Commercial Property Near
For Sale
$225,000
206 N 1ST STREET, Lake Wales, FL 33853
Commercial property near downtown Lake Wales, renovation needed.
Property Size2,016 SF
Lot Size0.23 Acres
Price / SF$111.61
Days on Market595
Property Features for 206 N 1ST STREET
General Information
Standard status
Active
Size
2,016 SF
Lot size
0.23 Acres
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$1,109
Building Details
Year Built
1950
Listing Agency:
LEGACY REAL ESTATE CENTER INC
(863) 557-9003
Listed By:
Vicky Holloway · License #3279441
(863) 557-9003
Source:
Exitrealty
Added: Dec 21, 2024
Changed: Aug 8
Last Checked: Apr 5 at 10:45PM
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 LEGACY REAL ESTATE CENTER INC
Investment Insights
Based on property information with market context.
This commercial property is located within walking distance of downtown Lake Wales. The existing building requires renovation. Situated just two blocks from Park Avenue, the property benefits from its proximity to the center of growth and the ongoing Lake Wales Main Street project. The City of Lake Wales has approved the property for use as a car lot, and other options may be available. This 2,016 square foot property presents an opportunity for investment in a growing area.
Key Highlights
- Prime location: Two blocks from Park Avenue and the center of growth.
- Approved by the City of Lake Wales for a Car Lot.
- Walking distance from downtown.
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
$9,617
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
4.27%
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%
$192,340
$192.3K
Cap Rate 7%
$137,386
$137.4K
Cap Rate 9%
$106,856
$106.9K
Market Conditions
NOI Build-Up for 2,016 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
$15.0K $7.44/SF
− Vacancy
−$1.3K −$0.62/SF
EGI
$13.7K $6.82/SF
− OpEx
−$4.1K −$2.04/SF
NOI
$9.6K $4.77/SF
Area
Polk County, FL
Vacancy
8.40%
Lease Rate
$7.44 /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%
$192,340
Cap Rate 7%
$137,386
Cap Rate 9%
$106,856
Alternative Uses
Best Use
Retail
$323.4K
$283.0K – $377.3K
NOI $22,640 @ 7.0% cap · market cap 10.06%
Second Best
Industrial
$137.4K
$120.2K – $160.3K
NOI $9,617 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$484.5K
$423.9K – $565.2K
NOI $33,912 @ 7.0% cap · market cap 15.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
907
Businesses Nearby
19k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Wells Fargo
Shops & Services
4,825 visits/mo
0.1 miles
Family Dollar
Shops & Services
4,156 visits/mo
0.3 miles
Truist
Shops & Services
3,656 visits/mo
0.2 miles
Citgo
Shops & Services
3,530 visits/mo
0.2 miles
Advance Auto Parts
Shops & Services
2,097 visits/mo
0.5 miles
Demographics for 33853, FL
12,404
Population
5,483
Households
2.3
Avg Household Size
38
Median Age
19%
College-Educated
85%
High-School Grad
8.7 sq mi
ZIP Area
1,426
Density / Sq Mi
$40,938
Median Household Income
$35,470
Median Earnings
$965
Median Rent
$198,100
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- U-Haul Neighborhood Dealer — 430 S Scenic Hwy, Lake Wales, FL 33853
- U-Haul Neighborhood Dealer — 714 N Scenic Hwy, Lake Wales, FL 33853
Frequently Asked Questions
What type of property is this?
Parking lot & garage - Commercial property near downtown Lake Wales, renovation needed.
Where is this parking lot & garage located?
The property is located at 206 N 1ST STREET Lake Wales, FL.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Prime location: Two blocks from Park Avenue and the center of growth.; Approved by the City of Lake Wales for a Car Lot.; Walking distance from downtown.
