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    Property profile & analytics

    603 Scenic Hwy Lake Wales, FL 33853-3205

    • Grocery and convenience stores
    • 2,989 SF
    • 0.24 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-4889672
    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

    • Tip Top Food Store / Grocery & Convenience Store
    • Western Union / Bank / Credit Union
    • Coinflip Bitcoin ATM / Investment Service / Money Transfer Service

    Property Details for 603 Scenic Hwy

    Year built
    1967
    Lot size
    0.24 lot acres
    Property size
    2,989 SF
    Zone code
    C2R3
    Property type
    Grocery and convenience stores
    APN
    273002909680001111
    APU
    273002909680001111

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Wales
    County
    Polk
    State
    Florida
    Longitude
    -81.5878
    Latitude
    27.9094
    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
    $3,190
    $39,706
    $115,324
    $155,030
    -
    $39,706
    $115,324
    $155,030

    Comparable in this City

    • Value Estimation by Request
      1,504 SF

      340 Dr J A Wiltshire W Ave

      CONVENIENCE STORE • 1,504 SF
      340 Dr J A Wiltshire W Ave, Lake Wales, FL 33853-3528
      View Details
    • Value Estimation by Request
      1,344 SF

      704 Scenic Hwy

      CONVENIENCE STORE • 1,344 SF
      704 Scenic Hwy, Lake Wales, FL 33853-3208
      View Details
    • Value Estimation by Request
      2,976 SF

      220 1st St

      GROCERY, SUPERMARKET • 2,976 SF
      220 1st St, Lake Wales, FL 33853-4135
      View Details
    • Value Estimation
      $4,860,000
      49,800 SF

      1860 State Rd 60th E

      GROCERY, SUPERMARKET • 49,800 SF
      1860 State Rd 60th E, Lake Wales, FL 33853-4368
      View Details
    • Value Estimation
      $2,150,000
      10,240 SF

      1740 State Rd 60

      CONVENIENCE STORE • 10,240 SF
      1740 State Rd 60, Lake Wales, FL 33853-4365
      View Details
    • Value Estimation
      $1,010,000
      5,585 SF

      900 State Rd 60th W

      CONVENIENCE STORE • 5,585 SF
      900 State Rd 60th W, Lake Wales, FL 33853-2908
      View Details

    Similar Nearby for Sale

    • $5,500,000
      2,304 SF

      Profitable Gas Station & Truck Stop

      Turnkey gas station and truck stop on 5.22 acres.
      16311 Us Highway 27, Lake Wales, FL 33853
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    • $900,000
      7,350 SF

      Mixed-Use Buildings on Scenic Highway

      Two commercial buildings ideal for showroom, warehouse, or mixed-use.
      322 S Scenic Hwy, Lake Wales, FL 33853
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    • $1,650,000
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      Historic Mixed-Use Building in Downtown

      Mixed-use building with commercial suites and residential apartments in downtown.
      244 E Park Ave, Lake Wales, FL 33853
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    • $290,000
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      Downtown Lake Wales Mixed-Use Opportunity

      Two-story mixed-use building in downtown Lake Wales, renovation-ready.
      215 Lincoln Ave, Lake Wales, FL 33853
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    • $1,650,000
      8,480 SF

      Historic Mixed-Use Building in Lake Wales

      Historic mixed-use building with commercial suites and residential apartments.
      244 E Park Ave, Lake Wales, FL 33853
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    • $190,000

      Downtown Lake Wales Commercial Building

      Two-suite commercial building in downtown Lake Wales with parking.
      128 E Orange Ave, Lake Wales, FL 33853
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    Similar Nearby for Lease

    • $13 SF/Yr

      Versatile Retail Building in Lake Wales

      4,953 SF C2-zoned building suitable for diverse retail opportunities.
      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
      2,496 SF

      Retail Space in Publix-Anchored Center

      Retail space available in Polk County, Publix-anchored shopping center.
      102-138 State Road 60 E, Lake Wales, FL 33853
      View Details
    • $13 SF/Yr
      4,388 SF

      Historic Mixed-Use Building in Lake Wales

      Two-story mixed-use building with flexible space in downtown Lake Wales.
      247 E Stuart Ave, Lake Wales, FL 33853
      View Details
    • $6,000 /Mo

      Retail/Office Space for Rent

      Retail or office space available for lease at $11/SF.
      230 E Park Ave, Lake Wales, FL 33853
      View Details
    • $16,200 /Mo

      Downtown Lake Wales Commercial Space

      Versatile commercial space near downtown Lake Wales with high visibility.
      240 S 1St St, Lake Wales, FL 33853
      View Details
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    603 Scenic Hwy
    Lake Wales, FL 33853-3205
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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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