Multi-Building Flex
For Sale
$740,000
19 EVERGREEN Drive, Lake Wales, FL 33898
Commercial Sale, LAKE WALES, FL
Property Size6,063 SF
Lot Size0.83 Acres
Price / SF$122.05
Days on Market156
Property Features for 19 EVERGREEN Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
LCC
Subdivision
COUNTRY CLUB ESTATES
Directions
Take Highway 27 to Highway 60 and head East. Take Highway 60 east to Evergreen Rd. and the commercial property is located on the left once you take a left onto Evergreen Rd.
Standard status
Active
APN
28-30-06-940200-001030
Size
6,063 SF
Lot size
0.83 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
COUNTRY CLUB ESTATES PB 12 PG 29 BLK A LOTS 3 & 4 & THE E1/2 OF CLOSED STREET LYING WEST OF SAME LESS R/W FOR EVERGREEN RD & BLK B LOT 5 LESS S 20 FT & LOT 6 & THE W1/2 OF CLOSED STREET LYING E OF SAME
Tax Annual Amount
3551
Legal Description
COUNTRY CLUB ESTATES PB 12 PG 29 BLK A LOTS 3 & 4 & THE E1/2 OF CLOSED STREET LYING WEST OF SAME LESS R/W FOR EVERGREEN RD & BLK B LOT 5 LESS S 20 FT & LOT 6 & THE W1/2 OF CLOSED STREET LYING E OF SAME
Utilities
Cooling system
Wall/Window Unit(s), Window Unit(s)
Building Details
Year built
1940
Floors in Building
1
Building materials
Concrete, Metal Frame, Frame
Roof type
Metal
Listing Agency:
COLDWELL BANKER REALTY · Coldwell Banker Real Estate
(863) 294-7541
Listed By:
Brandy Duncan · License #3386190
(863) 585-6849
Added: Mar 23
Changed: Aug 24
Last Checked: Aug 25 at 10:06AM
MLS# L4960488
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 flex-oriented commercial property includes three separate buildings: a 1,766-square-foot concrete block structure with a retail-style layout, an 1,842-square-foot concrete block warehouse, and a 2,760-square-foot steel building. Construction across the improvements includes concrete, metal frame, and frame components, with metal roofing and wall or window unit cooling noted. The property was built in 1940.
Located in unincorporated Polk County near the Highway 60 corridor, the site carries Linear Commercial Corridor zoning. A fenced rear section provides dedicated outdoor space for storage or equipment. A wood-frame single-family home is also present; it has no contributory value, and the seller will remove it if desired. The existing business will remain in operation and is not included in the sale.
Located in unincorporated Polk County near the Highway 60 corridor, the site carries Linear Commercial Corridor zoning. A fenced rear section provides dedicated outdoor space for storage or equipment. A wood-frame single-family home is also present; it has no contributory value, and the seller will remove it if desired. The existing business will remain in operation and is not included in the sale.
Key Highlights
- 1,766‑square‑foot concrete block retail‑style building
- 1,842‑square‑foot concrete block warehouse
- 2,760‑square‑foot steel building
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
$68,087
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
9.20%
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%
$1,361,740
$1.4M
Cap Rate 7%
$972,671
$972.7K
Cap Rate 9%
$756,522
$756.5K
Market Conditions
NOI Build-Up for 6,063 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
$105.5K $17.40/SF
− Vacancy
−$8.2K −$1.36/SF
EGI
$97.3K $16.04/SF
− OpEx
−$29.2K −$4.81/SF
NOI
$68.1K $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%
$1,361,740
Cap Rate 7%
$972,671
Cap Rate 9%
$756,522
Alternative Uses
Best Use
Retail
$972.7K
$851.1K – $1.13M
NOI $68,087 @ 7.0% cap · market cap 9.20%
Second Best
Warehouse
$577.0K
$504.9K – $673.1K
NOI $40,388 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$1.46M
$1.27M – $1.70M
NOI $101,989 @ 7.0% cap · market cap 13.78%
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
246
Businesses Nearby
Under-served
Demand for This Use
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?
Flex space - LCC-zoned commercial property with varied building configurations and a fenced rear area for storage or equipment.
Where is this flex space located?
The property is located at 19 EVERGREEN Drive 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: 1,766‑square‑foot concrete block retail‑style building; 1,842‑square‑foot concrete block warehouse; 2,760‑square‑foot steel building
