Mixed-Use Building with Office
2518 S FLORIDA AVENUE, Lakeland, FL 33803
For Sale
$649,000
Two separate units pair a remodeled office layout with a smaller tenant-occupied space.
Property Size2,514 SF
Price / SF$258.15
Days on Market37
Property Features for 2518 S FLORIDA AVENUE
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Additional Details
Office Units
Building Details
Year Built
Year Renovated
Buildings
Listing Agency:
REMAX EXPERTS
(863) 802-5262
Listed By:
Kris Snyder · License FL #3361696
(863) 333-1570
Source:
Endlesssummerrealty
Added: Oct 7
Changed: Nov 10
Last Checked: Nov 12 at 7:32AM
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 REMAX EXPERTS
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Investment Insights
Based on property information with market context.
Built in 1959, this mixed-use property contains two units formerly associated with Wolfson’s Pharmacy. The front unit offers roughly 1,600 sq ft, with a lobby, six offices, a conference room, a small kitchen, a bathroom and storage areas, including additional storage reached by drop-down stairs. Its exposed ceilings and detailed carpentry complement a 2020 remodel that included new electrical work and AC. This unit is vacant. The rear unit contains roughly 500 sq ft and is tenant occupied; it received partial rewiring and a new AC in 2020. The roof was replaced that year as well.
The property faces Southgate Publix across the street. Approximately 34,000 vehicles pass the site daily, and the Southgate Publix location was used in filming Edward Scissorhands.
The property faces Southgate Publix across the street. Approximately 34,000 vehicles pass the site daily, and the Southgate Publix location was used in filming Edward Scissorhands.
Key Highlights
- Front unit measures roughly 1,600 sq ft and includes six offices and a large conference room
- Front unit was remodeled in 2020, with new electric and AC
- Rear unit contains roughly 500 sq ft and is tenant occupied
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,884
Cap Rate
4.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$617,680
$617.7K
Cap Rate 7%
$441,200
$441.2K
Cap Rate 9%
$343,156
$343.2K
Market Conditions
NOI Build-Up for 2,514 SF
Gross rent
$52.8K $21.00/SF
− Vacancy
−$11.6K −$4.62/SF
EGI
$41.2K $16.38/SF
− OpEx
−$10.3K −$4.10/SF
NOI
$30.9K $12.29/SF
Area
Lakeland, FL
Vacancy
22.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$617,680
Cap Rate 7%
$441,200
Cap Rate 9%
$343,156
Alternative Uses
Best Use
Office B
$441.2K
$386.1K – $514.7K
NOI $30,884 @ 7.0% cap · market cap 4.76%
Second Best
Mixed Use
$404.4K
$353.9K – $471.9K
NOI $28,311 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$604.1K
$528.6K – $704.8K
NOI $42,290 @ 7.0% cap · market cap 6.52%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
830
Businesses Nearby
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Business Placement
Demographics for 33803, FL
29,082
Population
15,086
Households
1.9
Avg Household Size
42
Median Age
34%
College-Educated
94%
High-School Grad
16.6 sq mi
ZIP Area
1,752
Density / Sq Mi
$63,180
Median Household Income
$40,358
Median Earnings
$1,337
Median Rent
$236,200
Median Home Value
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two separate units pair a remodeled office layout with a smaller tenant-occupied space.
Where is this mixed-use property located?
The property is located at 2518 S FLORIDA AVENUE Lakeland, FL.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Front unit measures roughly 1,600 sq ft and includes six offices and a large conference room; Front unit was remodeled in 2020, with new electric and AC; Rear unit contains roughly 500 sq ft and is tenant occupied
