Historic Office Building in
For Sale
$499,000
815 S MISSOURI AVENUE, Lakeland, FL 33815
Renovated 1914 commercial building with rental income potential.
Property Size2,068 SF
Lot Size0.16 Acres
Price / SF$241.30
Days on Market632
Property Features for 815 S MISSOURI AVENUE
General Information
Standard status
Active
Size
2,068 SF
Lot size
0.16 Acres
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$4,572
Building Details
Year Built
1914
Listing Agency:
SERHANT
(863) 521-4164
Listed By:
Elizabeth Willers · License #3283525
(863) 521-4164
Source:
Exitrealty
Added: Nov 18, 2024
Changed: Aug 8
Last Checked: Aug 8 at 6:14AM
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 SERHANT
Investment Insights
Based on property information with market context.
This renovated historic building, dating back to 1914, is located in the Dixieland area of Lakeland. The property features original hardwood flooring and offers visibility with available signage. The upstairs area includes two offices and a bathroom. The downstairs area, currently occupied by tenants, provides rental income and features a conference room with a fireplace, two front offices, two back offices, a full bathroom, and a back porch with access to the back parking lot. A shared updated kitchen includes new appliances and an eat-in space. Parking includes two spaces in the front, four reserved spaces in the back, and two tandem spaces under the carport. Situated in a business district, the property is near coffee houses, restaurants, art galleries, and antique shops. It is located 5 minutes from downtown and 10 minutes from South Lakeland. The property size is 2068 square feet. This property is suitable for business use.
Key Highlights
- Historic 1914 building renovated in the heart of Dixieland with high visibility and available signage.
- Income‑generating property with existing tenants downstairs.
- Two upstairs offices and bathroom ideal for business use.
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
$25,405
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
5.09%
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%
$508,100
$508.1K
Cap Rate 7%
$362,929
$362.9K
Cap Rate 9%
$282,278
$282.3K
Market Conditions
NOI Build-Up for 2,068 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
$43.4K $21.00/SF
− Vacancy
−$9.6K −$4.62/SF
EGI
$33.9K $16.38/SF
− OpEx
−$8.5K −$4.10/SF
NOI
$25.4K $12.29/SF
Area
Lakeland, FL
Vacancy
22.00%
Lease Rate
$21.00 /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%
$508,100
Cap Rate 7%
$362,929
Cap Rate 9%
$282,278
Alternative Uses
Best Use
Office B
$362.9K
$317.6K – $423.4K
NOI $25,405 @ 7.0% cap · market cap 5.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$497.0K
$434.8K – $579.8K
NOI $34,787 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,350
Businesses Nearby
Explore this area
Business Placement
Demographics for 33815, FL
15,681
Population
7,646
Households
2.1
Avg Household Size
40
Median Age
11%
College-Educated
80%
High-School Grad
7.4 sq mi
ZIP Area
2,119
Density / Sq Mi
$36,445
Median Household Income
$32,637
Median Earnings
$1,078
Median Rent
$42,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Renovated 1914 commercial building with rental income potential.
Where is this office building located?
The property is located at 815 S MISSOURI AVENUE Lakeland, FL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Historic 1914 building renovated in the heart of Dixieland with high visibility and available signage.; Income‑generating property with existing tenants downstairs.; Two upstairs offices and bathroom ideal for business use.
