Freestanding Retail
New
For Sale
$289,000
1203 MAYFLOWER, Lakeland, FL 33810
The corner-site building includes on-site parking and an outdoor area.
Property Size1,392 SF
Price / SF$207.61
Days on Market2
Property Features for 1203 MAYFLOWER
General Information
Standard status
Active
Size
1,392 SF
Property subtype
Commercial
Additional Details
Corner Location
Yes
Taxes and HOA fees
Annual Taxes
$1,329
Building Details
Building Size
1,392 SF
Year Built
1963
Buildings
1
Stories
1
Construction
concrete
Abandoned
No
Listing Agency:
CENTURY 21 MYERS REALTY
Listed By:
Tony Acosta · License #3589261
(863) 224-5956
Source:
Elliman
Added: Sep 26
Last Checked: Sep 26 at 2:55PM
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 CENTURY 21 MYERS REALTY
Investment Insights
Based on property information with market context.
This freestanding, single-story commercial building contains approximately 1,392 square feet and has concrete construction. It is currently occupied and used as a residence. Earlier commercial photos show a salon-style arrangement with work and wash stations, but the current furnishings and condition differ from those images.
The property occupies a corner parcel with frontage on Mayflower Drive in Lakeland. On-site parking and additional outdoor area surround the building.
The property occupies a corner parcel with frontage on Mayflower Drive in Lakeland. On-site parking and additional outdoor area surround the building.
Key Highlights
- Approximately 1,392 square feet of building area
- Corner parcel with frontage on Mayflower Drive
- Single‑story concrete construction
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
$15,632
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
5.41%
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%
$312,640
$312.6K
Cap Rate 7%
$223,314
$223.3K
Cap Rate 9%
$173,689
$173.7K
Market Conditions
NOI Build-Up for 1,392 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
$24.2K $17.40/SF
− Vacancy
−$1.9K −$1.36/SF
EGI
$22.3K $16.04/SF
− OpEx
−$6.7K −$4.81/SF
NOI
$15.6K $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%
$312,640
Cap Rate 7%
$223,314
Cap Rate 9%
$173,689
Alternative Uses
Best Use
Retail
$223.3K
$195.4K – $260.5K
NOI $15,632 @ 7.0% cap · market cap 5.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$334.5K
$292.7K – $390.3K
NOI $23,416 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
483
Businesses Nearby
335k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 27%
Superstores 27%
Shops & Services 26%
Groceries 14%
Sam's Club
Superstores
89,044 visits/mo
0.3 miles
Sam's Club Gas Station
Shops & Services
36,648 visits/mo
0.3 miles
Zaxby's Chicken Fingers & Buffalo Wings
Dining
29,814 visits/mo
0.3 miles
Aldi
Groceries
28,190 visits/mo
0.2 miles
Golden Corral
Dining
19,728 visits/mo
0.2 miles
Demographics for 33810, FL
52,037
Population
21,836
Households
2.4
Avg Household Size
42
Median Age
20%
College-Educated
88%
High-School Grad
64.6 sq mi
ZIP Area
806
Density / Sq Mi
$69,738
Median Household Income
$38,416
Median Earnings
$1,407
Median Rent
$245,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - The corner-site building includes on-site parking and an outdoor area.
Where is this retail space located?
The property is located at 1203 MAYFLOWER Lakeland, FL.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: Approximately 1,392 square feet of building area; Corner parcel with frontage on Mayflower Drive; Single‑story concrete construction
