649 Wabash Ave Lakeland, FL 33815-1192
- Retail space
- 9,170 SF
- 1.16 lot acres
Current Use by Public Records
- Dollar General / General Store / Convenience Store
- Western Union / Money Transfer Service
Property Details for 649 Wabash Ave
- Year built
- 2004
- Lot size
- 1.16 lot acres
- Property size
- 9,170 SF
- Property type
- Retail space
- APN
- 232814078500006040
- APU
- 232814078500006040
Description
This exceptional investment opportunity presents a fee-simple, single-tenant Dollar General storefront in Lakeland, Florida. The 9,014 square foot building, constructed in 2004, sits on a 1.16-acre lot and boasts a 6.75% cap rate with a strong NOI of $86,602. The property enjoys a prime location on N Wabash Avenue (US Route 92), a major commercial corridor with high traffic counts (over 16,200 vehicles daily). The current lease, with Dollar General (investment-grade credit), expires July 30, 2029, offering 4.7 years remaining and two 5-year renewal options with attractive 7.5% rent increases. The lease is a double-net (NN) structure, minimizing landlord responsibilities (landlord responsible for roof and structure only). The property benefits from a strong demographic profile, with over 63,200 people within a 3-mile radius and an average household income exceeding $76,612. Nearby amenities include Publix Supermarkets corporate headquarters, Interstate 4, and Lakeland Regional Health Medical Center. This is a compelling investment opportunity due to the strong tenant, favorable lease terms, and excellent location within a thriving retail market. The property's strategic location, coupled with the tenant's financial strength and long-term commitment, makes this a low-risk, high-reward investment.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lakeland
- County
- Polk
- State
- Florida
- Longitude
- -81.9896
- Latitude
- 28.0492
- CBSA code
- 29460
- CBSA name
- LAKELAND, FL METROPOLITAN STATISTICAL AREA
