Historic Lake Wales Mixed-Use Building

244 E PARK Avenue, Lake Wales, FL 33853

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For Sale

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

Type:Multifamily

Property size:

8,480 SF

Price / SF:

$194/SF

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Please call us for current price
and status of this listing

Dolores Vogel

Real Estate License ID: FL BK621090

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.
Located in the heart of downtown Lake Wales, benefiting from revitalization efforts.
Potential for increased value due to the city designating downtown as an Arts, Cultural & Entertainment (ACE) District.
Meticulously renovated with long‑term preservation in mind.

For Sale

Contact for pricing

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

Type:Multifamily

Property size:

8,480 SF

Price / SF:

$194/SF

Added:: Mar 24, 2026
Days on Market:: 79
Last Refresh:: Mar 25 at 8:49 pm

Property Features for 244 E PARK Avenue

General Information

Standard status: Active
Size: 8,480 SF
Property subtype: Multifamily

Building Details

Year Built: 1915

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Listing Contact

Dolores Vogel

Listing agent Dolores Vogel License #FL BK621090

Listing office Legacy Real Estate Center Inc

Listing date Mar 24, 2026

Source Crexi

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

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.
Located in the heart of downtown Lake Wales, benefiting from revitalization efforts.
Potential for increased value due to the city designating downtown as an Arts, Cultural & Entertainment (ACE) District.
Meticulously renovated with long‑term preservation in mind.

Overview

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.

Local Financial Insights For Mixed Use

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$167.9k	$19.80
− Vacancy	−$15.1k	−$1.78
EGI	$152.8k	$18.02
− OpEx	−$57.3k	−$6.76
NOI	$95.5k	$11.26

8,480 SF · lease $19.80/SF/yr · vacancy 9.00% · expense 37.50%

Alternative Uses

Best Use

Mixed Use

$1.36M

$1.19M – $1.59M (±1% cap)

NOI $95,495 @ 7.0% cap · market cap 5.79%

Second Best

Retail

$1.36M

$1.19M – $1.59M (±1% cap)

NOI $95,230 @ 7.0% cap · market cap 5.77%

Theoretical Best

Office A

$2.04M

$1.78M – $2.38M (±1% cap)

NOI $142,647 @ 7.0% cap · market cap 8.65%

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

Property Profile 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

Location Insight

Map
Local Demand

City: Lake Wales
County: Polk
State: Florida
Longitude: -81.5871606
Latitude: 27.9024609

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For sale
Mixed-use properties
FL
Lake Wales
33853
244 E PARK Avenue

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.