Commercial Building in Downtown Lake
318 S 1st St, Lake Wales, FL 33853
Commercial Building - Lake Wales, FL
Property size:
1,336 SFLot size:
0.14 AcresPrice / SF:
$224/SF- Added:
- Apr 2, 2026
- Days on Market:
- 50
- Last Refresh:
- May 21 at 10:06 pm
Property Features for 318 S 1st St
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- 200
- Parking features
- Garage
- Standard status
- Active
- APN
- 000000-000.000-0007-001.000
- Size
- 1,336 SF
- Lot size
- 0.14 Acres
Taxes and HOA fees
- Tax Annual Amount
- 0
Building Details
- Year built
- 1938
- Year renovated
- 1938
- Flooring type
- Tile
- Building materials
- Stucco
- Roof type
- Asphalt
- Architectural style
- Other
Listing agent Daniel Hut (844) 504-4844
Listing office Hut Team Realty LLC 100 South Ashley Drive Suite 600, Tampa, FL (844) 504-4844
Listing date Apr 2, 2026
MLS# 11682642
Listing URL
Copyright © 2026 My State 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
- Prime Downtown Lake Wales Location: Enjoy excellent visibility and access near shops, restaurants, and major highways.
- Seller Financing Available: Take advantage of seller financing with 20% down, 10% interest, and a 10‑year term.
- Commercial Zoning with Residential Conversion Option: Allows for mixed‑use flexibility with a separate electric meter for a potential 1‑bedroom unit.
- Move‑In Ready Office Space: Features a reception area, kitchen, bathroom with shower, and high‑speed fiber optic internet.
- Private Parking: Includes parking for up to 5 vehicles with convenient access and a turn lane.
- ADA Compliant: Equipped with a handicap ramp and railings for accessibility.
Overview
Located in the heart of downtown Lake Wales, this 1,336 Sq Ft commercial building is near shops, restaurants, and major highways. The property, set on a 6,251 Sq Ft lot (0.14 acres), is zoned commercial and offers the option to convert the rear portion into a 1-bedroom residential unit with a separate electric meter, providing mixed-use flexibility. It features a reception area, kitchen, bathroom with shower, high-speed fiber optic internet, and ADA-compliant features, including a handicap ramp and railings. The property includes private parking for up to 5 vehicles and offers excellent street visibility with convenient access via a turn lane. It is suitable for a boutique, childcare center, wellness spa, medical services, or professional office. A new roof is planned for 2025. Seller financing is available with 20% down payment, 10% interest, and a 10-year term with no prepayment penalty.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$182.4K
NOI $16,413 @ 9.00% cap · cautious / downside scenario
Moderate
$234.5K
NOI $16,413 @ 7.00% cap · market / base-case scenario
Aggressive
$328.3K
NOI $16,413 @ 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 Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $28.1k | $21.00 |
| − Vacancy | −$6.2k | −$4.62 |
| EGI | $21.9k | $16.38 |
| − OpEx | −$5.5k | −$4.10 |
| NOI | $16.4k | $12.29 |
1,336 SF · lease $21.00/SF/yr · vacancy 22.00% · expense 25.00%
Alternative Use Scenarios
Best Use
Office B
$234.5K
$205.2K – $273.6K
NOI $16,413 @ 7.0% cap · market cap 5.47%
Second Best
Mixed Use
$214.9K
$188.1K – $250.8K
NOI $15,045 @ 7.0% cap · market cap 5.02%
Theoretical Best
Office A
$321.1K
$280.9K – $374.6K
NOI $22,474 @ 7.0% cap · market cap 7.49%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Healed By Hands
Alternative Medicine Practice
Location Insight
- Map
- Local Demand
- City
- Lake Wales
- County
- Polk
- State
- Florida
- Longitude
- -81.589846
- Latitude
- 27.897328
Nearby Similar for Sale
FAQs
What type of property is this?
Office building - 1336 Sq Ft commercial building in a prime location.
Where is this office building located?
The property is located at 318 S 1st St Lake Wales, FL.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Prime Downtown Lake Wales Location: Enjoy excellent visibility and access near shops, restaurants, and major highways.; Seller Financing Available: Take advantage of seller financing with 20% down, 10% interest, and a 10‑year term.; Commercial Zoning with Residential Conversion Option: Allows for mixed‑use flexibility with a separate electric meter for a potential 1‑bedroom unit.
