Historic Lake Wales Mixed-Use
For Sale
Contact for pricing
244 E PARK Avenue, Lake Wales, FL 33853
Historic mixed-use building with commercial suites and residential apartments.
Property Size8,480 SF
Price / SF$194.58
Days on Market143
Property Features for 244 E PARK Avenue
General Information
Standard status
Active
Size
8,480 SF
Property subtype
Multifamily
Zoning
C-1
Building Details
Year Built
1915
Units
6
Listing Agency:
Legacy Real Estate Center Inc
(863) 632-5573
Listed By:
Dolores Vogel · License #FL BK621090
Source:
Crexi
Added: Mar 24
Changed: Aug 8
Last Checked: Aug 12 at 1:33PM
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
Investment Insights
Based on property information with market context.
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.
Key Highlights
- 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.
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
$95,495
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
5.79%
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%
$1,909,900
$1.9M
Cap Rate 7%
$1,364,214
$1.4M
Cap Rate 9%
$1,061,056
$1.1M
Market Conditions
NOI Build-Up for 8,480 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
$167.9K $19.80/SF
− Vacancy
−$15.1K −$1.78/SF
EGI
$152.8K $18.02/SF
− OpEx
−$57.3K −$6.76/SF
NOI
$95.5K $11.26/SF
Area
Polk County, FL
Vacancy
9.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
37.50%
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%
$1,909,900
Cap Rate 7%
$1,364,214
Cap Rate 9%
$1,061,056
Alternative Uses
Best Use
Mixed Use
$1.36M
$1.19M – $1.59M
NOI $95,495 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$1.15M
$1.00M – $1.34M
NOI $80,322 @ 7.0% cap · market cap 4.87%
Theoretical Best
Office A
$2.04M
$1.78M – $2.38M
NOI $142,647 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
865
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
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 Avenue Lake Wales, FL.
What is the asking price?
The asking price for this property is $1,650,000.
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.
