Mixed-Use Property with Flexible
New
For Sale
$265,000
618 W 5TH, Lakeland, FL 33805
Interior areas include a kitchen and two toilets, with space arranged across three distinct sections.
Property Size2,221 SF
Price / SF$179.54
Days on Market5
Property Features for 618 W 5TH
General Information
Standard status
Active
Size
2,221 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,446
Amenities
fenced yard
Building Details
Building Size
2,221 SF
Year Built
1950
Year Renovated
2019
Buildings
1
Listing Agency:
RE/MAX Experts
Listed By:
Donna Williams · License #3199709
(863) 701-3663
Source:
Elliman
Added: Oct 7
Changed: Oct 11
Last Checked: Oct 11 at 8:02AM
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 RE/MAX Experts
Investment Insights
Based on property information with market context.
This mixed-use property has three distinct interior areas, including one measuring 18' x 35' and another measuring 18' x 47'; the larger area can be split into two spaces. A kitchen and two toilets are also present. The building was constructed in 1950 and most recently served as a senior day care facility. The roof was replaced in 2019, and the electrical system was upgraded approximately 13 years ago.
The sale also includes a separate vacant-land parcel at 609 W 4TH ST. The property has a fenced yard.
The sale also includes a separate vacant-land parcel at 609 W 4TH ST. The property has a fenced yard.
Key Highlights
- Three distinct interior areas; one measures 18' x 35' and another 18' x 47'
- The 18' x 47' area can be divided into two spaces
- Kitchen and 2 toilets
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,622
Cap Rate
6.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$332,440
$332.4K
Cap Rate 7%
$237,457
$237.5K
Cap Rate 9%
$184,689
$184.7K
Market Conditions
NOI Build-Up for 1,476 SF
Gross rent
$29.2K $19.80/SF
− Vacancy
−$2.6K −$1.78/SF
EGI
$26.6K $18.02/SF
− OpEx
−$10.0K −$6.76/SF
NOI
$16.6K $11.26/SF
Area
Lakeland, FL
Vacancy
9.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$332,440
Cap Rate 7%
$237,457
Cap Rate 9%
$184,689
Alternative Uses
Best Use
Mixed Use
$237.5K
$207.8K – $277.0K
NOI $16,622 @ 7.0% cap · market cap 6.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$354.7K
$310.4K – $413.8K
NOI $24,829 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,886
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Interior areas include a kitchen and two toilets, with space arranged across three distinct sections.
Where is this mixed-use property located?
The property is located at 618 W 5TH Lakeland, FL.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Three distinct interior areas; one measures 18' x 35' and another 18' x 47'; The 18' x 47' area can be divided into two spaces; Kitchen and 2 toilets
