608 Ingraham Ave Haines City, FL 33844-4330
- Office buildings
- 6,150 SF
- 0.09 lot acres
Current Use by Public Records
- Office buildings
Property Details for 608 Ingraham Ave
- Year built
- 1920
- Lot size
- 0.09 lot acres
- Property size
- 6,150 SF
- Zone code
- CBD
- Property type
- Office buildings
- APN
- 272729783000068060
- APU
- 272729783000068060
Description
This fully leased, 6,150 sq ft Class C medical/executive office building in Haines City, Florida's vibrant downtown (608 Ingraham Ave, 33844) presents a compelling investment opportunity. The property, built in 1920 and renovated in 2016, boasts two units currently occupied at 100% occupancy under a modified lease structure. The primary tenant, MedFlorida, recently signed a five-year lease commencing August 22, 2022, and expiring August 31, 2027, leaving 2.8 years remaining. The second tenant, Haines City Economic Council, also enjoys a lease with renewal options. The building features a new roof (first floor) and recently replaced HVAC units (two units). The upstairs unit includes new carpet and fresh paint. The property sits on a 4,138 sq ft lot in a CBD zoning area, offering significant potential for future value appreciation. The current NOI is $73,429, with a pro-forma NOI of $77,700, resulting in a current cap rate of 9.24% and a pro-forma cap rate of 9.77%. The asking price is $795,000 ($129.27/sq ft, $397,500/unit). Lease terms stipulate tenant contributions to property and sales taxes, with the landlord responsible for exterior maintenance, main sewer/plumbing, and HVAC repairs. Interior maintenance is the tenant's responsibility. The building offers convenient access to city amenities, including the library and other city facilities, shopping, and medical services. This property is a strong cash-flow generator in a high-demand location experiencing significant population growth and substantial nearby investment in retail, residential, hospitality, and industrial sectors. The sale is structured as a fee simple ownership and is suitable for a 1031 exchange.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $1,345,000
- 6.5%
- $1,240,000
- 7%
- $1,150,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $1,199,000
Market price range: $639k - $1.89M -
Alternative Use
- Use
- Estimation
- OFFICE BUILDING
- $2,000,000 Current use
- MEDICAL BUILDING
- $1,905,000 Change: -5% Conversion: Easy
- COMMERCIAL (GENERAL)
- $1,740,000 Change: -13% Conversion: Easy
Get a detailed, property-specific valuation — fast and free
Location Insight
- Map
- Local Demand
- City
- Haines City
- County
- Polk
- State
- Florida
- Longitude
- -81.6264
- Latitude
- 28.1098
- CBSA code
- 29460
- CBSA name
- LAKELAND, FL METROPOLITAN STATISTICAL AREA
