650 State Road 60Lake Wales, FL 33853

Property Details for 650 State Road 60

Year built

1979

Lot size

14,698.00 AC

Property size (Sq ft)

100,806 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

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.

Location Insight

City

Lake Wales

County

Polk

State

Florida

Latitude

27.9001

Longitude

-81.604

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