819 Florida AveLakeland, FL 33801

Property Details for 819 Florida Ave

Year built

1925

Lot size

0.16 AC

Property size (Sq ft)

4,900 SF

Zone code

C-2

Property type

Retail properties

Property subtype

Retail space

APN

242818203000017052

APU

242818203000017052

Description

This exceptional 1.5-acre redevelopment opportunity in Lakeland, Florida, presents a compelling investment prospect. Located at 819 N Florida Ave, this property encompasses four existing buildings totaling 16,718 square feet, currently 100% occupied by four tenants on month-to-month leases, generating marginal income. The site also includes eight vacant lots, offering significant potential for expansion and increased revenue. The property boasts prominent frontage on North Florida Ave, Parker Street, and Tennessee Ave, with approximately 300, 140, and 200 feet of frontage, respectively. A shared city parking lot provides ample parking for tenants and customers. This prime corner location benefits from its proximity to Downtown Lakeland and is situated within the Midtown Lakeland Community Redevelopment Area (CRA), potentially offering tax incentives. The surrounding area is experiencing substantial growth, with recent developments including The Well (coworking space), The Yard on Mass, Haus 820 (event venue), and the new Mirrorton Apartments. The property is zoned MCC (mixed commercial corridor) by the City of Lakeland. The asking price is $2,000,000, translating to $119.63 per square foot. The property's APN numbers are 24-28-18-203000-017082, 017081, 017030, 017042, 017041, 017010, 017072, and 017052. This presents a unique chance to capitalize on the burgeoning Lakeland market and create substantial value through redevelopment and improved leasing strategies.

• CAP approach

  CAP return

  Valuation

  6%

  $1,487,085

  6.5%

  $1,372,694

  7%

  $1,274,644

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,255,115

  Geo Method

  $2,255,115

• Alternative Use

  Use

  Valuation

  Residential

  $1,157,918

  Hospitality

  $1,060,647

  Educational

  $882,446

  Medical

  $912,795

  Retail

  $1,372,694

Location Insight

City

Lakeland

County

Polk

State

Florida

Latitude

28.0518

Longitude

-81.957

CBSA code

29460

CBSA name

LAKELAND, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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