3106 State Road 60Lake Wales, FL 33898

Property Details for 3106 State Road 60

Year built

1955

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.21 AC

Property size (Sq ft)

1,296 SF

Zone code

C-3

Property type

Office properties

Property subtype

Office buildings

APN

283008941000002050

APU

283008941000002050

Description

This exceptional mixed-use investment opportunity in Lake Wales, Florida, presents a compelling prospect for immediate income generation. The property, situated on a 0.5-acre corner lot at 3106 E State Rd 60, boasts two buildings totaling 2,829 square feet. One building, a 1,008 square foot office/retail space, is currently utilized as a used car lot. The second building is a 1,821 square foot triplex, ensuring a consistent rental income stream. Both buildings are fully leased. The property features a paved parking lot, a fully fenced perimeter, prominent pylon signage, and benefits from high visibility due to its four-lane highway frontage and proximity to a gas station. Built in 1950 and 1955, the property is zoned LCC, offering considerable flexibility for future development and use. The location is highly advantageous, situated just off the busy Highway 60, a major thoroughfare connecting Tampa and Vero Beach, guaranteeing significant traffic exposure. Nearby amenities include Walmart, McDonald's, Winn-Dixie, Harbor Freight Tools, and Hillcrest Elementary School. The property's proximity to Lake Wales Country Club and popular tourist attractions like Bok Tower, Spook Hill, and Lake Aurora Christian Camp & Retreat Center further enhances its appeal. The asking price is $1,200,000, translating to $424.18 per square foot. Parcel numbers are 28-30-08-941000-002050 and 28-30-08-941000-002060. This is a turnkey investment ready for a new owner to capitalize on its strong income potential and prime location.

• CAP approach

  CAP return

  Valuation

  6%

  $378,775

  6.5%

  $349,639

  7%

  $324,665

• Comparable approach

  Method

  Valuation

  Relative Method

  $265,684

  Geo Method

  $203,511

• Alternative Use

  Use

  Valuation

  Residential

  $433,552

  Hospitality

  $397,132

  Educational

  $330,409

  Medical

  $341,772

  Retail

  $513,969

Location Insight

City

Lake Wales

County

Polk

State

Florida

Latitude

27.8941

Longitude

-81.5384

CBSA code

29460

CBSA name

LAKELAND, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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