Downtown Retail Building with Two
For Sale
$1,200,000
120-124 S Kentucky Ave, Lakeland, FL 33801
Retail building with 5 rear parking spaces and two long-term leased units totaling 4,200 SF.
Property Size4,200 SF
Price / SF$285.71
Days on Market48
Property Features for 120-124 S Kentucky Ave
General Information
Standard status
Active
Size
4,200 SF
Class
C
Total Parking Spaces
5
Property subtype
Retail - Street Retail
Zoning
C-7
Additional Details
Traffic Count
100,000 vehicles/day
Building Details
Building Size
4,200 SF
Year Built
1969
Units
1
Tenancy
Multi
Listing Agency:
Saunders Real Estate
Listed By:
Craig Morby · License #3152384
(863) 581-0059
Source:
Commercialcafe
Added: Jul 23
Changed: Sep 8
Last Checked: Sep 8 at 3:35AM
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 Saunders Real Estate
Investment Insights
Based on property information with market context.
This fully stabilized retail investment property is a 4,200 SF building divided into two separately leased units. Both tenants have occupied the property for more than 15 years, supporting the long-term stability of the current tenancy. The property is served with 5 designated parking spaces in the rear of the building.
The building is zoned C-7, which allows for a wide variety of commercial uses, including retail, restaurant, entertainment, and office. It is located on S. Kentucky Ave in downtown Lakeland, near Munn Park and City Hall, as well as Bonnet Springs Park and Florida Southern College.
The existing configuration provides independent leasing across two units, supported by on-site parking at the rear, making the property suitable for investors seeking established income within a downtown retail corridor.
The building is zoned C-7, which allows for a wide variety of commercial uses, including retail, restaurant, entertainment, and office. It is located on S. Kentucky Ave in downtown Lakeland, near Munn Park and City Hall, as well as Bonnet Springs Park and Florida Southern College.
The existing configuration provides independent leasing across two units, supported by on-site parking at the rear, making the property suitable for investors seeking established income within a downtown retail corridor.
Key Highlights
- 4,200 SF retail building in downtown Lakeland, Florida
- Two separately leased units totaling 4,200 SF
- Both tenants have occupied the property for more than 15 years
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
$47,166
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
3.93%
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%
$943,320
$943.3K
Cap Rate 7%
$673,800
$673.8K
Cap Rate 9%
$524,067
$524.1K
Market Conditions
NOI Build-Up for 4,200 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
$73.1K $17.40/SF
− Vacancy
−$5.7K −$1.36/SF
EGI
$67.4K $16.04/SF
− OpEx
−$20.2K −$4.81/SF
NOI
$47.2K $11.23/SF
Area
Lakeland, FL
Vacancy
7.80%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$943,320
Cap Rate 7%
$673,800
Cap Rate 9%
$524,067
Alternative Uses
Best Use
Retail
$673.8K
$589.6K – $786.1K
NOI $47,166 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.01M
$883.1K – $1.18M
NOI $70,651 @ 7.0% cap · market cap 5.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100,000 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,488
Businesses Nearby
30k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 49%
Hotels & Casinos 40%
Shops & Services 9%
Home Improvements & Furnishings 2%
Tropical Smoothie Cafe
Dining
6,460 visits/mo
0.1 miles
SpringHill Suites by Marriott Lakeland
Hotels & Casinos
6,187 visits/mo
0.4 miles
Hyatt Place Lakeland Center
Hotels & Casinos
5,846 visits/mo
0.4 miles
Jimmy John's
Dining
4,540 visits/mo
0.2 miles
Crispers Fresh Salads, Soups and Sandwiches
Dining
3,981 visits/mo
0.2 miles
Demographics for 33801, FL
36,798
Population
15,365
Households
2.4
Avg Household Size
34
Median Age
16%
College-Educated
84%
High-School Grad
18.9 sq mi
ZIP Area
1,947
Density / Sq Mi
$49,210
Median Household Income
$30,055
Median Earnings
$1,100
Median Rent
$138,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Retail building with 5 rear parking spaces and two long-term leased units totaling 4,200 SF.
Where is this storefront property located?
The property is located at 120-124 S Kentucky Ave Lakeland, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 4,200 SF retail building in downtown Lakeland, Florida; Two separately leased units totaling 4,200 SF; Both tenants have occupied the property for more than 15 years
