321 Peachtree St Lakeland, FL 33815-1531
Property profile & analytics
321 Peachtree St Lakeland, FL 33815-1531
- Assisted living facilities
- 6,160 SF
- 1.58 lot acres
Property ID
US18-5561654
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.
Location Intelligence
Current Use by Public Records
- Assisted living facilities
Property Details for 321 Peachtree St
- Year built
- 1930
- Lot size
- 1.58 lot acres
- Property size
- 6,160 SF
- Property type
- Assisted living facilities
- Property subtype
- Retirement homes
- APN
- 232813063000014100
- APU
- 232813063000014100
Description
This exceptional Class A, 90-unit apartment building redevelopment opportunity in downtown Lakeland, Florida, presents a compelling investment proposition. Located on a 1.6-acre site (APN: 23-28-13-063000-014100) at 321 W Peachtree St, 33815, this fully permitted project boasts a four-story building with a mix of one- and two-bedroom units averaging 826 square feet. The design includes a two-tier parking deck and a secondary structure adjacent to a resort-style pool. The project offers approximately 75,000 square feet of net rentable residential space and 10,000 square feet of common area, featuring high-end finishes such as quartz countertops, stainless steel appliances, and wood-style plank flooring. Its strategic location within Lakeland's core development area provides exemption from numerous impact fees, and the city has approved significant financial incentives. These include a 75% property tax reimbursement for five years via tax increment financing and a $775,000 grant for construction cost reimbursement. The projected cap rate at stabilization is 7-7.5%, exceeding the current market rate by 200 basis points. The estimated construction timeline is 16 months, with stabilization expected within four months. Furthermore, the project's location in a Qualified Opportunity Zone (QOZ) allows for capital gains tax deferral until December 31, 2026, through a Qualified Opportunity Fund (QOF). The development is situated near Lake Wire, Freedom Park, and the upcoming Bonnet Springs Park, a large mixed-use development. First-floor units offer direct exterior access, enhancing walkability and connectivity to downtown attractions. The project has been meticulously designed by experienced professionals.
Value Estimations
based on Realmo’s proprietary methodology
-
Alternative Use
- Use
- Estimation
- HOMES (RETIRED, HANDICAP, REST, CONVALESCENT, NURSING)
- $925,000 Current use
- OFFICE BUILDING
- $845,000 Change: -9% Conversion: Difficult
- RESTAURANT
- $790,000 Change: -15% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Lakeland
- County
- Polk
- State
- Florida
- Longitude
- -81.9598
- Latitude
- 28.049
- 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
$9,466
$152,701
$641,981
$794,682
-
$152,701
$641,981
$794,682
