Lakeland Commercial Center For
For Sale
Contact for pricing
6645 Florida Ave S, Lakeland, FL 33813
Well-located commercial center with high traffic and strong demographics.
Property Size40,395 SF
Price / SF$278.50
Days on Market163
Property Features for 6645 Florida Ave S
General Information
Standard status
Active
Size
40,395 SF
Property subtype
Retail
Net Operating Income
$727,165
Building Details
Year Built
2006
Listing Agency:
Saunders Real Estate
(863) 877-2828
Listed By:
Gary Ralston · License #FLBK3232399
Source:
Crexi
Added: Mar 4
Changed: Aug 8
Last Checked: Aug 12 at 10:26AM
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 Saunders Real Estate
Investment Insights
Based on property information with market context.
This commercial center is located off South Florida Avenue in Lakeland, Florida. The property includes three buildings that form a commercial center along a primary north–south corridor, with traffic counts exceeding 38,000 vehicles per day. Situated within the city’s most affluent zip code, the center benefits from strong surrounding demographics and is located directly across from the Century Avenue multifamily development. The property has been renovated and expanded in recent years to include a new 4,800 SF building fully leased to medical tenants, along with new paint, several new HVAC units, updated landscaping, and many other improvements. There is ample on-site parking, with approximately 311 spaces, supporting a wide range of retail, medical, and professional uses. Located at 6645 S Florida Avenue, the property sits along one of the city’s primary north–south commercial corridors. The site is positioned within Lakeland’s most affluent zip code and benefits from proximity to major roadways, including Polk Parkway (SR 570), U.S. Highway 98, and Interstate 4, allowing for efficient connectivity throughout Lakeland and the greater Central Florida region. The surrounding area is supported by established retail, medical, and professional services, making this a setting for neighborhood and regional commercial uses. The property size is 40,395 square feet.
Key Highlights
- High traffic location: Over 38,000 vehicles per day.
- Located in Lakeland's most affluent zip code.
- Ample on‑site parking with approximately 311 spaces.
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
$507,595
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
4.51%
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%
$10,151,900
$10.2M
Cap Rate 7%
$7,251,357
$7.3M
Cap Rate 9%
$5,639,944
$5.6M
Market Conditions
NOI Build-Up for 40,395 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
$945.2K $23.40/SF
− Vacancy
−$99.3K −$2.46/SF
EGI
$846.0K $20.94/SF
− OpEx
−$338.4K −$8.38/SF
NOI
$507.6K $12.57/SF
Area
Lakeland, 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%
$10,151,900
Cap Rate 7%
$7,251,357
Cap Rate 9%
$5,639,944
Alternative Uses
Best Use
Healthcare Medical
$7.25M
$6.34M – $8.46M
NOI $507,595 @ 7.0% cap · market cap 4.51%
Second Best
Office B
$7.09M
$6.20M – $8.27M
NOI $496,253 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$9.71M
$8.49M – $11.33M
NOI $679,509 @ 7.0% cap · market cap 6.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
908
Businesses Nearby
Balanced
Demand for This Use
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
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Frequently Asked Questions
What type of property is this?
Shopping center - Well-located commercial center with high traffic and strong demographics.
Where is this shopping center located?
The property is located at 6645 Florida Ave S Lakeland, FL.
What is the asking price?
The asking price for this property is $11,250,000.
What are key features of this property?
This property features: High traffic location: Over 38,000 vehicles per day.; Located in Lakeland's most affluent zip code.; Ample on‑site parking with approximately 311 spaces.
