3545 Recker Hwy Winter Haven, FL 33880-1983

Property Details for 3545 Recker Hwy

Year built

1965

Lot size

0.98 lot acres

Property size

2,590 SF

Zone code

C-4

Property type

Warehouses

Property subtype

Self storage facilities

APN

252825000000032010

APU

252825000000032010

Description

This exceptional 15,090 square foot industrial complex in Winter Haven, Florida, presents a compelling investment opportunity. Comprising 30 units across four concrete buildings situated on a 0.98-acre lot, this property boasts a diverse mix of retail, storage, and residential space, including three retail units, 25 storage/shop units, a manager's apartment, and a single-family residence. Currently operating at 40% occupancy, this property offers significant upside potential for increased rental income. The property features 29 parking spaces and excellent accessibility with two ingress/egress points on Recker Highway, a high-traffic area with 17,200 AADT. Financial data reveals a 2023 Effective Gross Income (EGI) of $141,273 at a 6.1% cap rate, projecting to $151,773 and a 6.39% cap rate in 2024. With potential improvements, the cap rate could reach 11.62% at 100% occupancy. Located in the thriving Lakeland-Winter Haven MSA, this property benefits from its proximity to major transportation routes (570 Toll Road, US Hwy 92, Hwy 27, and Hwy 60) and key commercial centers. The property's month-to-month leases provide flexibility for a new owner to optimize cash flow and achieve significant income growth. Zoned Commercial/Industrial, this property offers a blend of uses and strong potential for future appreciation. Built in 1991 and renovated in 1997, the property includes 15,090 square feet of air rights. The asking price is $1,500,000, representing a price per unit of $50,000 and a price per square foot of $99.40. The property's Net Operating Income (NOI) is $95,879.