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    Historic Mixed-Use Building in Lake Wales Title is generated by Realmo AI

    247 E STUART AVENUE, Lake Wales, FL 33853

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    For Lease
    $13 SF/Yr $4,753/Mo (calc)

    Mixed Use - LAKE WALES, FL

    Type:Mixed Use
    Property size:
    4,388 SF
    Lot size:
    0.06 Acres
    Added:
    Jun 18, 2025
    Days on Market:
    339
    Last Refresh:
    May 22 at 4:06 pm

    Property Features for 247 E STUART AVENUE

    General Information

    Property type
    Commercial Lease
    Property subtype
    Mixed Use
    Standard status
    Active
    APN
    27-30-02-910033-001010
    Size
    4,388 SF
    Lot size
    0.06 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    4650.59

    Utilities

    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Year built
    1919
    Building materials
    Concrete
    Architectural style
    Other

    We can help!

    Listing Contact
    Brian Vogel

    Listing agent Brian Vogel License #3297845

    Listing office LEGACY REAL ESTATE CENTER INC 218 East Park Avenue, Lake Wales, FL

    Listing date Jun 18, 2025

    MLS# K4902972 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

    • Two stories of flexible commercial space totaling 4,388 sq ft, suitable for various business types.
    • Prime location on E Stuart Avenue in the historic Bullard Building.
    • Original architectural beauty retained from its 1920 construction.
    • The second floor features mostly open space with a small kitchen, elevator access, and large windows overlooking Stuart Ave.
    • First floor is divided into multiple rooms and office spaces with two handicap accessible bathrooms.
    • Flexible options for subdividing and Tenant Improvement Allowance (TIA) available.

    Overview

    The Bullard Building, constructed in 1920, is located on E Stuart Avenue in Lake Wales, Florida. This architectural gem offers two stories of flexible space suitable for various business types. Each floor provides 2,194 square feet, totaling 4,388 square feet. The first floor is divided into multiple rooms and office spaces, featuring two handicap-accessible bathrooms. The second floor is primarily an open space with a small kitchen area, elevator access, and two office spaces that include large windows overlooking Stuart Avenue. The building retains much of its original beauty and is situated on a lot of 0.06 acres. Flexible options for subdividing and TIA are available.
    Property Profile Location Intelligence

    Current Use by Public Records

    Studio 6 Academy ... Training Center

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Wales
    County
    Polk
    State
    Florida
    Longitude
    -81.587242
    Latitude
    27.902184

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    FAQs

    What type of property is this?
    Mixed-use property - Two-story mixed-use building with flexible space in downtown Lake Wales.
    Where is this mixed-use property located?
    The property is located at 247 E STUART AVENUE Lake Wales, FL.
    What is the lease rate?
    The lease rate is $13 SF/Yr.
    What are key features of this property?
    This property features: Two stories of flexible commercial space totaling 4,388 sq ft, suitable for various business types.; Prime location on E Stuart Avenue in the historic Bullard Building.; Original architectural beauty retained from its 1920 construction.
    (863) 676-0200
    We can help!
    Listing Contact
    Brian Vogel
    Real Estate License ID: 3297845
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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.

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