608 Ingraham AveHaines City, FL 33844

Property Details for 608 Ingraham Ave

Year built

1920

Lot size

0.09 AC

Property size (Sq ft)

6,150 SF

Zone code

CBD

Property type

Office properties

Property subtype

Office buildings

APN

272729783000068060

APU

272729783000068060

Description

This fully leased, 6,150 sq ft Class C medical/executive office building in Haines City, Florida's vibrant downtown (608 Ingraham Ave, 33844) presents a compelling investment opportunity. The property, built in 1920 and renovated in 2016, boasts two units currently occupied at 100% occupancy under a modified lease structure. The primary tenant, MedFlorida, recently signed a five-year lease commencing August 22, 2022, and expiring August 31, 2027, leaving 2.8 years remaining. The second tenant, Haines City Economic Council, also enjoys a lease with renewal options. The building features a new roof (first floor) and recently replaced HVAC units (two units). The upstairs unit includes new carpet and fresh paint. The property sits on a 4,138 sq ft lot in a CBD zoning area, offering significant potential for future value appreciation. The current NOI is $73,429, with a pro-forma NOI of $77,700, resulting in a current cap rate of 9.24% and a pro-forma cap rate of 9.77%. The asking price is $795,000 ($129.27/sq ft, $397,500/unit). Lease terms stipulate tenant contributions to property and sales taxes, with the landlord responsible for exterior maintenance, main sewer/plumbing, and HVAC repairs. Interior maintenance is the tenant's responsibility. The building offers convenient access to city amenities, including the library and other city facilities, shopping, and medical services. This property is a strong cash-flow generator in a high-demand location experiencing significant population growth and substantial nearby investment in retail, residential, hospitality, and industrial sectors. The sale is structured as a fee simple ownership and is suitable for a 1031 exchange.

• CAP approach

  CAP return

  Valuation

  6%

  $1,797,430

  6.5%

  $1,659,166

  7%

  $1,540,654

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,260,768

  Geo Method

  $965,734

• Alternative Use

  Use

  Valuation

  Residential

  $2,057,366

  Hospitality

  $1,884,536

  Educational

  $1,567,912

  Medical

  $1,621,835

  Retail

  $2,438,974

Location Insight

City

Haines City

County

Polk

State

Florida

Latitude

28.1098

Longitude

-81.6264

CBSA code

29460

CBSA name

LAKELAND, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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