Professional Office
For Sale
$950,000
5151 South Lakeland Drive, Lakeland, FL 33813
Configured for professional businesses with limited walk-in traffic and convenient on-site parking.
Property Size5,000 SF
Days on Market194
Property Features for 5151 South Lakeland Drive
General Information
Standard status
Active
Size
5,000 SF
Class
C
Property subtype
Multi Tenant Office
Additional Details
Road Access
Yes
Building Details
Building Size
5,000 SF
Year Built
1989
Properties For Sale
at 5151 South Lakeland Drive Contact us- Size
- 2,500 SF
- Lease Type
- Modified Gross
Suite 3-4
Listing Agency:
SVN | Saunders Ralston Dantzler Real Estate
(863) 648-1528
Listed By:
Lauren Gengler
(863) 648-1528
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 9:11PM
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 SVN | Saunders Ralston Dantzler Real Estate
Investment Insights
Based on property information with market context.
This office building was constructed in 1989 and is configured for professional businesses that do not depend on frequent walk-in traffic. Parking is available directly in front of the building, with additional spaces in an adjacent lot.
The property is located at 5151 South Lakeland Drive in Lakeland, Florida, just off South Lakeland Drive and near South Florida Avenue. Its setting provides access to nearby dining, retail, and professional services, with Lakeside Village Mall also in the surrounding area.
The property is located at 5151 South Lakeland Drive in Lakeland, Florida, just off South Lakeland Drive and near South Florida Avenue. Its setting provides access to nearby dining, retail, and professional services, with Lakeside Village Mall also in the surrounding area.
Key Highlights
- Office building constructed in 1989
- Front‑of‑building parking plus an adjacent parking lot
- Located at 5151 South Lakeland Drive, Lakeland, FL 33813
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
$61,425
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
6.47%
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%
$1,228,500
$1.2M
Cap Rate 7%
$877,500
$877.5K
Cap Rate 9%
$682,500
$682.5K
Market Conditions
NOI Build-Up for 5,000 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
$105.0K $21.00/SF
− Vacancy
−$23.1K −$4.62/SF
EGI
$81.9K $16.38/SF
− OpEx
−$20.5K −$4.10/SF
NOI
$61.4K $12.29/SF
Area
Lakeland, 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%
$1,228,500
Cap Rate 7%
$877,500
Cap Rate 9%
$682,500
Alternative Uses
Best Use
Office B
$877.5K
$767.8K – $1.02M
NOI $61,425 @ 7.0% cap · market cap 6.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,108 @ 7.0% cap · market cap 8.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,095
Businesses Nearby
Explore this area
Business Placement
Demographics for 33813, FL
36,448
Population
14,787
Households
2.5
Avg Household Size
42
Median Age
39%
College-Educated
94%
High-School Grad
21.0 sq mi
ZIP Area
1,736
Density / Sq Mi
$96,723
Median Household Income
$50,581
Median Earnings
$1,637
Median Rent
$330,100
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 - Configured for professional businesses with limited walk-in traffic and convenient on-site parking.
Where is this office building located?
The property is located at 5151 South Lakeland Drive Lakeland, FL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Office building constructed in 1989; Front‑of‑building parking plus an adjacent parking lot; Located at 5151 South Lakeland Drive, Lakeland, FL 33813
