Medical Office with Expansion
For Sale
$1,150,000
441 S 11th St, Lake Wales, FL 33853
Corner medical facility across from a hospital campus with dedicated parking, a detached storage building, and an additional leased residence.
Property Size3,310 SF
Price / SF$347.43
Days on Market88
Property Features for 441 S 11th St
General Information
Standard status
Active
Size
3,310 SF
Total Parking Spaces
13
Additional Details
Office Units
1
Building Details
Year Built
1976
Buildings
3
Listing Agency:
LEGACY REAL ESTATE CENTER INC
Listed By:
Dolores Vogel · License #621090
(863) 632-5573
Source:
Livewelltampabay
Added: Jul 20
Changed: Oct 3
Last Checked: Oct 7 at 4:53PM
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 LEGACY REAL ESTATE CENTER INC
Investment Insights
Based on property information with market context.
The property includes a purpose-built medical office configured with three examination rooms, a large reception and waiting area, an optical display room, a separate lab, storage areas, a kitchen and break room, staff lockers, and two restrooms. The building was constructed in 1976 and includes 13 designated parking spaces plus a detached storage structure. Its prior use as an ophthalmology practice and surgical suite supports continued medical occupancy or professional adaptation.
A second parcel adds a 3-bedroom, 2-bath residence that is currently leased, creating an additional income component. The combined site measures just under three-quarters of an acre and sits on a visible corner directly across from the AdventHealth Lake Wales Hospital campus. The additional land may support future expansion of the existing facility or broader professional development, subject to applicable approvals.
A second parcel adds a 3-bedroom, 2-bath residence that is currently leased, creating an additional income component. The combined site measures just under three-quarters of an acre and sits on a visible corner directly across from the AdventHealth Lake Wales Hospital campus. The additional land may support future expansion of the existing facility or broader professional development, subject to applicable approvals.
Key Highlights
- Medical office includes 3 exam rooms, separate lab, optical display room, and 2 restrooms
- 13 designated parking spaces serve the medical office
- Second parcel includes a 3‑bedroom, 2‑bath leased residence
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,593
Cap Rate
3.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$831,860
$831.9K
Cap Rate 7%
$594,186
$594.2K
Cap Rate 9%
$462,144
$462.1K
Market Conditions
NOI Build-Up for 3,310 SF
Gross rent
$77.5K $23.40/SF
− Vacancy
−$8.1K −$2.46/SF
EGI
$69.3K $20.94/SF
− OpEx
−$27.7K −$8.38/SF
NOI
$41.6K $12.57/SF
Area
Polk County, 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 Rate 5%
$831,860
Cap Rate 7%
$594,186
Cap Rate 9%
$462,144
Alternative Uses
Best Use
Healthcare Medical
$594.2K
$519.9K – $693.2K
NOI $41,593 @ 7.0% cap · market cap 3.62%
Second Best
Office B
$580.9K
$508.3K – $677.7K
NOI $40,663 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$795.4K
$696.0K – $928.0K
NOI $55,679 @ 7.0% cap · market cap 4.84%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
489
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
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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?
Medical Office Space - Corner medical facility across from a hospital campus with dedicated parking, a detached storage building, and an additional leased residence.
Where is this medical office space located?
The property is located at 441 S 11th St Lake Wales, FL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Medical office includes 3 exam rooms, separate lab, optical display room, and 2 restrooms; 13 designated parking spaces serve the medical office; Second parcel includes a 3‑bedroom, 2‑bath leased residence
