Partially Occupied Professional
For Sale
$929,000
5904 Hillside Heights Dr, Lakeland, FL 33812
Configured with private offices, meeting rooms, kitchenette areas, and flexible open workspace.
Property Size3,841 SF
Days on Market70
Property Features for 5904 Hillside Heights Dr
General Information
Standard status
Active
Size
3,841 SF
Class
A
Property subtype
Multi Tenant Office
Building Details
Building Size
3,841 SF
Listing Agency:
SVN | Saunders Ralston Dantzler Real Estate
(863) 648-1528
Listed By:
David Hungerford · License #3281084
(863) 648-1528
Source:
Thebrokerlist
Added: Jun 23
Changed: Aug 30
Last Checked: Aug 30 at 12:54PM
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 approximately 3,841-square-foot office building combines private work areas with adaptable space for day-to-day business operations. The interior includes a shared reception lobby, individual offices, conference rooms, kitchenette areas, and a sizable open workspace that can accommodate collaborative or bullpen-style arrangements.
The building is partially occupied by a recently signed tenant, leaving additional space for an owner-user while providing existing rental income. Its position along US Highway 98 places the property in the Highland City submarket of Lakeland, with a Publix shopping center to the north and new residential development to the south.
The address is 5904 Hillside Heights Dr, Lakeland, FL 33812. The combination of existing occupancy, dedicated office components, and flexible open area supports both owner occupancy and continued professional office use.
The building is partially occupied by a recently signed tenant, leaving additional space for an owner-user while providing existing rental income. Its position along US Highway 98 places the property in the Highland City submarket of Lakeland, with a Publix shopping center to the north and new residential development to the south.
The address is 5904 Hillside Heights Dr, Lakeland, FL 33812. The combination of existing occupancy, dedicated office components, and flexible open area supports both owner occupancy and continued professional office use.
Key Highlights
- Approximately 3,841 square feet of professional office space
- Partially occupied with a recently signed tenant
- Owner‑user configuration with additional space available for occupancy
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
$47,187
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
5.08%
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%
$943,740
$943.7K
Cap Rate 7%
$674,100
$674.1K
Cap Rate 9%
$524,300
$524.3K
Market Conditions
NOI Build-Up for 3,841 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
$80.7K $21.00/SF
− Vacancy
−$17.7K −$4.62/SF
EGI
$62.9K $16.38/SF
− OpEx
−$15.7K −$4.10/SF
NOI
$47.2K $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%
$943,740
Cap Rate 7%
$674,100
Cap Rate 9%
$524,300
Alternative Uses
Best Use
Office B
$674.1K
$589.8K – $786.5K
NOI $47,187 @ 7.0% cap · market cap 5.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$923.0K
$807.7K – $1.08M
NOI $64,612 @ 7.0% cap · market cap 6.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
207
Businesses Nearby
Explore this area
Business Placement
Demographics for 33812, FL
14,907
Population
5,516
Households
2.7
Avg Household Size
40
Median Age
36%
College-Educated
93%
High-School Grad
9.7 sq mi
ZIP Area
1,537
Density / Sq Mi
$100,569
Median Household Income
$48,694
Median Earnings
$1,520
Median Rent
$335,000
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?
Office building - Configured with private offices, meeting rooms, kitchenette areas, and flexible open workspace.
Where is this office building located?
The property is located at 5904 Hillside Heights Dr Lakeland, FL.
What is the asking price?
The asking price for this property is $929,000.
What are key features of this property?
This property features: Approximately 3,841 square feet of professional office space; Partially occupied with a recently signed tenant; Owner‑user configuration with additional space available for occupancy
