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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    23598 Hwy 27 Lake Wales, FL 33859-7805

    • Office buildings
    • 2,714 SF
    • 1.03 lot acres
    OFF-MARKET
    Value Estimations
    $575,000
    Show details
    Cap Rate Potential
    8.1%
    Office buildings
    Location Intelligence
    Property ID
    US18-2761252
    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.

    Current Use by Public Records

    • Ridge Quality Motors Inc. / Car Dealership

    Property Details for 23598 Hwy 27

    Year built
    1988
    Lot size
    1.03 lot acres
    Property size
    2,714 SF
    Property type
    Office buildings
    APN
    272916000000042060
    APU
    272916000000042060

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $435,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $595,000
      6.5%
      $545,000
      7%
      $510,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $616,000
      Market price range: $215k - $631k
      AI Estimate
      $561,000
      Market price range: $191k - $581k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $440,000
      Current use
      MEDICAL BUILDING
      $840,000
      Change: +92% Conversion: Easy
      COMMERCIAL (GENERAL)
      $770,000
      Change: +76% Conversion: Easy
      AUTO REPAIR, GARAGE
      $660,000
      Change: +51% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $495,000
      Change: +14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Wales
    County
    Polk
    State
    Florida
    Longitude
    -81.6214
    Latitude
    27.9544
    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
    $6,709
    $437,697
    $166,955
    $604,652
    -
    $437,697
    $166,955
    $604,652

    Comparable in this City

    • Value Estimation
      $2,600,000
      12,040 SF

      1951 Longleaf Blvd

      OFFICE BUILDING • 12,040 SF
      1951 Longleaf Blvd, Lake Wales, FL 33859-2552
      View Details
    • Value Estimation by Request
      1,930 SF

      413 Abc Rd

      OFFICE BUILDING • 1,930 SF
      413 Abc Rd, Lake Wales, FL 33859-6849
      View Details
    • Value Estimation
      $575,000
      2,952 SF

      24691 Hwy 27

      OFFICE BUILDING • 2,952 SF
      24691 Hwy 27, Lake Wales, FL 33859-6865
      View Details
    • Value Estimation
      $2,165,000
      10,014 SF

      Thompson Nursery Rd

      OFFICE BUILDING • 10,014 SF
      Thompson Nursery Rd, Lake Wales, FL 33859
      View Details
    • Value Estimation by Request
      953 SF

      1700 State Rd 60th W

      OFFICE BUILDING • 953 SF
      1700 State Rd 60th W, Lake Wales, FL 33859-8211
      View Details
    • Value Estimation
      $715,000
      9,720 SF

      211 Presidents Dr

      OFFICE BUILDING • 9,720 SF
      211 Presidents Dr, Lake Wales, FL 33859-7943
      View Details

    Similar Nearby for Sale

    • $3,500,000
      11,760 SF

      Lake Wales Medical Office Building

      Class A, turnkey medical office
      23607 Us Highway 27, Lake Wales, FL 33859
      View Details
    • $3,500,000
      11,760 SF

      Turn-Key Ready Medical Building

      Class A medical building with substantial renovations and highway access.
      23607 Hwy 27, Lake Wales, FL 33859
      View Details
    • $5,500,000

      Lake Ashton Waterfront Land Parcel

      326 acres with 1,500 feet of Lake Ashton frontage.
      Hwy 27, Lake Wales, FL 33859
      View Details
    • $95,000
      0.91 Acres

      Expansive Lot for Dream Home

      0.91-acre lot ideal for a custom home.
      Jackson St, Lake Wales, FL 33859
      View Details
    • $30,000
      Pending

      Crooked Lake Canal Front Lot

      0.29-acre canal-front lot with direct access to Crooked Lake.
      Canal Dr, Lake Wales, FL 33859
      View Details
    • $32,000
      1.16 Acres

      Residential Land in Lake Wales

      1.16 acre lot suitable for home or mobile home.
      Sarver Ave, Lake Wales, FL 33859
      View Details

    Similar Nearby for Lease

    • $80,047

      Office/Warehouse Condo in Lake Wales

      12,315 SF office/warehouse condo with built-out office space.
      1901 Longleaf Blvd, Lake Wales, FL 33859
      View Details
    • $24 SF/Yr
      11,760 SF

      Lake Wales Medical Office Building

      Class A medical office, move-in ready.
      23607 Us Highway 27, Lake Wales, FL 33859
      View Details
    • Contact for pricing
      10,500 SF

      Retail & Restaurant Space Available

      400,000± SF retail and restaurant space for lease.
      Hwy 27, Lake Wales, FL 33859
      View Details
    • $20 SF/Yr
      1,318 SF

      Retail Space on Highway 27

      Retail space with high visibility and prominent signage available.
      24174 Hwy 27, Lake Wales, FL 33859
      View Details
    • $6 SF/Yr
      50,000 SF

      Lake Wales Industrial Space

      5,400 SF Flex Space Available
      1750 Longleaf Blvd, Lake Wales, FL 33859
      View Details
    • Contact for pricing
      3,000 SF

      Retail Space Near Eagle Ridge

      Up to 3,000 SF available near Eagle Ridge Mall.
      17 Eagle Ridge Dr, Lake Wales, FL 33859
      View Details
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    23598 Hwy 27
    Lake Wales, FL 33859-7805
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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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