Commercial Property Near
206 N 1ST STREET, Lake Wales, FL 33853
For Sale
$225,000
Commercial property near downtown Lake Wales, renovation needed.
Property Size2,016 SF
Lot Size0.23 Acres
Price / SF$111.61
Days on Market687
Property Features for 206 N 1ST STREET
General Information
Standard status
Size
Lot size
Property subtype
Taxes and HOA fees
Annual Taxes
Building Details
Year Built
Listing Agency:
LEGACY REAL ESTATE CENTER INC
(863) 676-0200
Listed By:
Vicky Holloway · License #3279441
(863) 557-9003
Source:
Exitrealty
Added: Dec 21, 2024
Changed: Aug 9
Last Checked: Jul 4 at 9:42PM
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 LEGACY REAL ESTATE CENTER INC
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This commercial property is located within walking distance of downtown Lake Wales. The existing building requires renovation. Situated just two blocks from Park Avenue, the property benefits from its proximity to the center of growth and the ongoing Lake Wales Main Street project. The City of Lake Wales has approved the property for use as a car lot, and other options may be available. This 2,016 square foot property presents an opportunity for investment in a growing area.
Key Highlights
- Prime location: Two blocks from Park Avenue and the center of growth.
- Approved by the City of Lake Wales for a Car Lot.
- Walking distance from downtown.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,617
Cap Rate
4.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$192,340
$192.3K
Cap Rate 7%
$137,386
$137.4K
Cap Rate 9%
$106,856
$106.9K
Market Conditions
NOI Build-Up for 2,016 SF
Gross rent
$15.0K $7.44/SF
− Vacancy
−$1.3K −$0.62/SF
EGI
$13.7K $6.82/SF
− OpEx
−$4.1K −$2.04/SF
NOI
$9.6K $4.77/SF
Area
Polk County, FL
Vacancy
8.40%
Lease Rate
$7.44 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$192,340
Cap Rate 7%
$137,386
Cap Rate 9%
$106,856
Alternative Uses
Best Use
Retail
$323.4K
$283.0K – $377.3K
NOI $22,640 @ 7.0% cap · market cap 10.06%
Second Best
Industrial
$137.4K
$120.2K – $160.3K
NOI $9,617 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$484.5K
$423.9K – $565.2K
NOI $33,912 @ 7.0% cap · market cap 15.07%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
850
Businesses Nearby
17k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Wells Fargo
Shops & Services
4,825 visits/mo
0.2 miles
Family Dollar
Shops & Services
4,156 visits/mo
0.4 miles
Truist
Shops & Services
3,656 visits/mo
0.3 miles
Citgo
Shops & Services
3,530 visits/mo
0.3 miles
Napa Auto Parts
Shops & Services
512 visits/mo
0.3 miles
Demographics for 33853, FL
12,404
Population
5,483
Households
2.3
Avg Household Size
38
Median Age
19%
College-Educated
85%
High-School Grad
8.7 sq mi
ZIP Area
1,426
Density / Sq Mi
$40,938
Median Household Income
$35,470
Median Earnings
$965
Median Rent
$198,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Similar Off Market Nearby
- U-Haul Neighborhood Dealer — 430 S Scenic Hwy, Lake Wales, FL 33853
- U-Haul Neighborhood Dealer — 714 N Scenic Hwy, Lake Wales, FL 33853
Frequently Asked Questions
What type of property is this?
Parking lot & garage - Commercial property near downtown Lake Wales, renovation needed.
Where is this parking lot & garage located?
The property is located at 206 N 1ST STREET Lake Wales, FL.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Prime location: Two blocks from Park Avenue and the center of growth.; Approved by the City of Lake Wales for a Car Lot.; Walking distance from downtown.
