Polk County Commercial
For Sale
$740,000
19 EVERGREEN Dr, Lake Wales, FL 33898
Multiple buildings with flexible zoning in unincorporated Polk County.
Property Size6,063 SF
Lot Size0.83 Acres
Price / SF$268.12
Days on Market151
Property Features for 19 EVERGREEN Dr
General Information
Standard status
Active
Size
6,063 SF
Lot size
0.83 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$3,551
Building Details
Building Size
6,063 SF
Year Built
1940
Stories
1
Listing Agency:
coldwell banker realty
(863) 585-6849
Listed By:
Brandy Duncan · License #3386190
(863) 585-6849
Source:
Elliman
Added: Mar 25
Changed: Aug 14
Last Checked: Aug 22 at 11:04AM
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 coldwell banker realty
Investment Insights
Based on property information with market context.
This commercial property is located in unincorporated Polk County, just off the Highway 60 corridor. It features multiple buildings and flexible Linear Commercial Corridor (LCC) zoning, which allows for a variety of business uses. The property includes a 1,766 sq. ft. concrete block retail-style building, a 1,842 sq. ft. concrete block warehouse, and a 2,760 sq. ft. steel building. There is also a single-family (wood frame construction) home on site that has no contributory value; the seller will remove it if desired. The rear portion of the property is fenced and offers space for storage, equipment, or possible expansion. Please note that the existing business on site is not for sale and will remain in operation.
Key Highlights
- Flexible Linear Commercial Corridor (LCC) zoning allows for a variety of business uses.
- Multiple buildings including a 1,766 sq. ft. retail‑style building, a 1,842 sq. ft. warehouse, and a 2,760 sq. ft. steel building.
- Located in unincorporated Polk County just off the Highway 60 corridor.
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
$30,995
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
4.19%
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%
$619,900
$619.9K
Cap Rate 7%
$442,786
$442.8K
Cap Rate 9%
$344,389
$344.4K
Market Conditions
NOI Build-Up for 2,760 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
$48.0K $17.40/SF
− Vacancy
−$3.7K −$1.36/SF
EGI
$44.3K $16.04/SF
− OpEx
−$13.3K −$4.81/SF
NOI
$31.0K $11.23/SF
Area
Polk County, FL
Vacancy
7.80%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$619,900
Cap Rate 7%
$442,786
Cap Rate 9%
$344,389
Alternative Uses
Best Use
Retail
$442.8K
$387.4K – $516.6K
NOI $30,995 @ 7.0% cap · market cap 4.19%
Second Best
Warehouse
$262.7K
$229.8K – $306.4K
NOI $18,386 @ 7.0% cap · market cap 2.48%
Theoretical Best
Office A
$663.3K
$580.4K – $773.8K
NOI $46,428 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
246
Businesses Nearby
Explore this area
Business Placement
Demographics for 33898, FL
17,971
Population
10,080
Households
1.8
Avg Household Size
51
Median Age
17%
College-Educated
85%
High-School Grad
296.9 sq mi
ZIP Area
61
Density / Sq Mi
$54,778
Median Household Income
$32,414
Median Earnings
$1,122
Median Rent
$161,500
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?
Retail space - Multiple buildings with flexible zoning in unincorporated Polk County.
Where is this retail space located?
The property is located at 19 EVERGREEN Dr Lake Wales, FL.
What is the asking price?
The asking price for this property is $740,000.
What are key features of this property?
This property features: Flexible Linear Commercial Corridor (LCC) zoning allows for a variety of business uses.; Multiple buildings including a **1,766 sq. ft. retail‑style building**, a **1,842 sq. ft. warehouse**, and a 2,760 sq. ft. steel building.; Located in unincorporated Polk County just off the Highway 60 corridor.
