425 Central AveLakeland, FL 33815

Property Details for 425 Central Ave

Year built

1979

Lot size

0.55 AC

Property size (Sq ft)

6,564 SF

Zone code

C-2

Property type

Retail properties

Property subtype

Grocery and convenience stores

APN

232823108700007011

APU

232823108700007011

Description

This exceptional investment opportunity presents a 6,564 square foot Class A shopping center located at 425 S Central Ave, Lakeland, FL 33815. The property, situated on a 0.55-acre lot, consists of a single-story building constructed in 1979 and extensively renovated in 2023. Currently operating at 83% occupancy with two tenants, including a gas station and convenience store, the property boasts four gas pumps under a large canopy, ample parking, and excellent street frontage with dual points of entry and exit. The current Net Operating Income (NOI) is $81,000, with a pro-forma NOI projected at $125,000. The property features four units and is zoned 1174. The existing gas station and convenience store provide a stable income stream, while the vacant space offers significant potential for additional rental income or owner-user occupancy. The property benefits from its corner location in a high-demand area surrounded by residential neighborhoods, warehouses, and other thriving businesses. State funding is currently being processed to address existing property issues. This is a multi-tenant, gross lease property with an occupancy date of July 30, 1995. The property's strong location and potential for increased NOI make it an attractive investment for both seasoned and new investors. The APN is 23-28-23-108700-007011.

• CAP approach

  CAP return

  Valuation

  6%

  $1,992,086

  6.5%

  $1,838,849

  7%

  $1,707,503

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,020,934

  Geo Method

  $3,020,934

• Alternative Use

  Use

  Valuation

  Residential

  $1,551,138

  Hospitality

  $1,420,834

  Educational

  $1,182,117

  Medical

  $1,222,772

  Retail

  $1,838,849

Location Insight

City

Lakeland

County

Polk

State

Florida

Latitude

28.0396

Longitude

-81.9739

CBSA code

29460

CBSA name

LAKELAND, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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