6906 Us Highway 98Lakeland, FL 33809

Property Details for 6906 Us Highway 98

Year built

1985

Lot size

0.66 AC

Property size (Sq ft)

2,112 SF

Zone code

C-3

Property type

Retail space

APN

232714000000022140

APU

232714000000022140

Description

This exceptional Lakeland, FL investment property, located at 6906 US Hwy 98 N, presents a compelling opportunity. The property consists of two single-story, 8,500 square foot retail buildings constructed in 1985, situated on a 0.66-acre lot (APN: 23-27-14-000000-022140). Currently boasting 100% occupancy with a stable multi-tenant profile, the property generates a strong NOI of $119,900, representing a 5.45% cap rate. The pro-forma NOI is projected at $140,900, indicating a potential 6.40% cap rate. The property features a modified gross lease structure with varying lease terms, offering potential for future rent increases. The buildings combine retail space in the front with warehouse space in the rear, catering to a diverse tenant base. Zoned Commercial - LCC, this prime location on US Highway 98 in Polk County (zip code 33809) offers excellent visibility and accessibility. The asking price is $2,200,000, translating to $258.82 per square foot. This stabilized investment presents a strong return with significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $640,964

  6.5%

  $591,659

  7%

  $549,398

• Comparable approach

  Method

  Valuation

  Relative Method

  $972,001

  Geo Method

  $972,001

• Alternative Use

  Use

  Valuation

  Residential

  $499,086

  Hospitality

  $457,160

  Educational

  $380,352

  Medical

  $393,433

  Retail

  $591,659

Location Insight

City

Lakeland

County

Polk

State

Florida

Latitude

28.1307

Longitude

-81.9744

CBSA code

29460

CBSA name

LAKELAND, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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