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

    2505 State Road 60 Lake Wales, FL 33898

    • Strip malls
    • 4,952 SF
    • 0.44 lot acres
    For Lease
    View listing
    Last Sale
    Apr 02, 2024
    $300,000
    Value Estimations
    $280,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-4689097
    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

    • E & G Commercial Doors Co. / Door Supplier
    • Brentwood Garage Doors Svc. / Garage Door Supplier
    • E&G Garage Doors Inc / Garage Door Supplier

    Property Details for 2505 State Road 60

    Year built
    1960
    Lot size
    0.44 lot acres
    Property size
    4,952 SF
    Zone code
    C-3
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    283006940200001010
    APU
    283006940200001010

    Description

    This exceptional commercial property, located at 2505 State Rd 60 in Lake Wales, Florida, offers three available office suites ranging from 550 to 2,638 square feet within a 4,448 square foot building. The property is ideally situated adjacent to a Walmart Supercenter, providing unparalleled visibility and access to high traffic volume on State Road 60, averaging 24,000 vehicles daily. The versatile space is suitable for various office uses, including traditional, executive, coworking, medical, and creative office setups. Its multi-tenant configuration allows for flexibility in lease terms and space requirements. The location benefits from proximity to other major retailers such as Winn-Dixie, Rural King, Walgreens, Wendy's, Taco Bell, and McDonald's, ensuring high foot traffic and customer convenience. Furthermore, significant residential growth is anticipated in Lake Wales, with over 15,660 new homes approved, projecting a substantial population increase. This presents a unique opportunity for businesses to establish themselves in a rapidly expanding market with exceptional visibility and accessibility. The property is located in Polk County, Florida, zip code 33898.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $300,000
      ML approach
      $300,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $213,000
      Market price range: $199k - $451k

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Wales
    County
    Polk
    State
    Florida
    Longitude
    -81.548
    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
    $5,219
    $72,128
    $202,753
    $274,881
    -
    $72,128
    $202,753
    $274,881

    Comparable in this City

    • Value Estimation
      $540,000
      6,231 SF

      2004 State Rd 60th E

      SHOPPING CENTER, STRIP CENTER • 6,231 SF
      2004 State Rd 60th E, Lake Wales, FL 33898-5182
      View Details
    • Value Estimation
      $715,000
      14,060 SF

      2010 Sam Walton Way

      SHOPPING CENTER, STRIP CENTER • 14,060 SF
      2010 Sam Walton Way, Lake Wales, FL 33898-5185
      View Details
    • Value Estimation
      $1,185,000
      195,588 SF

      2000 State Rd 60th E

      WHOLESALE OUTLET, DISCOUNT STORE • 195,588 SF
      2000 State Rd 60th E, Lake Wales, FL 33898-5182
      View Details
    • Value Estimation by Request
      30,689 SF

      2013 State Rd 60th E

      REGIONAL SHOPPING CENTER, MALL • 30,689 SF
      2013 State Rd 60th E, Lake Wales, FL 33898-5113
      View Details
    • Value Estimation by Request
      1.44 Acres

      601 Tangelo St

      SHOPPING CENTER COMMON AREA • 1.44 Acres
      601 Tangelo St, Lake Wales, FL 33898-2400
      View Details
    • Value Estimation by Request
      328 SF

      29 Saddlebag S Trl

      SHOPPING CENTER COMMON AREA • 328 SF
      29 Saddlebag S Trl, Lake Wales, FL 33898
      View Details

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    Similar Nearby for Lease

    • Contact for pricing
      4,448 SF

      Lake Wales Office Center

      High-visibility office suites near Walmart
      2505 State Road 60, Lake Wales, FL 33898
      View Details
    • Contact for pricing
      108,984 SF

      Hunt Bros Complex: Industrial Space

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    2505 State Road 60
    Lake Wales, FL 33898
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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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