Mixed-Use Property with
For Sale
Under Contract
$450,000
811 STATE ROAD 60 E, Lake Wales, FL 33853
Commercial Sale, LAKE WALES, FL
Property Size3,436 SF
Lot Size1.06 Acres
Price / SF$130.97
Days on Market191
Property Features for 811 STATE ROAD 60 E
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R-1A
Appliances
Dishwasher, Dryer, Refrigerator, Washer
Subdivision
LAKE WALES RESUB
Lot features
Corner Lot, City Limits, Oversized Lot, Paved
Directions
From the intersection of State Road 60 and Hwy 27. Take State Road 60 East. Go over overpass. The home is on the left.
Standard status
Active Under Contract
APN
27-30-01-887000-061060
Size
3,436 SF
Lot size
1.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
RESUB OF S1/2 OF BLK 62 & LOTS 3 4 & 7 TO 11 BLK 61 OF LAKE WALES PB 23 PG 39 BLK 61 LOTS F TO K LESS R/W FOR SR 60
Tax Annual Amount
3063
Legal Description
RESUB OF S1/2 OF BLK 62 & LOTS 3 4 & 7 TO 11 BLK 61 OF LAKE WALES PB 23 PG 39 BLK 61 LOTS F TO K LESS R/W FOR SR 60
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Window Unit(s), Wall/Window Unit(s)
Building Details
Year built
1948
Floors in Building
2
Flooring type
Vinyl, Carpet, Tile - Ceramic
Building materials
Brick
Roof type
Shingle
Listing Agency:
PRIME PLUS REAL ESTATE INC
(863) 676-7040
Listed By:
Joan Jarvis-Tyler · License #3079644
(863) 528-6024
Added: Feb 23
Changed: Sep 2
Last Checked: Sep 2 at 4:06PM
MLS# K4903305
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.
This mixed-use property at 811 State Road 60 E in Lake Wales includes 3,436 square feet of heated space on a 1.06-acre parcel. The residence has four bedrooms, three full bathrooms, and two half-bathrooms, with a split-bedroom plan, open living and dining areas, an eat-in kitchen, butler’s pantry, laundry room, and additional storage areas beneath the house. Brick construction dates to 1948, with central heating, window and wall/window cooling units, ceramic tile, vinyl, and carpet flooring.
Access extends along four sides of the property, including 245 feet on State Road 60, 152 feet on 8th Street S., 152 feet on Center Street, and an alley at the rear. Exterior improvements include a circular driveway, rear parking, an oversized parking pad, and a detached three-car garage with a workshop and bonus room containing a full bathroom. The property also has a large side yard, public sewer, shingle roofing, and R-1A zoning with approved residential and professional uses.
Access extends along four sides of the property, including 245 feet on State Road 60, 152 feet on 8th Street S., 152 feet on Center Street, and an alley at the rear. Exterior improvements include a circular driveway, rear parking, an oversized parking pad, and a detached three-car garage with a workshop and bonus room containing a full bathroom. The property also has a large side yard, public sewer, shingle roofing, and R-1A zoning with approved residential and professional uses.
Key Highlights
- 1.06‑acre parcel with 3,436 square feet of heated space
- R‑1A zoning with approved residential and professional uses
- 245 feet of frontage along State Road 60
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
$38,694
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
8.60%
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%
$773,880
$773.9K
Cap Rate 7%
$552,771
$552.8K
Cap Rate 9%
$429,933
$429.9K
Market Conditions
NOI Build-Up for 3,436 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
$68.0K $19.80/SF
− Vacancy
−$6.1K −$1.78/SF
EGI
$61.9K $18.02/SF
− OpEx
−$23.2K −$6.76/SF
NOI
$38.7K $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%
$773,880
Cap Rate 7%
$552,771
Cap Rate 9%
$429,933
Alternative Uses
Best Use
Mixed Use
$552.8K
$483.7K – $644.9K
NOI $38,694 @ 7.0% cap · market cap 8.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$825.7K
$722.5K – $963.3K
NOI $57,799 @ 7.0% cap · market cap 12.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
410
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
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 - R-1A zoning supports residential and professional use with public sewer service.
Where is this mixed-use property located?
The property is located at 811 STATE ROAD 60 E Lake Wales, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 1.06‑acre parcel with 3,436 square feet of heated space; R‑1A zoning with approved residential and professional uses; 245 feet of frontage along State Road 60
