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

    3106 State Rd 60th E Lake Wales, FL 33898-5315

    • Office buildings
    • 1,296 SF
    • 0.21 lot acres
    OFF-MARKET
    Value Estimations
    $270,000
    Show details
    Cap Rate Potential
    6.1%
    Office buildings
    Location Intelligence
    Property ID
    US18-1828377
    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

    • Logos Auto Exchange Inc. / Car Dealer / Auto Repair Shop
    • Car Wash & Detailing / Car Detailing Service

    Property Details for 3106 State Rd 60th E

    Year built
    1955
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.21 lot acres
    Property size
    1,296 SF
    Zone code
    C-3
    Property type
    Office buildings
    APN
    283008941000002050
    APU
    283008941000002050

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $280,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $285,000
      6.5%
      $260,000
      7%
      $245,000

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $210,000
      Current use
      MEDICAL BUILDING
      $400,000
      Change: +92% Conversion: Easy
      COMMERCIAL (GENERAL)
      $365,000
      Change: +76% Conversion: Easy
      AUTO REPAIR, GARAGE
      $315,000
      Change: +51% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $240,000
      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
    -81.5384
    Latitude
    27.8941
    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
    $558
    $25,040
    $26,650
    $51,690
    -
    $25,040
    $26,650
    $51,690

    Comparable in this City

    • Value Estimation
      $360,000
      666 SF

      5013 State Rd 60th E

      OFFICE BUILDING • 666 SF
      5013 State Rd 60th E, Lake Wales, FL 33898-9392
      View Details
    • Value Estimation by Request
      1,085 SF

      12310 Carillon Pl

      OFFICE BUILDING • 1,085 SF
      12310 Carillon Pl, Lake Wales, FL 33898-2126
      View Details
    • Value Estimation
      $345,000
      720 SF

      Kissimmee Blvd

      OFFICE BUILDING • 720 SF
      Kissimmee Blvd, Lake Wales, FL 33898
      View Details
    • Value Estimation by Request
      2,800 SF

      2301 Scenic N Hwy

      OFFICE BUILDING • 2,800 SF
      2301 Scenic N Hwy, Lake Wales, FL 33898
      View Details
    • Value Estimation
      $280,000
      1,380 SF

      2355 State Rd 60th E

      OFFICE BUILDING • 1,380 SF
      2355 State Rd 60th E, Lake Wales, FL 33898-5120
      View Details
    • Value Estimation by Request
      1,440 SF

      499 Saddlebag Lk Rd

      OFFICE BUILDING • 1,440 SF
      499 Saddlebag Lk Rd, Lake Wales, FL 33898-7113
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      75.00 Acres

      75-Acre Commercial Land, Lake Wales

      Prime Industrial Land - Hwy 60 Access
      Wales Stembridge Rd & Hwy 60 Lk, Lake Wales, FL 33898
      View Details
    • $75,000
      2.52 Acres

      Lake Wales Land: 2.52 Acres

      Private escape, abundant wildlife, high & dry.
      0 Anderson Rd, Lake Wales, FL 33898
      View Details
    • $530,000

      Land For Sale

      Commercial land available for sale.
      10730 Camp Mack Rd, Lake Wales, FL 33898
      View Details
    • Contact for pricing

      Land For Sale

      Land available for sale.
      River Ranch Blvd, Lake Wales, FL 33898
      View Details
    • $250,000

      Land For Sale

      Land available for purchase.
      2415 Live Oak Trl, Lake Wales, FL 33898
      View Details
    • $305,000

      Land For Sale

      Land available for purchase.
      444 Waterway Dr, Lake Wales, FL 33898
      View Details

    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

      Lake Wales, FL industrial spaces available
      2404 Hunt Brothers Rd, Lake Wales, FL 33898
      View Details
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    3106 State Rd 60th E
    Lake Wales, FL 33898-5315
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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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