Flex Space with Loading
New
For Sale
$1,250,000
1604 OLIVE Street, Lakeland, FL 33815
Commercial Sale, LAKELAND, FL
Property Size8,716 SF
Lot Size0.51 Acres
Price / SF$154.59
Days on Market2
Property Features for 1604 OLIVE Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I-1
Window features
Blinds
Subdivision
WESTGATE SUB
Lot features
Corner Lot, Sidewalk, Street Lights, Paved
Directions
Heading South on Kathleen Road, take a right onto George Jenkins Blvd.Turn left onto Sloan Ave. At the traffic circle, take the 1st exit onto W Main St. W Main St turns slightly left and becomes S Central Ave. Turn right onto Olive St. Turn left onto Montana Ave. Destination will be on the left
Standard status
Active
APN
23-28-23-100500-008050
Size
8,086 SF
Lot size
0.51 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WESTGATE SUB PB 10 PG 23 BLK 8 LOTS 5 THRU 8 & THE NORTH 7.5 FT OF VACATED ALLEY LYING SOUTH OF ABOVE DESC and WESTGATE SUB PB 10 PG 23 BLK 8 LOTS 1 THRU 4 & LOT 40 & VACATED ALLEY LYING BETWEEN SAID LOTS
Tax Annual Amount
2999
Legal Description
WESTGATE SUB PB 10 PG 23 BLK 8 LOTS 5 THRU 8 & THE NORTH 7.5 FT OF VACATED ALLEY LYING SOUTH OF ABOVE DESC and WESTGATE SUB PB 10 PG 23 BLK 8 LOTS 1 THRU 4 & LOT 40 & VACATED ALLEY LYING BETWEEN SAID LOTS
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Water source
Public
Amenities
loading dock
fenced outdoor storage
interior LED lighting
roll-up access
Building Details
Year built
1942
Floors in Building
1
Flooring type
Concrete, Carpet
Building materials
Concrete, Frame
Roof type
Metal, Membrane
Listing Agency:
CENTURY 21 MYERS REALTY · Century 21 Real Estate
(863) 875-5656
Listed By:
Tony Acosta · License #SL3589261
(863) 224-5956
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 2 at 5:06PM
MLS# L4964756
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 I-1-zoned flex property at 1604 Olive Street combines open warehouse areas with finished office and workspaces. The building includes a 25-foot ceiling, loading dock, roll-up access, fenced outdoor storage, on-site parking, and newly installed interior LED lighting. Concrete and frame construction, concrete and carpet flooring, metal and membrane roofing, public water, and public sewer are also in place. Built in 1942, the property supports a combination of warehouse and office functions within one commercial facility.
Approximately 4,000 square feet is occupied by a month-to-month tenant, while the balance is vacant. The property is positioned in Lakeland with access to I-4 and surrounding business corridors. Its existing warehouse, office, loading, storage, and parking features provide a functional base for commercial or industrial operations, subject to verification of zoning and permitted uses.
Approximately 4,000 square feet is occupied by a month-to-month tenant, while the balance is vacant. The property is positioned in Lakeland with access to I-4 and surrounding business corridors. Its existing warehouse, office, loading, storage, and parking features provide a functional base for commercial or industrial operations, subject to verification of zoning and permitted uses.
Key Highlights
- I‑1 zoning with warehouse and finished office areas
- 25‑foot ceiling height and loading dock
- Approximately 4,000 square feet occupied by a month‑to‑month tenant
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
$99,337
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
7.95%
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%
$1,986,740
$2.0M
Cap Rate 7%
$1,419,100
$1.4M
Cap Rate 9%
$1,103,744
$1.1M
Market Conditions
NOI Build-Up for 8,086 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
$169.8K $21.00/SF
− Vacancy
−$37.4K −$4.62/SF
EGI
$132.4K $16.38/SF
− OpEx
−$33.1K −$4.10/SF
NOI
$99.3K $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%
$1,986,740
Cap Rate 7%
$1,419,100
Cap Rate 9%
$1,103,744
Alternative Uses
Best Use
Office B
$1.42M
$1.24M – $1.66M
NOI $99,337 @ 7.0% cap · market cap 7.95%
Second Best
Warehouse
$669.1K
$585.5K – $780.7K
NOI $46,840 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$1.94M
$1.70M – $2.27M
NOI $136,019 @ 7.0% cap · market cap 10.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
25 ft
Clear height
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
373
Businesses Nearby
Under-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex property combines open warehouse space, finished offices, fenced storage, and on-site parking.
Where is this flex space located?
The property is located at 1604 OLIVE Street Lakeland, FL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: I‑1 zoning with warehouse and finished office areas; 25‑foot ceiling height and loading dock; Approximately 4,000 square feet occupied by a month‑to‑month tenant
