6-Unit Mixed-Use
New
For Sale
$1,500,000
1517 COMMERCIAL PARK, Lakeland, FL 33801
O-1 zoning accommodates office, medical, professional services, boutique, and specialty retail uses.
Property Size4,842 SF
Days on Market4
Property Features for 1517 COMMERCIAL PARK
General Information
Standard status
Active
Size
4,842 SF
Property subtype
Commercial
Zoning
O-1
Site & Location
Traffic Count
42,000 vehicles/day
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$7,889
Building Details
Building Size
4,842 SF
Year Built
1969
Tenancy
Multi
Listing Agency:
LPT Realty, LLC.
Listed By:
Karina Turcios · License #3435337
(407) 346-7606
Source:
Elliman
Added: Sep 20
Last Checked: Sep 22 at 7:05PM
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 LPT Realty, LLC.
Investment Insights
Based on property information with market context.
This 6-unit mixed-use property combines office and retail space in a multi-tenant building constructed in 1969. The O-1 zoning is identified for general office, medical, professional services, boutique, and specialty retail uses, providing a range of stated commercial applications within one property.
Positioned off US Hwy 98 S, the property benefits from exposure to a corridor reporting 42,000 vehicles daily along US Hwy 98/Bartow Rd. The building’s six-unit configuration supports multiple occupancies across office and retail uses, with accessibility and visibility noted as property characteristics.
Positioned off US Hwy 98 S, the property benefits from exposure to a corridor reporting 42,000 vehicles daily along US Hwy 98/Bartow Rd. The building’s six-unit configuration supports multiple occupancies across office and retail uses, with accessibility and visibility noted as property characteristics.
Key Highlights
- Six‑unit office and retail building
- O‑1 zoning
- Constructed in 1969
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
$59,484
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
3.97%
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%
$1,189,680
$1.2M
Cap Rate 7%
$849,771
$849.8K
Cap Rate 9%
$660,933
$660.9K
Market Conditions
NOI Build-Up for 4,842 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
$101.7K $21.00/SF
− Vacancy
−$22.4K −$4.62/SF
EGI
$79.3K $16.38/SF
− OpEx
−$19.8K −$4.10/SF
NOI
$59.5K $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%
$1,189,680
Cap Rate 7%
$849,771
Cap Rate 9%
$660,933
Alternative Uses
Best Use
Office B
$849.8K
$743.6K – $991.4K
NOI $59,484 @ 7.0% cap · market cap 3.97%
Second Best
Mixed Use
$779.0K
$681.6K – $908.8K
NOI $54,527 @ 7.0% cap · market cap 3.64%
Theoretical Best
Office A
$1.16M
$1.02M – $1.36M
NOI $81,450 @ 7.0% cap · market cap 5.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
42,000 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
534
Businesses Nearby
Explore this area
Business Placement
Demographics for 33801, FL
36,798
Population
15,365
Households
2.4
Avg Household Size
34
Median Age
16%
College-Educated
84%
High-School Grad
18.9 sq mi
ZIP Area
1,947
Density / Sq Mi
$49,210
Median Household Income
$30,055
Median Earnings
$1,100
Median Rent
$138,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Mixed-use property - O-1 zoning accommodates office, medical, professional services, boutique, and specialty retail uses.
Where is this mixed-use property located?
The property is located at 1517 COMMERCIAL PARK Lakeland, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Six‑unit office and retail building; O‑1 zoning; Constructed in 1969
