Industrial Condo Investment
For Sale
Contact for pricing
Pending
1750 Longleaf Boulevard, Lake Wales, FL 33859
Leased industrial condo in Polk County, long-term government tenant.
Property Size7,976 SF
Days on Market92
Property Features for 1750 Longleaf Boulevard
General Information
Standard status
Pending
Size
7,976 SF
Class
C
Property subtype
Industrial
Zoning
BP
Lease Type
Gross
Investment Type
Stabilized
Net Operating Income
$135,592
Building Details
Year Built
2007
Units
3
Tenancy
Single
Listing Agency:
CREA
(407) 430-3462
Listed By:
Ashley Walker · License #FL SL3375578
Source:
Crexi
Added: May 14
Changed: Aug 11
Last Checked: Aug 12 at 2:04PM
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 CREA
Investment Insights
Based on property information with market context.
This single-unit industrial condo, comprising Suites 7, 8 & 9, is available for investment sale. The combined unit measures approximately 7,976 square feet and is fully leased to the Florida State Fire Marshal, a State of Florida government tenant that has been in place since 2006. The unit is part of a four-condo industrial building located at 1750 Longleaf Boulevard. The other three units are under separate ownership and are also being sold. The property is zoned for light industrial, warehouse, manufacturing, and business park uses. The location offers regional access via US-27 (with an Average Annual Daily Traffic count of 25,769) and is near SR-60 (with an Average Annual Daily Traffic count of 27,000), making it suitable for distribution, manufacturing, or logistics operations. The surrounding area is populated with industrial users.
Key Highlights
- Fully leased to the Florida State Fire Marshal since 2006, providing stable, government‑backed income
- Combined 7,976 SF +/- industrial condo unit, offering substantial space
- Located in a well‑established industrial corridor in Polk County
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
$53,132
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
3.22%
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%
$1,062,640
$1.1M
Cap Rate 7%
$759,029
$759.0K
Cap Rate 9%
$590,356
$590.4K
Market Conditions
NOI Build-Up for 7,976 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
$67.8K $8.50/SF
− Vacancy
−$5.3K −$0.66/SF
EGI
$62.5K $7.84/SF
− OpEx
−$9.4K −$1.18/SF
NOI
$53.1K $6.66/SF
Area
Polk County, FL
Vacancy
7.80%
Lease Rate
$8.50 /SF/Yr
Expense Ratio
15.00%
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%
$1,062,640
Cap Rate 7%
$759,029
Cap Rate 9%
$590,356
Alternative Uses
Best Use
Warehouse
$759.0K
$664.2K – $885.5K
NOI $53,132 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,169 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
41
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33859, FL
10,866
Population
5,739
Households
1.9
Avg Household Size
52
Median Age
23%
College-Educated
89%
High-School Grad
45.5 sq mi
ZIP Area
239
Density / Sq Mi
$61,871
Median Household Income
$32,943
Median Earnings
$1,232
Median Rent
$200,300
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Warehouse - Leased industrial condo in Polk County, long-term government tenant.
Where is this warehouse located?
The property is located at 1750 Longleaf Boulevard Lake Wales, FL.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Fully leased to the Florida State Fire Marshal since 2006, providing stable, government‑backed income; Combined 7,976 SF +/- industrial condo unit, offering substantial space; Located in a well‑established industrial corridor in Polk County
