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Property profile & analytics
OFF-MARKET
Estimated value
$605,000
Office buildings
22 State Rd 60th W Lake Wales, FL 33853-4118
Entity Owned
20-yr Hold
~
Est. High Equity
Property ID
US18-1991712
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1966
Total area
2,910 SF
Lot
0.38 ac (16,348 SF)
Zoning code
C2R3
APN
273002903500014204
UPID
US18-1991712
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Spirited Heating And Cooling Co. HVAC Service General Contractor
-
Dr. David Lustig M.D. Physician
-
Dr. Bade Akintan, M.D.- RETIRED 1/31/22 Physician Medical Clinic
-
Dr. Reginald Allen, Central Florida Urology Institute Physician Medical Clinic
-
Central Florida Urology Institute Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$385k
CAP Approach
CAP
$585k
Comparable Approach
Comparable
$580k
Blend (final)
Blend
$605k
Owner & transaction history
Hrs Real Estate Holdings LLC · 20 yrs held
Hrs Real Estate Holdings LLC
since 2006
3 recorded transactions
Zoning & alternative use
C2R3 · Lake Wales, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$900,000
+86.5%
Commercial (general)
$825,000
+70.8%
Auto repair, garage
$710,000
+46.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Lake Wales submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lake Wales submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$385,000
CAP Approach
CAP Return
Estimation
6%
$635,000
6.5%
$585,000
7%
$545,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$485,000
Current use
MEDICAL BUILDING
$900,000
Change: +87% · Conversion: Easy
COMMERCIAL (GENERAL)
$825,000
Change: +71% · Conversion: Easy
AUTO REPAIR, GARAGE
$710,000
Change: +47% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$535,000
Change: +11% · Conversion: Difficult
Blend value · Realmo final
$605k
Range $545k – $666k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$208 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$5,744
Tax year 2023
Assessed value
$286,825
Assessed 2023
Previous assessed
$271,106
+5.8% YoY
Effective rate
2.00%
On assessed value
Assessed land
$49,773
Assessed improvement
$237,052
Land market value
$49,773
Improvement market value
$237,052
Total market value
$286,825
Applied tax rate
90,320.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1966
Heating
NONE
Stories
1
Units
1
Total area
2,910 SF
Lot
0.38 ac (16,348 SF)
Zoning code
C2R3
APN
273002903500014204
UPID
US18-1991712
Jurisdiction
POLK
Zoning & alternative use
C2R3 · Lake Wales, FLZoning C2R3 · permitted uses
C2R3 · Lake Wales, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$485,000
MEDICAL BUILDING
Est. value
$900,000
COMMERCIAL (GENERAL)
Est. value
$825,000
AUTO REPAIR, GARAGE
Est. value
$710,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$535,000
OFFICE BUILDING Current
MEDICAL BUILDING
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
NEIGHBORHOOD: SHOPPING CENTER
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1966
Heating
NONE
Stories
1
Units
1
Lot
0.38 ac
Current owner
From public records · entity-resolved
Hrs Real Estate Holdings LLC
Entity
Mailing address
1420 CELEBRATION BLVD STE #308, CELEBRATION, FL 34747-5161
Ownership since
2006
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 25, 2019
—
Central Canceri Florida Cancer
—
Loan Modification
related
$4,731,065 · Valley Nat'l Bk
May 2, 2006
$312,500
Hrs Real Estate Holdings LLC
Rumfelt,thomas B & Colette C
Warranty Deed
related
$256,000 · Mercantile Bank
—
—
Hrs Real Estate Holdings PLLC
—
Deed Of Trust
related
$927,665 · Citizens Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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