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    Doherty Dr Lake Wales, FL 33898

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    Sponsored
    For Sale
    $299,000

    Land - LAKE WALES, FL

    Lot size:
    5.73 Acres
    Days on Market:
    25
    Last Refresh:
    Mar 17 at 1:06 am

    Property Features for Doherty Dr

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    ARR
    APN
    29-30-16-992665-000580
    Lot size
    5.73 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Feng Wu
    Feng Wu

    SIGNATURE REALTY ASSOCIATES (888) 270-7653

    Listing agent Feng Wu (813) 689-3115 License #3448723

    Listing date Feb 20, 2026

    MLS# TB8427879 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.

    Learn more

    Property Insight Report

    Overview

    Corner Lot on SR 60

    This 5.73-acre corner lot is located at the intersection of SR 60 and Doherty Dr in Lake Wales. The property is currently zoned Agriculture/Rural Residential (ARR), which allows for various land uses, including religious institutions and mobile home parks. The property can also be rezoned for commercial use. It features 381 feet of frontage along SR 60, offering strong, unobstructed visibility and easy access due to its corner positioning, turn lanes, and median cuts. Traffic counts on SR 60 range from 13,700 to 16,800 Annual Average Daily Traffic (AADT). Doherty Dr is the only access road to a 1,400-unit residential community, including NALCEST, Walden Shore of Lake Wales, and Lakeshore. Several other communities are located within 7 miles, including Indian Lake Estates, Lake Walk-in-Water Estates, and Saddlebag Lake Resort. Gold Coast Utilities is nearby and willing to extend utilities to the site. The property is located in flood zone X. It offers ample space for development to serve the local community. Seller financing is available. The cross-street property is also available.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Lake Wales
    County
    Polk
    State
    Florida
    Longitude
    -81.41876461
    Latitude
    27.87738755

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    FAQs

    What type of property is this?
    Commercial land - 5.73-acre corner lot with development potential in Lake Wales.
    Where is this commercial land located?
    The property is located at Doherty Dr Lake Wales, FL.
    What is the asking price?
    The asking price for this property is $299,000.
    What are key features of this property?
    This property features: - High-visibility corner lot with 381 feet of frontage on SR 60 and 13,700-16,800 AADT.; - Strategic location adjacent to Doherty Dr., the sole access road to a 1,400-unit residential community.; - Zoned Agriculture/Rural Residential (ARR) with potential for commercial rezoning.
    (813) 416-5630
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    Doherty Dr Lake Wales, FL 33898
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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.

    More about this property
    Doherty Dr Lake Wales, FL 33898
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    We can help!
    Listing Contact
    Feng Wu
    Feng Wu
    Real Estate License ID: 3448723
    (813) 416-5630 (813) 689-3115 (813) 684-9500
    Learn more
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