ADA-Compliant Office
For Sale
$299,900
318 S 1st St, Lake Wales, FL 33853
COMMERCIAL - Lake Wales, FL
Property Size1,336 SF
Lot Size0.14 Acres
Price / SF$224.48
Days on Market139
Property Features for 318 S 1st St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Parking features
Driveway
Patio and Porch features
Porch, Patio
High school district
000000
Directions
From Highway 27, head east on W Polk Ave (Route 60). Turn left onto S 1st Ave, and the property will be on your left.
Standard status
Active
Size
1,336 SF
Lot size
0.14 Acres
Utilities
Water source
Public
Building Details
Year built
1938
Flooring type
Tile
Building materials
Stucco, Masonite
Roof type
Asphalt
Listing Agency:
Hut Team Realty LLC
(844) 504-4844
Listed By:
Daniel Hut · License #3417570
(844) 504-4844
Added: Apr 2
Changed: Aug 4
Last Checked: Aug 18 at 12:06PM
MLS# 11682642
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This commercial office building totals 1,336 square feet and is described as beautifully maintained and move-in ready, with a new roof completed in 2025. The layout includes a welcoming reception area, a spacious kitchen, and a bathroom with a shower. ADA-compliant features are noted, including a handicap ramp and railings. The property also provides private parking for up to five vehicles.
The property is zoned commercial and is located in downtown Lake Wales at 318 S 1st St, with access described as having a turn lane and good street visibility. The rear portion offers an office/residential conversion option into a 1-bedroom unit, with a separate electric meter to support mixed-use flexibility. The seller also highlights the availability of high-speed fiber optic internet.
Also noted is a 6,251 square foot lot. Seller financing is offered with 20% down, 10% interest, a 10-year term, and no prepayment penalty.
The property is zoned commercial and is located in downtown Lake Wales at 318 S 1st St, with access described as having a turn lane and good street visibility. The rear portion offers an office/residential conversion option into a 1-bedroom unit, with a separate electric meter to support mixed-use flexibility. The seller also highlights the availability of high-speed fiber optic internet.
Also noted is a 6,251 square foot lot. Seller financing is offered with 20% down, 10% interest, a 10-year term, and no prepayment penalty.
Key Highlights
- 1,336 SF office building built in 1938 with ADA‑compliant handicap ramp and railings
- Zoned commercial with option to convert the rear portion into a 1‑bedroom residential unit with a separate electric meter
- New roof in 2025; asphalt shingle roof with stucco/Masonite construction and tile flooring
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
—
—
no second resolved use
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
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
168
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-compliant access, private parking for up to five vehicles, and a new roof in 2025.
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 in 1938 with ADA‑compliant handicap ramp and railings; Zoned commercial with option to convert the rear portion into a 1‑bedroom residential unit with a separate electric meter; New roof in 2025; asphalt shingle roof with stucco/Masonite construction and tile flooring
