For Sale
$9,950,000

650 State Road 60Lake Wales, FL 33853

100,000 SF Shopping Center, 7.35% Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional 100,806-square-foot shopping center in Lake Wales, Florida, presents a compelling investment opportunity. The property, situated on a 14.698-acre parcel at 650 State Road 60 (zip code 33853), boasts a strong tenant roster including a Save-A-Lot anchor tenant since 1998, the Polk County Tax Collector, and a mix of regional and medical tenants. Currently 84% occupied with 11 tenants across 19 units, the center offers significant upside potential through lease-up of vacant spaces, below-market rent increases, and the development of additional outparcels. The property features a single, one-story building constructed in 1979, providing ample parking (4.3 spaces per 1,000 square feet). With a Net Operating Income (NOI) of $731,236 and an asking price of $9,950,000 ($98.70 per square foot), this stabilized investment offers a 7.35% cap rate. The property benefits from high visibility and accessibility, with direct frontage and monument signage along State Road 60 (AADT 28,000) and multiple access points. Its location near the US 27 ramp (AADT 42,500) further enhances its strategic position. This fee-simple ownership opportunity is priced substantially below replacement cost, making it an attractive addition to any portfolio. The property is a NNN lease type.

Highlights

  • 100,806 square foot shopping center on a 14.698-acre parcel, 84% occupied.
  • Save-A-Lot anchored plaza, strong anchor tenant since 1998.
  • Diverse tenant mix including Polk County Tax Collector, regional, and medical tenants.
  • Value-add opportunity through lease-up, rent increases, and outparcel development.
  • Priced substantially below replacement cost at $98 per square foot.
  • High visibility with direct frontage and monument signage on State Road 60 (AADT 28,000), multiple access points.

Property Details for 650 State Road 60

Property type
Lifestyle centers, Power centers
Square Feet
100,806 SF
Year Built
1979
Buildings
1
Stories
1
Lot Size (sq. ft)
640,244,880 SF
Units
19

Location Insight

City
Lake Wales
County
Polk
State
Florida
Latitude
27.900121232394
Longitude
-81.603964474501
650 State Road 60, Lake Wales, Florida

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650 State Road 60
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