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    1903 State Rd 60th E Lake Wales, FL 33853-4329
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    Property profile & analytics

    1903 State Rd 60th E, Lake Wales, FL 33853-4329

    View on Map
    • Drug stores
    • 17,628 SF
    • 2.31 lot acres
    Off-Market
    Last Sale Sep 17, 2021
    $4,792,700
    Property ID
    US18-6090072
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $4,200,000
    Show details
    Cap Rate Potential
    3.2%
    Drug stores
    Location Intelligence

    Current Use by Public Records

    • Walgreens Photo / (Bike/Boat/Book/etc) Store
    • Walgreens Pharmacy / Pharmacy
    • Redbox / Cinema / (Bike/Boat/Book/etc) Store
    • Walgreens / Pharmacy
    • Coinhub Bitcoin ATM Teller / Atm

    Property Details for 1903 State Rd 60th E

    Year built
    1997
    Lot size
    2.31 lot acres
    Property type
    Drug stores
    APN
    283006000000042060
    APU
    283006000000042060

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jan 12, 2022 — Walgreen LLC Project Saturn Nlp LLC Lease —
    Sep 17, 2021 — Walgreen Co Project Saturn Nlp LLC Lease —
    Sep 17, 2021 $4,792,700 Project Saturn Nlp LLC Waloreen Co Special Warranty Deed —
    Oct 15, 2007 $4,420,000 Walgreen Co Olympia Dev Group INC Grant Deed —
    — — Global Produce Sales INC — Deed Of Trust · related $4M · Farm Credit Service

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,300,000
      6.5%
      $3,045,000
      7%
      $2,830,000

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $5,455,000
      COMMERCIAL (GENERAL)
      $4,995,000
      AUTO REPAIR, GARAGE
      $4,290,000
      NEIGHBORHOOD: SHOPPING CENTER
      $3,230,000
      OFFICE BUILDING
      $2,925,000

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lake Wales
    County
    Polk
    State
    Florida
    Longitude
    -81.5567
    Latitude
    27.8946
    CBSA code
    29460
    CBSA name
    LAKELAND, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $51,239
    $995,736
    $1,588,389
    $2,584,125
    -
    $995,736
    $1,588,389
    $2,584,125

    Comparable in this City

    • Value Estimation
      $1,440,000
      12,538 SF

      500 11th St

      DRUG STORE, PHARMACY
      500 11th St, Lake Wales, FL 33853-4901
      View Details
    • Value Estimation by Request
      2,556 SF

      133 Stuart Ave

      RETAIL STORES (PERSONAL SERVICES)
      133 Stuart Ave, Lake Wales, FL 33853-4074
      View Details
    • Value Estimation by Request
      2,307 SF

      340 Lincoln Ave

      RETAIL STORES (PERSONAL SERVICES)
      340 Lincoln Ave, Lake Wales, FL 33853-3523
      View Details
    • Value Estimation by Request
      2,520 SF

      111 Orange Ave

      RETAIL STORES (PERSONAL SERVICES)
      111 Orange Ave, Lake Wales, FL 33853-4175
      View Details
    • Value Estimation
      $520,000
      5,602 SF

      102 Central Ave

      FINANCIAL BUILDING
      102 Central Ave, Lake Wales, FL 33853-4166
      View Details
    • Value Estimation by Request
      4,800 SF

      10 Central Ave

      DRY CLEANER
      10 Central Ave, Lake Wales, FL 33853-4114
      View Details

    Similar Nearby for Sale

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    • $1,650,000
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      Historic Mixed-Use Building in Downtown

      Mixed-use building with commercial suites and residential apartments in downtown.
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      8,480 SF

      Historic Lake Wales Mixed-Use Building

      Historic mixed-use building with commercial suites and residential apartments.
      244 E Park Ave, Lake Wales, FL 33853
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      2,016 SF

      Commercial Property Near Downtown

      Commercial property near downtown Lake Wales, renovation needed.
      206 N 1St St, Lake Wales, FL 33853
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      2,136 SF

      Downtown Lake Wales Auto Shop

      Auto shop with flexible workspace in growing downtown Lake Wales.
      133 W Stuart Ave, Lake Wales, FL 33853
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    Similar Nearby for Lease

    • $14 SF/Yr
      2,340 SF

      Downtown Lake Wales Retail Space

      Retail space in revitalized downtown Lake Wales business district.
      245 E Park Ave, Lake Wales, FL 33853
      View Details
    • $13 SF/Yr
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      Historic Mixed-Use Building in Lake Wales

      Two-story mixed-use building with flexible space in downtown Lake Wales.
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      2,496 SF

      Retail Space in Publix-Anchored Center

      Retail space available in Polk County, Publix-anchored shopping center.
      102-138 State Road 60 E, Lake Wales, FL 33853
      View Details
    • Contact for pricing
      1,300 SF

      Retail Space in Lake Wales

      Retail space available in Lake Wales near residential development.
      1316-1450 Sr 60 E, Lake Wales, FL 33853
      View Details
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    Lake Wales, FL 33853-4329
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    1903 State Rd 60th E, Lake Wales, FL, 33853
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