Mixed-Use Property with
For Sale
$530,000
811 State Road 60 E, Lake Wales, FL 33853
Residential and professional zoning supports flexible mixed-use occupancy.
Property Size3,436 SF
Lot Size1.06 Acres
Price / SF$154.25
Days on Market42
Property Features for 811 State Road 60 E
General Information
Standard status
Active
Size
3,436 SF
Lot size
1.06 Acres
Additional Details
Road Access
Yes
Building Details
Year Built
1948
Listing Agency:
PRIME PLUS REAL ESTATE INC
(863) 528-6024
Listed By:
Joan Jarvis-Tyler · License #3079644
Source:
Chenoregroup
Added: Jul 21
Changed: Aug 30
Last Checked: Aug 30 at 6:57PM
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 PRIME PLUS REAL ESTATE INC
Investment Insights
Based on property information with market context.
This mixed-use property combines a 3,436-square-foot residence with professional-use approval from the City of Lake Wales. Built in 1948, the home includes four bedrooms, three full bathrooms, two half-bathrooms, a split-bedroom layout, an open living and dining arrangement, and an eat-in kitchen with a butler’s pantry. A laundry room, under-house storage areas, and extensive cabinetry add practical utility.
The 1.06-acre parcel has access from all four sides, including 245 feet along State Road 60, 152 feet on 8th Street S., 152 feet on Center Street, and an alley at the rear. Site improvements include a circular driveway, rear parking, an oversized parking pad, and a three-car garage with a workshop and bonus room containing a full bathroom. The side yard provides additional space for parking or expansion.
The 1.06-acre parcel has access from all four sides, including 245 feet along State Road 60, 152 feet on 8th Street S., 152 feet on Center Street, and an alley at the rear. Site improvements include a circular driveway, rear parking, an oversized parking pad, and a three-car garage with a workshop and bonus room containing a full bathroom. The side yard provides additional space for parking or expansion.
Key Highlights
- 3,436‑square‑foot mixed‑use property on a 1.06‑acre lot
- Zoned for residential and professional use, with City of Lake Wales approval for professional purposes
- Access on all four sides, including 245 feet along State Road 60
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
$38,694
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
7.30%
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%
$773,880
$773.9K
Cap Rate 7%
$552,771
$552.8K
Cap Rate 9%
$429,933
$429.9K
Market Conditions
NOI Build-Up for 3,436 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
$68.0K $19.80/SF
− Vacancy
−$6.1K −$1.78/SF
EGI
$61.9K $18.02/SF
− OpEx
−$23.2K −$6.76/SF
NOI
$38.7K $11.26/SF
Area
Polk County, 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 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%
$773,880
Cap Rate 7%
$552,771
Cap Rate 9%
$429,933
Alternative Uses
Best Use
Mixed Use
$552.8K
$483.7K – $644.9K
NOI $38,694 @ 7.0% cap · market cap 7.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$825.7K
$722.5K – $963.3K
NOI $57,799 @ 7.0% cap · market cap 10.91%
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
410
Businesses Nearby
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Residential and professional zoning supports flexible mixed-use occupancy.
Where is this mixed-use property located?
The property is located at 811 State Road 60 E Lake Wales, FL.
What is the asking price?
The asking price for this property is $530,000.
What are key features of this property?
This property features: 3,436‑square‑foot mixed‑use property on a 1.06‑acre lot; Zoned for residential and professional use, with City of Lake Wales approval for professional purposes; Access on all four sides, including 245 feet along State Road 60
