16905 Us-27 Lake Wales, FL 33859
- Hospitality properties
- 2.33 lot acres
Current Use by Public Records
- Hospitality properties
Property Details for 16905 Us-27
- Year built
- 1954
- Lot size
- 2.33 lot acres
- Property type
- Hospitality properties
- Property subtype
- Hotels
Description
This exceptional investment opportunity presents a 2.33-acre property in Lake Wales, Florida, encompassing a 1-story, 13-key hotel built in 1954. Currently generating a strong NOI of $126,049 and boasting an 8.40% cap rate, the property is listed at $1,500,000. The hotel features nine fully leased units and a three-bedroom innkeeper's home. A commercial restaurant with a banquet hall and fully equipped bar is also included, along with two efficiency units nearing completion. The property further offers the potential to rebuild ten rooms previously damaged by fire, significantly increasing future income. The commercial kitchen, previously operating as a successful Jamaican restaurant, is available with equipment negotiable upon sale. Situated on a large lot with BP zoning, this property provides immediate revenue and significant expansion potential within a rapidly growing area. All current leases are month-to-month. The seller is actively working to lease the remaining units and the restaurant/lounge to maximize income potential. This versatile property is ideally positioned for various business ventures and future development along the US Highway 27 corridor. The property's location in Lake Wales, a city experiencing significant growth, makes it an attractive investment for those seeking exposure to Central Florida's emerging markets.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lake Wales
- County
- Polk
- State
- Florida
- Longitude
- -81.5902
- Latitude
- 27.8649
