Medical Office Building
For Sale
$550,000
Pending
1601 WILLIAMSBURG Sq, Lakeland, FL 33803
Zoned for medical use with flexible exam-room-ready layout and dedicated reception, offices, waiting, and storage space.
Property Size2,000 SF
Days on Market55
Property Features for 1601 WILLIAMSBURG Sq
General Information
Standard status
Pending
Size
2,000 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$3,513
Building Details
Building Size
2,000 SF
Year Built
1995
Stories
1
Listing Agency:
Smart Realty of Polk Inc dba Keller Williams Realty
(863) 370-1786
Listed By:
Tina Heim, PA · License #3425065
(863) 370-1786
Source:
Elliman
Added: Jun 25
Changed: Aug 8
Last Checked: Jul 23 at 11:10AM
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 Smart Realty of Polk Inc dba Keller Williams Realty
Investment Insights
Based on property information with market context.
This medical office building offers approximately 2,000 square feet of flexible interior space designed to support professional and healthcare-related operations. The layout includes room for reception, private offices, exam rooms, administrative space, storage, and client or patient waiting areas, with the flexibility to be configured based on an intended use. The property is zoned for medical use.
Located at 1601 Williamsburg Sq in Lakeland, Florida, the offering is positioned within a commercial setting. WalkScore is listed at 41 (car-dependent) and BikeScore is listed at 61 (bikeable). Buyers are advised to verify all details with the municipality, including zoning, permitted uses, measurements, parking, utilities, and any approvals required for their specific plans.
For buyers seeking a dedicated medical office or related service environment, the room mix supports both front-of-house functions and clinical or specialty workflows. The reception and waiting area configuration can accommodate client and patient traffic, while the combination of private offices, exam rooms, administrative space, and storage offers practical separation of work areas. The property is currently under contract, with accepting backup offers.
Located at 1601 Williamsburg Sq in Lakeland, Florida, the offering is positioned within a commercial setting. WalkScore is listed at 41 (car-dependent) and BikeScore is listed at 61 (bikeable). Buyers are advised to verify all details with the municipality, including zoning, permitted uses, measurements, parking, utilities, and any approvals required for their specific plans.
For buyers seeking a dedicated medical office or related service environment, the room mix supports both front-of-house functions and clinical or specialty workflows. The reception and waiting area configuration can accommodate client and patient traffic, while the combination of private offices, exam rooms, administrative space, and storage offers practical separation of work areas. The property is currently under contract, with accepting backup offers.
Key Highlights
- Built in 1995 medical office property with approximately 2,000 sq. ft. of flexible interior space
- Zoned for medical use, offering a layout suited for a range of professional and healthcare‑related operations
- Includes reception area, private offices, exam rooms, administrative space, storage, and client/patient waiting areas
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
$25,132
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
4.57%
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%
$502,640
$502.6K
Cap Rate 7%
$359,029
$359.0K
Cap Rate 9%
$279,244
$279.2K
Market Conditions
NOI Build-Up for 2,000 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
$46.8K $23.40/SF
− Vacancy
−$4.9K −$2.46/SF
EGI
$41.9K $20.94/SF
− OpEx
−$16.8K −$8.38/SF
NOI
$25.1K $12.57/SF
Area
Lakeland, FL
Vacancy
10.50%
Lease Rate
$23.40 /SF/Yr
Expense Ratio
40.00%
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%
$502,640
Cap Rate 7%
$359,029
Cap Rate 9%
$279,244
Alternative Uses
Best Use
Healthcare Medical
$359.0K
$314.2K – $418.9K
NOI $25,132 @ 7.0% cap · market cap 4.57%
Second Best
Office B
$351.0K
$307.1K – $409.5K
NOI $24,570 @ 7.0% cap · market cap 4.47%
Theoretical Best
Office A
$480.6K
$420.5K – $560.7K
NOI $33,643 @ 7.0% cap · market cap 6.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
478
Businesses Nearby
Under-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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Frequently Asked Questions
What type of property is this?
Medical Office Space - Zoned for medical use with flexible exam-room-ready layout and dedicated reception, offices, waiting, and storage space.
Where is this medical office space located?
The property is located at 1601 WILLIAMSBURG Sq Lakeland, FL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Built in 1995 medical office property with approximately 2,000 sq. ft. of flexible interior space; Zoned for medical use, offering a layout suited for a range of professional and healthcare‑related operations; Includes reception area, private offices, exam rooms, administrative space, storage, and client/patient waiting areas
