649 Wabash Ave Lakeland, FL 33815-1192
Property profile & analytics
649 Wabash Ave Lakeland, FL 33815-1192
- Retail space
- 9,170 SF
- 1.16 lot acres
Property ID
US18-6012047
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.
Location Intelligence
Current Use by Public Records
- Dollar General / Grocery & Convenience Store
- Western Union / Bank / Credit Union
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 Estimations
based on Realmo’s proprietary methodology
-
CAP approach
- CAP Return
- Estimation
- 6%
- $1,715,000
- 6.5%
- $1,585,000
- 7%
- $1,470,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $2,082,000
- AI Estimate
- $1,035,000
Market price range: $889k - $2.71MMarket price range: $334k - $1.39M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $1,705,000 Current use
- COMMERCIAL (GENERAL)
- $2,370,000 Change: +39% Conversion: Easy
- AUTO REPAIR, GARAGE
- $2,270,000 Change: +33% Conversion: Difficult
- MEDICAL BUILDING
- $2,250,000 Change: +32% Conversion: Difficult
- NEIGHBORHOOD: SHOPPING CENTER
- $1,680,000 Change: -1% Conversion: Moderate
Get a detailed, property-specific estimation — fast and free
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
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
$13,969
$158,688
$618,462
$777,150
-
$158,688
$618,462
$777,150
