Polk County Development
For Sale
$694,700
10721 LEISURE E LANE, Lake Wales, FL 33898
6.73 acres in Unincorporated Polk County near Lake Weohyakapka.
Property Size3,460 SF
Lot Size6.73 Acres
Price / SF$200.78
Days on Market914
Property Features for 10721 LEISURE E LANE
General Information
Standard status
Active
Size
3,460 SF
Lot size
6.73 Acres
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$1,886
Building Details
Year Built
1979
Listing Agency:
KELLER WILLIAMS TAMPA PROP.
(813) 264-7754
Listed By:
Coach Cook · License #3093667
(813) 264-7754
Source:
Exitrealty
Added: Feb 8, 2024
Changed: Aug 9
Last Checked: Apr 12 at 11:56AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KELLER WILLIAMS TAMPA PROP.
Investment Insights
Based on property information with market context.
Located in Unincorporated Polk County, this 6.73-acre property presents an opportunity for investors, developers, and entrepreneurs. The site, formerly a church, is near Lake Weohyakapka, which spans 7,549 acres. The property's zoning allows for various commercial and specialized uses, providing flexibility for development. The original church building offers the potential to incorporate unique architectural features into any redevelopment project. The location benefits from regulations and a growing local economy. The property is suitable for healthcare facilities, multi-family housing, or special-purpose projects. The existing building is 3,460 square feet. The property is listed at 70% of the appraised value.
Key Highlights
- Listed at 70% of appraised value (per attached appraisal).
- Large 6.73‑acre property in Unincorporated Polk County.
- Versatile zoning allows for Health Care, Multi‑Family, or Special Purpose projects.
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
$43,478
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
6.26%
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%
$869,560
$869.6K
Cap Rate 7%
$621,114
$621.1K
Cap Rate 9%
$483,089
$483.1K
Market Conditions
NOI Build-Up for 3,460 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
$81.0K $23.40/SF
− Vacancy
−$8.5K −$2.46/SF
EGI
$72.5K $20.94/SF
− OpEx
−$29.0K −$8.38/SF
NOI
$43.5K $12.57/SF
Area
Polk County, FL
Vacancy
10.50%
Lease Rate
$23.40 /SF/Yr
Expense Ratio
40.00%
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%
$869,560
Cap Rate 7%
$621,114
Cap Rate 9%
$483,089
Alternative Uses
Best Use
Healthcare Medical
$621.1K
$543.5K – $724.6K
NOI $43,478 @ 7.0% cap · market cap 6.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$831.5K
$727.5K – $970.1K
NOI $58,203 @ 7.0% cap · market cap 8.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
26
Businesses Nearby
Explore this area
Business Placement
Demographics for 33898, FL
17,971
Population
10,080
Households
1.8
Avg Household Size
51
Median Age
17%
College-Educated
85%
High-School Grad
296.9 sq mi
ZIP Area
61
Density / Sq Mi
$54,778
Median Household Income
$32,414
Median Earnings
$1,122
Median Rent
$161,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Healthcare property - 6.73 acres in Unincorporated Polk County near Lake Weohyakapka.
Where is this healthcare property located?
The property is located at 10721 LEISURE E LANE Lake Wales, FL.
What is the asking price?
The asking price for this property is $694,700.
What are key features of this property?
This property features: Listed at **70% of appraised value** (per attached appraisal).; Large 6.73‑acre property in Unincorporated Polk County.; Versatile zoning allows for Health Care, Multi‑Family, or Special Purpose projects.
