Corner-Lot Office
New
For Sale
$549,999
3506 LAKELAND HILLS BOULEVARD, Lakeland, FL 33805
Previously used for medical office operations, the property also has an on-site parking area.
Property Size1,955 SF
Price / SF$281.33
Days on Market5
Property Features for 3506 LAKELAND HILLS BOULEVARD
General Information
Standard status
Active
Size
1,955 SF
Property subtype
Office
Property Condition
Severity
Repairs Needed
Evidence
update, renovate
Amenities
0.41 acres, Corner Lot, Wooded
Additional parcels description:, Parcel Number: 24-27-31-164500-010010, Public Survey Range: 24, Public Survey Section: 31, Annual Amount: $3,873, Tax Block: J, Tax Book Number: 15-12, Legal Description: LAKE HILLS COURT PB 15-12 BLK J LOTS 1 3, Lot: 1, Year: 2025, Zoning: C-3
Central Air
Listing ID: MFRL4965436, Standard Status: Active, MLS Status: Active, Property Subtype: Office, On market as of 2026-09-29, Special Conditions: None
Built in 1947, Living area: 1666, Living area units: Square Feet, Construction Materials: Block, Stucco
Subdivision: LAKE HILLS COURT, MLS Area (Major): 33805 - Lakeland / Gibsonia, County/Parish: Polk
Electricity Available, Water Connected
Slab
Frontage Type: City Street, Road Surface: Asphalt, Paved
Building Details
Year Built
1947
Listing Agency:
S & D REAL ESTATE SERVICE LLC
(863) 824-7169
Listed By:
Shawn McDonough · License #686636
(863) 412-0214
Source:
Miharaandassociates
Added: Sep 29
Changed: Oct 3
Last Checked: Oct 2 at 11:39PM
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 S & D REAL ESTATE SERVICE LLC
Investment Insights
Based on property information with market context.
This 1,955-square-foot office building dates to 1947 and occupies a corner parcel. Its prior uses include residential occupancy and medical office operations, providing context for the existing building’s configuration. An on-site parking area is also in place.
The property is in Lakeland near Lakeland Regional Health Medical Center, Lake Parker, and Joker Marchant Stadium.
The property is in Lakeland near Lakeland Regional Health Medical Center, Lake Parker, and Joker Marchant Stadium.
Key Highlights
- 1,955‑square‑foot office building constructed in 1947
- Located on a corner lot
- On‑site parking area
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
$24,566
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
4.47%
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%
$491,320
$491.3K
Cap Rate 7%
$350,943
$350.9K
Cap Rate 9%
$272,956
$273.0K
Market Conditions
NOI Build-Up for 1,955 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
$45.7K $23.40/SF
− Vacancy
−$4.8K −$2.46/SF
EGI
$40.9K $20.94/SF
− OpEx
−$16.4K −$8.38/SF
NOI
$24.6K $12.57/SF
Area
Lakeland, FL
Vacancy
10.50%
Lease Rate
$23.40 /SF/Yr
Expense Ratio
40.00%
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%
$491,320
Cap Rate 7%
$350,943
Cap Rate 9%
$272,956
Alternative Uses
Best Use
Healthcare Medical
$350.9K
$307.1K – $409.4K
NOI $24,566 @ 7.0% cap · market cap 4.47%
Second Best
Office B
$343.1K
$300.2K – $400.3K
NOI $24,017 @ 7.0% cap · market cap 4.37%
Theoretical Best
Office A
$469.8K
$411.1K – $548.1K
NOI $32,886 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
336
Businesses Nearby
Explore this area
Business Placement
Demographics for 33805, FL
26,954
Population
11,908
Households
2.3
Avg Household Size
36
Median Age
17%
College-Educated
82%
High-School Grad
26.0 sq mi
ZIP Area
1,037
Density / Sq Mi
$55,565
Median Household Income
$35,077
Median Earnings
$1,179
Median Rent
$173,800
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Previously used for medical office operations, the property also has an on-site parking area.
Where is this office building located?
The property is located at 3506 LAKELAND HILLS BOULEVARD Lakeland, FL.
What is the asking price?
The asking price for this property is $549,999.
What are key features of this property?
This property features: 1,955‑square‑foot office building constructed in 1947; Located on a corner lot; On‑site parking area
