Medical Office with 13 Parking
For Sale
$1,150,000
441 S 11TH Street, Lake Wales, FL 33853
Commercial Sale, LAKE WALES, FL
Property Size3,310 SF
Lot Size0.72 Acres
Price / SF$347.43
Days on Market54
Property Features for 441 S 11TH Street
General Information
Property type
Commercial Sale
Property subtype
Office
Subdivision
DRUID HILLS
Directions
From Hwy 27, turn east onto SR 60, turn left on 11th Street, office is on the right
Standard status
Active
APN
28-30-06-939400-001210
Size
3,310 SF
Lot size
0.72 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
DRUID HILLS PB 21 PG 47 BLK 1 LOTS 21 & 22 & N1/2 OF 23
Tax Annual Amount
10507
Legal Description
DRUID HILLS PB 21 PG 47 BLK 1 LOTS 21 & 22 & N1/2 OF 23
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1976
Number of units
2
Flooring type
Carpet, Laminate
Building materials
Block
Roof type
Metal
Additional Structures
Storage
Listing Agency:
LEGACY REAL ESTATE CENTER INC
(863) 676-0200
Listed By:
Dolores Vogel · License #BK621090
(863) 632-5573
Added: Jul 15
Changed: Sep 3
Last Checked: Sep 6 at 5:06AM
MLS# K4903645
Copyright © 2026 Stellar 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 medical office property offers an approximately 3,300-square-foot facility designed for medical or professional use. The layout includes three exam rooms, an oversized reception and waiting area, a dedicated optical display room, abundant storage, a separate lab, and a kitchen/break room. Additional features include staff lockers and two restrooms. The site also includes 13 designated parking spaces and a detached storage building.
The property is located on a highly visible corner lot directly across from the AdventHealth Lake Wales Hospital campus, supporting convenient access for staff and patients.
The offering includes a second parcel featuring a 3-bedroom, 2-bath home that is currently leased. Combined, the site totals approximately 0.72 acres, providing room to support the existing office use and accommodate future expansion plans.
The property is located on a highly visible corner lot directly across from the AdventHealth Lake Wales Hospital campus, supporting convenient access for staff and patients.
The offering includes a second parcel featuring a 3-bedroom, 2-bath home that is currently leased. Combined, the site totals approximately 0.72 acres, providing room to support the existing office use and accommodate future expansion plans.
Key Highlights
- Approximately 3,300 SF medical office previously used for ophthalmology practice and surgical suite
- On highly visible corner lot directly across from AdventHealth Lake Wales Hospital campus
- Medical office layout includes 3 exam rooms, oversized reception and waiting area, optical display room, separate lab, kitchen/break room, and staff lockers
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
$41,593
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
3.62%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office suite on a highly visible corner lot across from AdventHealth Lake Wales, with 13 designated parking spaces.
Where is this medical office space located?
The property is located at 441 S 11TH Street 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: Approximately 3,300 SF medical office previously used for ophthalmology practice and surgical suite; On highly visible corner lot directly across from AdventHealth Lake Wales Hospital campus; Medical office layout includes 3 exam rooms, oversized reception and waiting area, optical display room, separate lab, kitchen/break room, and staff lockers
