Polk County Development
10721 LEISURE E LANE, Lake Wales, FL 33898
For Sale
$694,700
6.73 acres in Unincorporated Polk County near Lake Weohyakapka.
Property Size3,460 SF
Lot Size6.73 Acres
Price / SF$200.78
Days on Market1009
Property Features for 10721 LEISURE E LANE
General Information
Standard status
Size
Lot size
Property subtype
Taxes and HOA fees
Annual Taxes
Building Details
Year Built
Listing Agency:
KELLER WILLIAMS TAMPA PROP.
Listed By:
Coach Cook · License FL #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.
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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 / Yr
$46,376
Cap Rate
6.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$927,520
$927.5K
Cap Rate 7%
$662,514
$662.5K
Cap Rate 9%
$515,289
$515.3K
Market Conditions
NOI Build-Up for 3,460 SF
Gross rent
$86.4K $24.96/SF
− Vacancy
−$9.1K −$2.62/SF
EGI
$77.3K $22.34/SF
− OpEx
−$30.9K −$8.94/SF
NOI
$46.4K $13.40/SF
Area
Polk County, FL
Vacancy
10.50%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$927,520
Cap Rate 7%
$662,514
Cap Rate 9%
$515,289
Alternative Uses
Best Use
Healthcare Medical
$662.5K
$579.7K – $772.9K
NOI $46,376 @ 7.0% cap · market cap 6.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$883.5K
$773.1K – $1.03M
NOI $61,844 @ 7.0% cap · market cap 8.90%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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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
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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.
