321 Peachtree StLakeland, FL 33815

Property Details for 321 Peachtree St

Year built

1930

Lot size

1.58 AC

Property size (Sq ft)

6,160 SF

Property type

Healthcare properties

Property subtype

Assisted living facilities

APN

232813063000014100

APU

232813063000014100

Description

This exceptional Class A, 90-unit apartment building redevelopment opportunity in downtown Lakeland, Florida, presents a compelling investment proposition. Located on a 1.6-acre site (APN: 23-28-13-063000-014100) at 321 W Peachtree St, 33815, this fully permitted project boasts a four-story building with a mix of one- and two-bedroom units averaging 826 square feet. The design includes a two-tier parking deck and a secondary structure adjacent to a resort-style pool. The project offers approximately 75,000 square feet of net rentable residential space and 10,000 square feet of common area, featuring high-end finishes such as quartz countertops, stainless steel appliances, and wood-style plank flooring. Its strategic location within Lakeland's core development area provides exemption from numerous impact fees, and the city has approved significant financial incentives. These include a 75% property tax reimbursement for five years via tax increment financing and a $775,000 grant for construction cost reimbursement. The projected cap rate at stabilization is 7-7.5%, exceeding the current market rate by 200 basis points. The estimated construction timeline is 16 months, with stabilization expected within four months. Furthermore, the project's location in a Qualified Opportunity Zone (QOZ) allows for capital gains tax deferral until December 31, 2026, through a Qualified Opportunity Fund (QOF). The development is situated near Lake Wire, Freedom Park, and the upcoming Bonnet Springs Park, a large mixed-use development. First-floor units offer direct exterior access, enhancing walkability and connectivity to downtown attractions. The project has been meticulously designed by experienced professionals.

• CAP approach

  CAP return

  Valuation

  6%

  $1,243,139

  6.5%

  $1,147,513

  7%

  $1,065,548

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,293,751

  Geo Method

  $1,293,751

• Alternative Use

  Use

  Valuation

  Residential

  $1,455,669

  Hospitality

  $1,333,385

  Educational

  $1,109,360

  Medical

  $1,147,513

  Retail

  $1,725,672

Location Insight

City

Lakeland

County

Polk

State

Florida

Latitude

28.049

Longitude

-81.9598

CBSA code

29460

CBSA name

LAKELAND, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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