Downtown Retail Building with Two
120-124 S Kentucky Ave Lakeland, FL 33801
New
For Sale
Contact for pricing
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 Market4
Property Features for 120-124 S Kentucky Ave
General Information
- Standard status
- Active
- Size
- 4,200 SF
- Property subtype
- Retail
Listing Agency:
Saunders Real Estate
(863) 272-7135
Listed By:
Craig Morby · License #SL3152384
Source:
Crexi
Added: Jul 21
Changed: Jul 24
Last Checked: Jul 24 at 10:47AM
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 For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $73.1k | $17.40 |
| − Vacancy | −$5.7k | −$1.36 |
| EGI | $67.4k | $16.04 |
| − OpEx | −$20.2k | −$4.81 |
| NOI | $47.2k | $11.23 |
4,200 SF · lease $17.40/SF/yr · vacancy 7.80% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Storefront properties
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FAQs
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
