Flex Space with Loading
New
For Sale
$1,250,000
1604 OLIVE STREET, Lakeland, FL 33815
Combined warehouse and office improvements include roll-up access, fenced storage, and on-site parking.
Property Size8,716 SF
Lot Size0.60 Acres
Price / SF$143.41
Days on Market3
Property Features for 1604 OLIVE STREET
General Information
Standard status
Active
Size
8,716 SF
Lot size
0.60 Acres
Property subtype
Business Opportunities
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Gross Income
$60,000
Taxes and HOA fees
Annual Taxes
$2,999
Amenities
3
Corner Lot.
Paved Driveway.
Corner, City Road, Paved Road.
Building Details
Year Built
1942
Buildings
1
Building Size
8,716 SF
Listing Agency:
CENTURY 21 MYERS REALTY
(863) 875-5656
Listed By:
Tony Acosta · License #3589261
(863) 224-5956
Source:
Xome
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 2 at 2:24PM
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 CENTURY 21 MYERS REALTY
Investment Insights
Based on property information with market context.
Located at 1604 Olive Street in Lakeland, this 8,716-square-foot flex property occupies approximately 0.60 acres and combines open warehouse areas with finished office and workspaces. The building includes roll-up access, a loading dock, fenced outdoor storage, paved on-site parking, and newly installed interior LED lighting. Constructed in 1942, the property provides a mix of functional industrial and office improvements.
Approximately 4,000 square feet is occupied by a month-to-month tenant, while the balance remains vacant. The existing arrangement provides current rental occupancy alongside available space within the same building. The property also offers access to I-4 and nearby Lakeland business corridors. Potential applications described for the building include warehouse, distribution, automotive, storage, and other general commercial 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 remains vacant. The existing arrangement provides current rental occupancy alongside available space within the same building. The property also offers access to I-4 and nearby Lakeland business corridors. Potential applications described for the building include warehouse, distribution, automotive, storage, and other general commercial operations, subject to verification of zoning and permitted uses.
Key Highlights
- 8,716‑square‑foot building on approximately 0.60 acres
- Approximately 4,000 square feet occupied by a month‑to‑month tenant; remaining space vacant
- Loading dock, roll‑up access, and open warehouse 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
$107,076
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
8.57%
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%
$2,141,520
$2.1M
Cap Rate 7%
$1,529,657
$1.5M
Cap Rate 9%
$1,189,733
$1.2M
Market Conditions
NOI Build-Up for 8,716 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
$183.0K $21.00/SF
− Vacancy
−$40.3K −$4.62/SF
EGI
$142.8K $16.38/SF
− OpEx
−$35.7K −$4.10/SF
NOI
$107.1K $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%
$2,141,520
Cap Rate 7%
$1,529,657
Cap Rate 9%
$1,189,733
Alternative Uses
Best Use
Office B
$1.53M
$1.34M – $1.78M
NOI $107,076 @ 7.0% cap · market cap 8.57%
Second Best
Warehouse
$721.3K
$631.1K – $841.5K
NOI $50,490 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,617 @ 7.0% cap · market cap 11.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
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
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Frequently Asked Questions
What type of property is this?
Flex space - Combined warehouse and office improvements include roll-up access, 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: 8,716‑square‑foot building on approximately 0.60 acres; Approximately 4,000 square feet occupied by a month‑to‑month tenant; remaining space vacant; Loading dock, roll‑up access, and open warehouse areas
