Prime Commercial Property Near
For Sale
$1,700,000
1231 LAKELAND HILLS Blvd, Lakeland, FL 33805
Half-acre corner lot ideal for medical or professional use.
Property Size3,689 SF
Lot Size0.26 Acres
Days on Market152
Property Features for 1231 LAKELAND HILLS Blvd
General Information
Standard status
Active
Size
3,689 SF
Lot size
0.26 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,112
Building Details
Building Size
3,689 SF
Year Built
1953
Stories
1
Listing Agency:
PRIMEFIT PROPERTIES LLC
(407) 305-2284
Listed By:
Nick Vaseloff · License #BK3571295
(407) 305-2284
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 12:04PM
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 PRIMEFIT PROPERTIES LLC
Investment Insights
Based on property information with market context.
This commercial property is located across from Lakeland Regional Medical Center, the Carol Jenkins Barnett Women’s Pavilion, and the hospital helipad. Zoned C-2, it is suitable for a walk-in clinic, doctor’s office, imaging center, pharmacy, or outpatient surgery center. Situated on a half-acre corner double lot, the site offers visibility and space for building and parking. The current building, operating as a pharmacy (business not included in sale), features 5 private offices, a front counter/reception area, 4 bathrooms, multiple storage bays, an open office area, and a breakroom. Major updates include a new roof (2020) and HVAC system (2020).
Key Highlights
- Prime location directly across from Lakeland Regional Medical Center and the Carol Jenkins Barnett Women’s Pavilion.
- C‑2 zoning allows for a wide range of medical and professional uses.
- Owner financing available.
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
$47,962
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
2.82%
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%
$959,240
$959.2K
Cap Rate 7%
$685,171
$685.2K
Cap Rate 9%
$532,911
$532.9K
Market Conditions
NOI Build-Up for 3,689 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
$68.6K $18.60/SF
− Vacancy
−$4.7K −$1.26/SF
EGI
$63.9K $17.34/SF
− OpEx
−$16.0K −$4.33/SF
NOI
$48.0K $13.00/SF
Area
Lakeland, FL
Vacancy
6.80%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
25.00%
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%
$959,240
Cap Rate 7%
$685,171
Cap Rate 9%
$532,911
Alternative Uses
Best Use
Specialty Retail
$685.2K
$599.5K – $799.4K
NOI $47,962 @ 7.0% cap · market cap 2.82%
Second Best
Healthcare Medical
$662.2K
$579.4K – $772.6K
NOI $46,355 @ 7.0% cap · market cap 2.73%
Theoretical Best
Office A
$886.5K
$775.7K – $1.03M
NOI $62,055 @ 7.0% cap · market cap 3.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
227
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33805, FL
26,954
Population
11,908
Households
2.3
Avg Household Size
36
Median Age
17%
College-Educated
82%
High-School Grad
26.0 sq mi
ZIP Area
1,037
Density / Sq Mi
$55,565
Median Household Income
$35,077
Median Earnings
$1,179
Median Rent
$173,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Half-acre corner lot ideal for medical or professional use.
Where is this medical office space located?
The property is located at 1231 LAKELAND HILLS Blvd Lakeland, FL.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Prime location directly across from Lakeland Regional Medical Center and the Carol Jenkins Barnett Women’s Pavilion.; C‑2 zoning allows for a wide range of medical and professional uses.; Owner financing available.
