Multi-Tenant Mixed-Use
New
For Sale
$1,500,000
1517 COMMERCIAL PARK Drive, Lakeland, FL 33801
Commercial Sale, LAKELAND, FL
Property Size4,842 SF
Lot Size0.28 Acres
Price / SF$309.79
Days on Market1
Property Features for 1517 COMMERCIAL PARK Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
O-1
Subdivision
COMMERCIAL PARK SOUTH
Directions
N crystal lake dr Right commercial park dr Property is on right side
Standard status
Active
APN
24-28-29-248150-000222
Size
4,842 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
COMMERCIAL PARK SOUTH PB 47 PG 50 LOT 22 BEG NW COR RUN E 153.96 FT S 132.33 FT WLY 25.27 FT TO SCL RR R/W NWLY ALONG R/W 186.45 FT TO POB
Tax Annual Amount
7889
Legal Description
COMMERCIAL PARK SOUTH PB 47 PG 50 LOT 22 BEG NW COR RUN E 153.96 FT S 132.33 FT WLY 25.27 FT TO SCL RR R/W NWLY ALONG R/W 186.45 FT TO POB
Utilities
Cooling system
Central Air
Building Details
Year built
1969
Floors in Building
1
Building materials
Block
Listing Agency:
LPT REALTY, LLC
(877) 366-2213
Listed By:
Karina Turcios · License #3435337
(407) 346-7606
Added: Sep 19
Last Checked: Sep 19 at 6:06PM
MLS# O6443328
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,842-square-foot mixed-use building contains six units configured for office and retail occupancy. Built in 1969 with block construction, the property includes central air and is zoned O-1. The stated use potential includes general office, medical, professional services, boutique, and specialty retail applications.
The property is located off US Hwy 98 S in Lakeland, with access to the US Hwy 98/Bartow Rd corridor. Traffic on the corridor is reported at 42,000 vehicles daily. The address is 1517 Commercial Park Drive, Lakeland, FL 33801, and the site encompasses 0.28 acres.
The property is located off US Hwy 98 S in Lakeland, with access to the US Hwy 98/Bartow Rd corridor. Traffic on the corridor is reported at 42,000 vehicles daily. The address is 1517 Commercial Park Drive, Lakeland, FL 33801, and the site encompasses 0.28 acres.
Key Highlights
- Six‑unit mixed‑use office and retail building
- 4,842 square feet on 0.28 acres
- O‑1 zoning supports stated office, medical, professional services, boutique, and specialty retail uses
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
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Open Analytics
Current Use
Lease Details
6
Office units
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
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Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Six-unit commercial building with O-1 zoning, central air, and office and retail flexibility.
Where is this mixed-use property located?
The property is located at 1517 COMMERCIAL PARK Drive 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 mixed‑use office and retail building; 4,842 square feet on 0.28 acres; O‑1 zoning supports stated office, medical, professional services, boutique, and specialty retail uses
