Lake Wales Commercial Buildings For
For Sale
$474,900
322 North Scenic Highway, Lake Wales, FL 33853
Two commercial buildings on Scenic Hwy S in Lake Wales.
Property Size4,494 SF
Price / SF$105.67
Days on Market347
Property Features for 322 North Scenic Highway
General Information
Standard status
Active
Size
4,494 SF
Property subtype
Commercial Sale / Mixed Use
Zoning
COMMERCIAL
Taxes and HOA fees
Annual Taxes
$9,025
Amenities
Central Air
Central, Electric
Carpet, Ceramic Tile
Refrigerator
No
10 to 15 Feet
Square Feet
Public Records
Shingle
Two
Mature Landscaping
2
Slab
Block, Brick
Building Details
Year Built
1928
Listing Agency:
WESTLAKE REAL ESTATE CO., INC.
Listed By:
Heidi Gravel · License #427175
(863) 676-8058
Source:
Compass
Added: Sep 28, 2025
Changed: Sep 8
Last Checked: Jul 16 at 3:43AM
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 WESTLAKE REAL ESTATE CO., INC.
Investment Insights
Based on property information with market context.
Two commercial buildings are available on Scenic Hwy S in Lake Wales. The property at 322 Scenic Hwy S offers approximately 7,350 square feet and features bowstring trusses, a distinct architectural element. The warehouse includes multiple roll-up doors, three bathrooms, office and showroom space, and an unrecorded second floor. It is suitable for showroom, warehouse, or mixed-use purposes, and was previously a Buick Dealership. The property at 326 Scenic Hwy S provides 1,080 square feet with two roll-up doors, an office, and a bathroom. The buildings are being sold together and have access from Polk Ave and Scenic Hwy.
Key Highlights
- Two commercial buildings on Scenic Hwy S, Lake Wales.
- Large 7,350 SF building with unique bowstring trusses.**
- Warehouse with multiple roll‑up doors, 3 bathrooms, and office/showroom space.
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
$29,937
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
6.30%
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%
$598,740
$598.7K
Cap Rate 7%
$427,671
$427.7K
Cap Rate 9%
$332,633
$332.6K
Market Conditions
NOI Build-Up for 4,494 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
$38.2K $8.50/SF
− Vacancy
−$3.0K −$0.66/SF
EGI
$35.2K $7.84/SF
− OpEx
−$5.3K −$1.18/SF
NOI
$29.9K $6.66/SF
Area
Polk County, FL
Vacancy
7.80%
Lease Rate
$8.50 /SF/Yr
Expense Ratio
15.00%
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%
$598,740
Cap Rate 7%
$427,671
Cap Rate 9%
$332,633
Alternative Uses
Best Use
Mixed Use
$723.0K
$632.6K – $843.5K
NOI $50,608 @ 7.0% cap · market cap 10.66%
Second Best
Retail
$721.0K
$630.8K – $841.1K
NOI $50,467 @ 7.0% cap · market cap 10.63%
Theoretical Best
Office A
$1.08M
$945.0K – $1.26M
NOI $75,596 @ 7.0% cap · market cap 15.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
889
Businesses Nearby
Under-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Similar Off Market Nearby
- AmirStorage.com — 115 State Rd 60, Lake Wales, FL 33853
Frequently Asked Questions
What type of property is this?
Warehouse - Two commercial buildings on Scenic Hwy S in Lake Wales.
Where is this warehouse located?
The property is located at 322 North Scenic Highway Lake Wales, FL.
What is the asking price?
The asking price for this property is $474,900.
What are key features of this property?
This property features: Two commercial buildings on Scenic Hwy S, Lake Wales.; Large 7,350 SF building with unique bowstring trusses.**; Warehouse with multiple roll‑up doors, 3 bathrooms, and office/showroom space.
