Property profile

3106 State Rd 60th E Lake Wales, FL 33898

OFF-MARKET
Office buildings
Property ID
US18-1828377
1,296 SF 0.21 ac lot Built 1955
Entity Owned 20-yr Hold Free & Clear
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Property summary

AI-generated overview

This exceptional mixed-use investment opportunity in Lake Wales, Florida, presents a compelling prospect for immediate income generation. The property, situated on a 0.5-acre corner lot at 3106 E State Rd 60, boasts two buildings totaling 2,829 square feet. One building, a 1,008 square foot office/retail space, is currently utilized as a used car lot. The second building is a 1,821 square foot triplex, ensuring a consistent rental income stream. Both buildings are fully leased. The property features a paved parking lot, a fully fenced perimeter, prominent pylon signage, and benefits from high visibility due to its four-lane highway frontage and proximity to a gas station. Built in 1950 and 1955, the property is zoned LCC, offering considerable flexibility for future development and use. The location is highly advantageous, situated just off the busy Highway 60, a major thoroughfare connecting Tampa and Vero Beach, guaranteeing significant traffic exposure. Nearby amenities include Walmart, McDonald's, Winn-Dixie, Harbor Freight Tools, and Hillcrest Elementary School. The property's proximity to Lake Wales Country Club and popular tourist attractions like Bok Tower, Spook Hill, and Lake Aurora Christian Camp & Retreat Center further enhances its appeal. The asking price is $1,200,000, translating to $424.18 per square foot. Parcel numbers are 28-30-08-941000-002050 and 28-30-08-941000-002060. This is a turnkey investment ready for a new owner to capitalize on its strong income potential and prime location.

Property profile

Verified
Property type Office buildings
Use group OFFICE BUILDING
Year built 1955
Construction MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area 1,296 SF
Lot 0.21 ac (9,274 SF)
Zoning code C-3
APN 283008941000002050
UPID US18-1828377

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Car Dealership
  • Car Wash

Location

3106 State Rd 60th E Lake Wales, FL 33898-5315
Lake Wales metro Census 15401 LAKELAND, FL METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
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Comparable Approach Comparable
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Blend (final) Blend
$195k

Owner & transaction history

since 2005
5 recorded transactions
2005
$132,500
2005
Price N/A
1998
$17,400
1997
$2,900
1969
Price N/A

Zoning & alternative use

C-3 · Lake Wales, FL
Zoning description

The purpose of C-3 zone is designed to permit the development of commercial areas in groupings on major highways and to allow medium and large-scale commercial establishments and a full range of commercial and profession…

General category COMMERCIAL

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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