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

    244 E Park Ave Lake Wales, FL 33853

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

    Historic mixed-use building with commercial suites and residential apartments.

    Property size:
    8,480 SF
    Lot size:
    0.12 Acres

    Property Features for 244 E Park Ave

    General Information

    Standard status
    Active
    Zoning
    C-1
    Size
    8,480 SF
    Lot size
    0.12 Acres

    Building Details

    Year built
    1915

    We can help!

    Listing Contact
    Dolores Vogel
    Source: Crexi

    Listing Agency: Legacy Real Estate Center Inc Listing Agent: Dolores Vogel

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Historic Lake Wales Mixed-Use Building

    This historic mixed-use building, constructed in 1915, represents a rare opportunity to own a piece of Lake Wales history. The J.T. Rhodes Building, one of the city's first brick-and-mortar structures, played a pivotal role in Lake Wales' incorporation. The building features two downstairs commercial suites with long-term tenants. Upstairs, there are four apartments, each equipped with in-unit laundry, modern kitchens with new appliances, original hardwood flooring, timeless baths, spacious rooms, and high ceilings. The apartments blend modern amenities with historic character. The property is positioned in downtown Lake Wales, amid brick-paved streets and park-like settings. Downtown Lake Wales is in the process of being designated an Arts, Cultural & Entertainment (ACE) District. The property size is 8,480 square feet.
    Location Intelligence

    Current Use by Public Records

    Green Boppo Disposal ... Corporate Office Brian Harris Florida ... Real Estate Agency T & Z CLEANING ... Hardware & Home Improvement Shaw Hugh Insurance Agency

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Wales
    County
    Polk
    State
    Florida
    Longitude
    -81.5871606
    Latitude
    27.9024609

    Nearby Similar for Sale

    • New
      $740,000
      6,063 SF

      Mixed-Use Property in Lake Wales

      Commercial property with multiple buildings and flexible zoning.
      19 Evergreen Dr, Lake Wales, FL 33898
      View Details
    • $550,000
      1,674 SF

      Furnished Restaurant in Lake Wales

      Fully equipped restaurant for sale in downtown Lake Wales, Florida.
      114 W Central Ave, Lake Wales, FL 33853
      View Details
    • $1,650,000
      8,480 SF

      Historic Mixed-Use Building in Lake Wales

      Historic mixed-use building with commercial suites and residential apartments.
      244 E Park Ave, Lake Wales, FL 33853
      View Details
    • $1,650,000
      8,480 SF

      Historic Mixed-Use Building in Downtown

      Mixed-use building with commercial suites and residential apartments in downtown.
      244 E Park Ave, Lake Wales, FL 33853
      View Details
    • $315,000
      1,650 SF

      Remodeled Office Space in Lake Wales

      Professional office space in prime Lake Wales location, ready for business.
      37 W Central Ave, Lake Wales, FL 33853
      View Details
    • $359,000
      0.07 Acres

      Waterfront RV Lot with RV

      Turnkey RV lot with private dock and included RV.
      431 Waterway Dr, River Ranch, FL 33867
      View Details
    • $450,000
      2,136 SF

      Prime Location Business Opportunity

      Established business and real estate in growing downtown Lake Wales.
      133 W Stuart Ave, Lake Wales, FL 33853
      View Details
    • $824,900
      4,264 SF

      Lakefront Multi-Family Income Property

      Lakefront 6-unit property in Highland Park, generating approximately $6850 monthly.
      1854 Highland Park Dr S, Lake Wales, FL 33898
      View Details
    • $799,000
      5,030 SF

      Lake Wales Multifamily Investment

      Eleven-unit income property with long-term leases in place.
      315 Ridge Manor Dr, Lake Wales, FL 33853
      View Details
    • $5,500,000
      2,304 SF

      Profitable Gas Station & Truck Stop

      Turnkey gas station and truck stop on 5.22 acres.
      16311 Us Highway 27, Lake Wales, FL 33853
      View Details
    • $530,000
      3,436 SF

      Mixed-Use Property in Lake Wales

      Versatile property zoned for residential and professional use.
      811 State Road 60 E, Lake Wales, FL 33853
      View Details
    • $900,000
      7,350 SF

      Mixed-Use Buildings on Scenic Highway

      Two commercial buildings ideal for showroom, warehouse, or mixed-use.
      322 S Scenic Hwy, Lake Wales, FL 33853
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Historic mixed-use building with commercial suites and residential apartments.
    Where is this mixed-use property located?
    The property is located at 244 E Park Ave Lake Wales, FL.
    What are key features of this property?
    This property features: - Historic J.T. Rhodes Building, built in 1915, with local historical significance.; - Mixed-use property featuring 2 commercial suites with long-term tenants and 4 apartments.; - **Fully renovated with modern amenities** while preserving original hardwood flooring and high ceilings.
    Request Owner's contact information
    244 E Park Ave Lake Wales, FL 33853
    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.
    244 E Park Ave
    Lake Wales, FL 33853
    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
    244 E Park Ave Lake Wales, FL 33853
    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

    We can help!
    Listing Contact
    Dolores Vogel
    Real Estate License ID: BK621090
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!