedroom 5, Bathroom 2, Bathroom 3, Bathroom 5, Bathroom 1, Bathroom 10, Bathroom 4, Bathroom 7, Bedroom 4, Bedroom 1, Bathroom 8, Bathroom 9, Bedroom 2
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, Disposal, Dryer, Gas Water Heater, Microwave, Range, Refrigerator, Washer
Subdivision
LAKE WALES
View
City
Directions
From Hwy 27, turn east onto Central Ave, turn left onto Scenic Hwy, turn left onto Park Ave, second building on the left.
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 Description
LAKE WALES PB 1 PG 88A 88B S1&2 T30 R27 BLK 28 LOTS 2 & 3
Tax Annual Amount
8697
Legal Description
LAKE WALES PB 1 PG 88A 88B S1&2 T30 R27 BLK 28 LOTS 2 & 3
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
in-unit laundry
modern kitchens
original hardwood flooring
timeless baths
spacious rooms
high ceilings
Building Details
Year built
1915
Number of units
6
Flooring type
Wood, Tile
Building materials
Brick
Roof type
Built-Up
Listing Agency:
LEGACY REAL ESTATE CENTER INC
(863) 676-0200
Listed By:
Dolores Vogel · License #BK621090
(863) 632-5573
Added: Jul 16, 2025
Changed: Sep 3
Last Checked: Sep 7 at 5:06PM
MLS# K4903012
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.
The J.T. Rhodes Building is a 1915 brick mixed-use property totaling 8480 square feet on 0.12 acres. The ground level contains 2 commercial suites with long-term tenants, while the upper floor includes 4 apartments. Residential features include in-unit laundry, updated appliances, modern kitchens, original hardwood flooring, tile, high ceilings, spacious rooms, and timeless baths. The property also has an elevator, accessible elevator installation, central heating and cooling, public water and sewer, and on-street parking.
Located at 244 E Park Avenue in Lake Wales, the building sits within the city’s walkable downtown streetscape, which includes brick-paved streets, landscaped public settings, sidewalks, and community events. The property is zoned C-1 and combines preserved historic architecture with active commercial and residential occupancy.
Located at 244 E Park Avenue in Lake Wales, the building sits within the city’s walkable downtown streetscape, which includes brick-paved streets, landscaped public settings, sidewalks, and community events. The property is zoned C-1 and combines preserved historic architecture with active commercial and residential occupancy.
Key Highlights
- 1915 brick mixed‑use building with 8480 square feet
- 0.12 acres at 244 E Park Avenue, Lake Wales, FL 33853
- 2 commercial suites with long‑term tenants in place
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
$95,495
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
5.79%
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%
$1,909,900
$1.9M
Cap Rate 7%
$1,364,214
$1.4M
Cap Rate 9%
$1,061,056
$1.1M
Market Conditions
NOI Build-Up for 8,480 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
$167.9K $19.80/SF
− Vacancy
−$15.1K −$1.78/SF
EGI
$152.8K $18.02/SF
− OpEx
−$57.3K −$6.76/SF
NOI
$95.5K $11.26/SF
Area
Polk County, FL
Vacancy
9.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
37.50%
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%
$1,909,900
Cap Rate 7%
$1,364,214
Cap Rate 9%
$1,061,056
Alternative Uses
Best Use
Mixed Use
$1.36M
$1.19M – $1.59M
NOI $95,495 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$1.15M
$1.00M – $1.34M
NOI $80,322 @ 7.0% cap · market cap 4.87%
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
907
Businesses Nearby
Explore this area
Business Placement
Demographics for 33853, FL
12,404
Population
5,483
Households
2.3
Avg Household Size
38
Median Age
19%
College-Educated
85%
High-School Grad
8.7 sq mi
ZIP Area
1,426
Density / Sq Mi
$40,938
Median Household Income
$35,470
Median Earnings
$965
Median Rent
$198,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two commercial suites and four apartments provide a diversified occupancy profile in a preserved brick building.
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: 1915 brick mixed‑use building with 8480 square feet; 0.12 acres at 244 E Park Avenue, Lake Wales, FL 33853; 2 commercial suites with long‑term tenants in place
