Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    223 Wheelhouse Ln Lake Mary, FL

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Premier mixed-use property with retail and luxury apartments in Florida.

    Type:RETAIL
    Property size:
    1,899 SF
    Lot size:
    6.99 Acres
    Added:
    Jun 23, 2025
    Days on Market:
    284
    Last Refresh:
    Mar 29 at 9:24 pm

    Property Features for 223 Wheelhouse Ln

    General Information

    Standard status
    Active
    Size
    1,899 SF
    Lot size
    6.99 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Corinna Gattasso
    Corinna Gattasso

    Listing agent Corinna Gattasso

    Listing office RIPCO Real Estate | Tampa

    Listing date Jun 23, 2025

    Source Moodyscre

    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 RIPCO Real Estate | Tampa

    Overview

    Mixed-Use Property in Lake Mary

    This mixed-use property is located in Lake Mary, Central Florida, approximately 1.5 miles from I-4, centrally situated within the commercial corridor of Lake Mary, FL. The development includes 200,000 square feet of retail space and 500 luxury apartments. Lake Mary Boulevard, near the property, experiences an Average Annual Daily Traffic (AADT) count of 23,500.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Shoppes At Lake Mary — 100 N Country Club Rd, Lake Mary, FL 32746
    • Oaks at Lake Mary — 3005 W Lake Mary Blvd #107, Lake Mary, FL 32746

    Location Insight

    • Map
    • Local Demand
    City
    Lake Mary
    County
    Seminole
    State
    Florida
    Longitude
    -81.3178
    Latitude
    28.7589

    Nearby Similar for Sale

    • $420,000
      1,293 SF

      Lake Mary Office For Sale

      Office space in Lake Mary, Florida, with ample parking.
      1355 S INTERNATIONAL PARKWAY, LAKE MARY, FL 32746
      View Details
    • $1,590,000
      4,900 SF

      Versatile Mixed-Use Commercial Property

      Commercial property ideal for retail, office, or showroom uses.
      141 PARLIAMENT LOOP, LAKE MARY, FL 32746
      View Details
    • $550,000
      1,675 SF

      Lake Mary Office Building For Sale

      Stand-alone office building in the heart of Lake Mary, Florida.
      2768 W LAKE MARY BOULEVARD, LAKE MARY, FL 32746
      View Details
    • $1,625,000
      4,464 SF

      High Visibility Lake Mary Office

      Standalone office building with monument signage and ample parking.
      3112 W LAKE MARY BOULEVARD, LAKE MARY, FL 32746
      View Details
    • $7,000,000
      28,183 SF

      Lake Mary Office Building For Sale

      Three-story office building with high occupancy and prime location.
      3300 West Lake Mary Blvd, Lake Mary, FL 32746
      View Details
    • $2,300,000
      5,108 SF

      Lake Mary Office Building Opportunity

      Stand-alone office building in Central Parc, Lake Mary/Heathrow.
      960 INTERNATIONAL PARKWAY, LAKE MARY, FL 32746
      View Details
    • $4,500,000
      7,224 SF

      Lake Mary Retail Investment Opportunity

      Fully leased retail center in high-growth Orlando MSA.
      446 Rinehart Rd, Lake Mary, FL 32746
      View Details
    • $2,495,000
      7,392 SF

      Upscale Building on International Parkway

      Two-story, 7,392 SF building designed as a luxury fitness center.
      930 INTERNATIONAL PARKWAY, LAKE MARY, FL 32746
      View Details
    • $975,000
      3,000 SF

      Remodeled Commercial Space in Lake Mary

      3000+ sq ft remodeled space ideal for medical/professional use.
      405 WAYMONT COURT, LAKE MARY, FL 32746
      View Details
    • $420,000
      1,293 SF

      Office Suite in Lake Mary

      Office suite with ample parking in Lake Mary, Florida.
      1355 S INTERNATIONAL PARKWAY #2471, LAKE MARY, FL 32746
      View Details
    • $319,900
      1,260 SF

      Lake Mary Professional Office Space

      Turn-key office space with updated features in Lake Mary.
      1331 S INTERNATIONAL PARKWAY #1251, LAKE MARY, FL 32746
      View Details
    • $214,500

      Lake Mary Condo with Pool

      Well-maintained condo in gated community near amenities.
      131 BECKET Ln, Lake Mary, FL 32746
      View Details

    FAQs

    What type of property is this?
    Shopping center - Premier mixed-use property with retail and luxury apartments in Florida.
    Where is this shopping center located?
    The property is located at 223 Wheelhouse Ln Lake Mary, FL.
    What are key features of this property?
    This property features: Premier mixed‑use property in Lake Mary, Central Florida; Features **200,000 SF of retail space** and **500 luxury apartments**; Centrally located within the commercial corridor of Lake Mary, FL
    (813) 320-0050
    We can help!
    Listing Contact
    Corinna Gattasso
    Corinna Gattasso
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!