Corner Redevelopment with Auto Repair
For Sale
Contact for pricing
1304 S Florida Ave, Lakeland, FL 33803
Two C-2 parcels at a signalized corner with a leased auto repair facility generating current month-to-month income.
Property Size4,830 SF
Lot Size0.51 Acres
Price / SF$190.46
Days on Market50
Property Features for 1304 S Florida Ave
General Information
Standard status
Active
Size
4,830 SF
Lot size
0.51 Acres
Property subtype
Retail
Zoning
C-2
Investment Type
Redevelopment
Net Operating Income
$45,600
Site & Location
Traffic Count
23,000 vehicles/day
Road Access
Yes
Building Details
Year Built
1924
Buildings
2
Listing Agency:
Saunders Real Estate
Listed By:
Craig Morby · License #SL3152384
(863) 581-0059
Source:
Crexi
Added: Jul 22
Changed: Sep 4
Last Checked: Sep 8 at 3:47AM
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.
A highly visible redevelopment corner at 1304 S Florida Ave, Lakeland, offering two contiguous C-2 zoned parcels totaling 0.51 acres. The site includes an existing auto repair facility currently leased for $3,800 per month on a month-to-month basis, providing interim holding income. An adjacent 1925 structure, previously utilized as a professional office, adds further flexibility for a purchaser evaluating redevelopment, restoration, or adaptive reuse.
Located on the signalized hard corner of South Florida Avenue and Palmola Street, the property benefits from over 23,000 vehicles per day along South Florida Avenue, one of Lakeland’s primary commercial corridors. The offering is also enrolled in Florida’s State Petroleum Cleanup Program, establishing an environmental remediation pathway intended to reduce potential out-of-pocket cleanup costs for future ownership.
Located on the signalized hard corner of South Florida Avenue and Palmola Street, the property benefits from over 23,000 vehicles per day along South Florida Avenue, one of Lakeland’s primary commercial corridors. The offering is also enrolled in Florida’s State Petroleum Cleanup Program, establishing an environmental remediation pathway intended to reduce potential out-of-pocket cleanup costs for future ownership.
Key Highlights
- 0.51‑acre redevelopment corner on the signalized hard corner of S Florida Ave and Palmola St in Lakeland’s Dixieland District
- Two contiguous C‑2 zoned parcels for flexible commercial redevelopment options
- Auto repair facility currently leased for $3,800/month on a month‑to‑month basis for immediate holding income
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
$59,337
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
6.45%
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%
$1,186,740
$1.2M
Cap Rate 7%
$847,671
$847.7K
Cap Rate 9%
$659,300
$659.3K
Market Conditions
NOI Build-Up for 4,830 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
$101.4K $21.00/SF
− Vacancy
−$22.3K −$4.62/SF
EGI
$79.1K $16.38/SF
− OpEx
−$19.8K −$4.10/SF
NOI
$59.3K $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%
$1,186,740
Cap Rate 7%
$847,671
Cap Rate 9%
$659,300
Alternative Uses
Best Use
Office B
$847.7K
$741.7K – $989.0K
NOI $59,337 @ 7.0% cap · market cap 6.45%
Second Best
Retail
$774.9K
$678.0K – $904.0K
NOI $54,241 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$1.16M
$1.02M – $1.35M
NOI $81,248 @ 7.0% cap · market cap 8.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
23,000 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
862
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33803, FL
29,082
Population
15,086
Households
1.9
Avg Household Size
42
Median Age
34%
College-Educated
94%
High-School Grad
16.6 sq mi
ZIP Area
1,752
Density / Sq Mi
$63,180
Median Household Income
$40,358
Median Earnings
$1,337
Median Rent
$236,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Kelley's Towing Service — 2403 Florida Ave S, Lakeland, FL 33803
- Shifters Transmission LLC — 2202 Florida Ave S, Lakeland, FL 33803
- SuperGlass,LLC. — 1820 Florida Ave S, Lakeland, FL 33803
- Hurricane Auto Repair and Sales — 1304 florida ave s, lakeland, fl 33803
- Left Lane Auto & Tire — 1304 Florida Ave S, Lakeland, FL 33803
Frequently Asked Questions
What type of property is this?
Auto shop - Two C-2 parcels at a signalized corner with a leased auto repair facility generating current month-to-month income.
Where is this auto shop located?
The property is located at 1304 S Florida Ave Lakeland, FL.
What is the asking price?
The asking price for this property is $919,900.
What are key features of this property?
This property features: 0.51‑acre redevelopment corner on the signalized hard corner of S Florida Ave and Palmola St in Lakeland’s Dixieland District; Two contiguous C‑2 zoned parcels for flexible commercial redevelopment options; Auto repair facility currently leased for $3,800/month on a month‑to‑month basis for immediate holding income
