Office Building with Private
For Sale
$299,900
318 S 1st St, Lake Wales, FL 33853
Move-in-ready office with ADA features, fiber internet, and private parking for up to five vehicles, with an office/residential option.
Property Size1,336 SF
Lot Size0.14 Acres
Price / SF$224.48
Days on Market143
Property Features for 318 S 1st St
General Information
Standard status
Active
Size
1,336 SF
Total Parking Spaces
5
Lot size
0.14 Acres
Property subtype
Commercial Building
Amenities
Lot Size Acres: 0.14
Asphalt Roof
Sewer Type: Municipal
Percentage of Tax that is Deductable: 0
Trees: 1
Tile Floor
Other Heating
Sale, Sale Type: Foreclosure, Availability Date: 2026-04-02
Driveway
Built in 1938, Community Storage
Property Zone Type: 200, Above Area Square Feet: 1336
Water Source: Municipal
Construction Type: Masonry - Concrete Block, Patio, Open Porch
Stucco Siding, Masonry Siding
Building Details
Year Built
1938
Listing Agency:
Hut Team Realty LLC
(844) 504-4844
Listed By:
Daniel Hut · License #3417570
(844) 504-4844
Source:
Doyle-realty
Added: Apr 2
Changed: Aug 22
Last Checked: Aug 22 at 4:19AM
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 Hut Team Realty LLC
Investment Insights
Based on property information with market context.
This move-in-ready office building offers a reception area, a spacious kitchen, and a bathroom with a shower. ADA-compliant features include a handicap ramp and railings. The property also includes high-speed fiber optic internet, and the roof was reported as new in 2025. A commercial-to-residential flexibility is available through an option to convert the rear portion into a 1-bedroom residential unit, supported by a separate electric meter for the residential component.
The property is zoned commercial and is located in downtown Lake Wales at 318 S 1st St. Public remarks note street visibility and convenient access with a turn lane. Private parking is available for up to five vehicles, supporting an on-site client or staff arrival experience. The site is set on a 6,251 square foot lot.
For tenants, owners, or operators, the layout supports a range of professional uses while accommodating ADA requirements. The office/residential option may appeal to businesses seeking mixed-use flexibility under the existing commercial zoning, including models that combine services with a residential component. The private parking and on-site arrival access are practical for day-to-day operations and client visits.
The property is zoned commercial and is located in downtown Lake Wales at 318 S 1st St. Public remarks note street visibility and convenient access with a turn lane. Private parking is available for up to five vehicles, supporting an on-site client or staff arrival experience. The site is set on a 6,251 square foot lot.
For tenants, owners, or operators, the layout supports a range of professional uses while accommodating ADA requirements. The office/residential option may appeal to businesses seeking mixed-use flexibility under the existing commercial zoning, including models that combine services with a residential component. The private parking and on-site arrival access are practical for day-to-day operations and client visits.
Key Highlights
- 1,336 SF office building (built 1938) with new roof in 2025
- Zoned commercial with an office/residential conversion option for a 1‑bedroom unit in the rear
- Separate electric meter for the potential rear 1‑bedroom residential unit
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
$16,413
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
5.47%
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%
$328,260
$328.3K
Cap Rate 7%
$234,471
$234.5K
Cap Rate 9%
$182,367
$182.4K
Market Conditions
NOI Build-Up for 1,336 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
$28.1K $21.00/SF
− Vacancy
−$6.2K −$4.62/SF
EGI
$21.9K $16.38/SF
− OpEx
−$5.5K −$4.10/SF
NOI
$16.4K $12.29/SF
Area
Polk County, 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 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%
$328,260
Cap Rate 7%
$234,471
Cap Rate 9%
$182,367
Alternative Uses
Best Use
Office B
$234.5K
$205.2K – $273.6K
NOI $16,413 @ 7.0% cap · market cap 5.47%
Second Best
Mixed Use
$214.9K
$188.1K – $250.8K
NOI $15,045 @ 7.0% cap · market cap 5.02%
Theoretical Best
Office A
$321.1K
$280.9K – $374.6K
NOI $22,474 @ 7.0% cap · market cap 7.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
944
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 Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Move-in-ready office with ADA features, fiber internet, and private parking for up to five vehicles, with an office/residential option.
Where is this office building located?
The property is located at 318 S 1st St Lake Wales, FL.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 1,336 SF office building (built 1938) with new roof in 2025; Zoned commercial with an office/residential conversion option for a 1‑bedroom unit in the rear; Separate electric meter for the potential rear 1‑bedroom residential unit
