321 Peachtree St Lakeland, FL 33815
- Assisted living facilities
- 6,160 SF
- 1.58 lot acres
Current Use by Public Records
- Assisted living facilities
Property Details for 321 Peachtree St
- Year built
- 1930
- Lot size
- 1.58 lot acres
- Property size
- 6,160 SF
- Property type
- Assisted living facilities
- Property subtype
- Retirement homes
- APN
- 232813063000014100
- APU
- 232813063000014100
Description
This exceptional Class A, 90-unit apartment building redevelopment opportunity in downtown Lakeland, Florida, presents a compelling investment proposition. Located on a 1.6-acre site (APN: 23-28-13-063000-014100) at 321 W Peachtree St, 33815, this fully permitted project boasts a four-story building with a mix of one- and two-bedroom units averaging 826 square feet. The design includes a two-tier parking deck and a secondary structure adjacent to a resort-style pool. The project offers approximately 75,000 square feet of net rentable residential space and 10,000 square feet of common area, featuring high-end finishes such as quartz countertops, stainless steel appliances, and wood-style plank flooring. Its strategic location within Lakeland's core development area provides exemption from numerous impact fees, and the city has approved significant financial incentives. These include a 75% property tax reimbursement for five years via tax increment financing and a $775,000 grant for construction cost reimbursement. The projected cap rate at stabilization is 7-7.5%, exceeding the current market rate by 200 basis points. The estimated construction timeline is 16 months, with stabilization expected within four months. Furthermore, the project's location in a Qualified Opportunity Zone (QOZ) allows for capital gains tax deferral until December 31, 2026, through a Qualified Opportunity Fund (QOF). The development is situated near Lake Wire, Freedom Park, and the upcoming Bonnet Springs Park, a large mixed-use development. First-floor units offer direct exterior access, enhancing walkability and connectivity to downtown attractions. The project has been meticulously designed by experienced professionals.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lakeland
- County
- Polk
- State
- Florida
- Longitude
- -81.9598
- Latitude
- 28.049
- CBSA code
- 29460
- CBSA name
- LAKELAND, FL METROPOLITAN STATISTICAL AREA
