Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    513 Scenic Hwy Lake Wales, FL 33853-4833
    Back to Search
    Property profile & analytics

    513 Scenic Hwy, Lake Wales, FL 33853-4833

    View on Map
    • Motels
    • 3,016 SF
    • 0.87 lot acres
    Off-Market
    Property ID
    US19-0490468
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • A Prince Of Wales Motel / Hotel & Motel

    Property Details for 513 Scenic Hwy

    Year built
    1949
    Lot size
    0.87 lot acres
    Property type
    Motels
    APN
    273012919500001010
    APU
    273012919500001010

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Oct 9, 2018 — Krish 1978 LLC Krishna7 LLC Quit Claim Deed · related $300k · Satish Patel
    Apr 15, 2009 $200,000 Krishna7 LLC Sawan INC Warranty Deed $140k · Fidelity Bank Florida
    Mar 14, 2008 $800,000 Sawan INC Prince Of Wales Motel LLC Warranty Deed $550k · Fidelity Bank Florida
    Jul 28, 2006 $815,000 Prince Of Wales Motel LLC Falguni INC Warranty Deed $440k · Fidelity Bank Florida
    Sep 28, 2005 $595,000 Falguni INC Large,geoffrey S & Angela S Warranty Deed $400k · Fidelity Bank Florida

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Wales
    County
    Polk
    State
    Florida
    Longitude
    -81.5817
    Latitude
    27.8936
    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
    $4,468
    $128,666
    $90,595
    $219,261
    -
    $128,666
    $90,595
    $219,261

    Comparable in this City

    • Value Estimation
      $1,480,000
      9,249 SF

      19071 Hwy 27

      MOTEL
      19071 Hwy 27, Lake Wales, FL 33853-2448
      View Details
    • Value Estimation by Request
      3,172 SF

      340 Polk Ave

      MOTEL
      340 Polk Ave, Lake Wales, FL 33853-5712
      View Details
    • Value Estimation
      $515,000
      6,612 SF

      18601 Hwy 27

      MOTEL
      18601 Hwy 27, Lake Wales, FL 33853-2442
      View Details
    • Value Estimation by Request
      1,978 SF

      18931 Hwy 27

      MOTEL
      18931 Hwy 27, Lake Wales, FL 33853-2446
      View Details
    • Value Estimation by Request
      3,380 SF

      513 Scenic Hwy

      MOTEL
      513 Scenic Hwy, Lake Wales, FL 33853-4833
      View Details
    • Value Estimation
      $675,000
      6,690 SF

      530 Scenic Hwy

      MOTEL
      530 Scenic Hwy, Lake Wales, FL 33853-4840
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5,030 SF

      Multifamily Property with Strong Rental Appeal

      Eleven-unit multifamily property with long-term leases and convenient location.
      315 Ridge Manor Dr, Lake Wales, FL 33853
      View Details
    • Contact for pricing
      8,480 SF

      Historic Lake Wales Mixed-Use Building

      Historic mixed-use building with commercial suites and residential apartments.
      244 E Park Ave, Lake Wales, FL 33853
      View Details
    • Contact for pricing
      2,016 SF

      Commercial Property Near Downtown

      Commercial property near downtown Lake Wales, renovation needed.
      206 N 1St St, Lake Wales, FL 33853
      View Details
    • Contact for pricing
      2,136 SF

      Downtown Lake Wales Auto Shop

      Auto shop with flexible workspace in growing downtown Lake Wales.
      133 W Stuart Ave, Lake Wales, FL 33853
      View Details
    • Contact for pricing
      7,200 SF

      Downtown Lake Wales Commercial Property

      7,200 Sqft commercial property in downtown Lake Wales.
      61 W Central Ave, Lake Wales, FL 33853
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Lake Wales Medical Office Space

      3,310 SF medical office space in Lake Wales.
      441 11Th St, Lake Wales, FL 33853
      View Details
    • $13 SF/Yr

      Retail Space in Lake Wales

      Spacious retail building in a thriving Lake Wales location.
      1110 State Road 60 E, Lake Wales, FL 33853
      View Details
    • $14 SF/Yr
      2,340 SF

      Downtown Lake Wales Retail Space

      Retail space in revitalized downtown Lake Wales business district.
      245 E Park Ave, Lake Wales, FL 33853
      View Details
    • Contact for pricing
      3,732 SF

      Turnkey Restaurant Space Available

      Prime downtown restaurant space in revitalized Lake Wales business district.
      253 E Stuart Ave, Lake Wales, FL 33853
      View Details
    • $15 SF/Yr
      6,400 SF

      Downtown Lake Wales Mixed-Use Property

      Corner lot in growing business district, suitable for various uses.
      250 E Park Ave, Lake Wales, FL 33853
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    513 Scenic Hwy
    Lake Wales, FL 33853-4833
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    513 Scenic Hwy, Lake Wales, FL, 33853
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!