$475,000

1421 Commercial Park Drive

LAKELAND FL, 33801

Description

FULLY RENTED AND PRICED TO SELL at approximately 8% CAP RATE, this commercial building has 6 suites which are currently divided into four functioning sites and long term lessee for outdoor billboard. Want six separate units? With a small remodel each of 6 units would have 2 exit doors and a 1/2 bath. Currently, 2 remodeled suites just rented for $1200 with 2 year lease and 2, 2 year renewal w/ 3% escalation clause. Owner knows rents are low and has two long-term tenants at lower than market rate, and recently leased unit 4 for $800 for one year, discounted for friend. Even with the reduced rents, this excellent building is at an excellentcap rate, and has potential for being much greater: run the numbers! 5 AC units, 2 which are newer. Roof approx 10-12 years old. Plenty of parking and has extra space that has been rented out. Owners suites (5 & 6) are pristine with LVP flooring and attractive new carpet, 2 baths, reception area and office, executive office, class room or large workroom with separate entry, 2 storage rooms and another small office/utilities area. Suite 1 has been leased about 2 years; Suite 2 & 3 has been leased to same client for approx 6 years and leases suite 3 for reduced amount to use as storage. Bill board has separate meter, as does Suite 2, and rents for $775 per month (very long term) but landlord pays electric and water, excluding the billboard. Total yearly rents: $52,500; estimate of total expenses: $14,555. Don't move slow on this one! With lower price and new leases, this one is ripe!

Details

MLS#T3282038
Listing TypeFor Sale
Sub-TypeResale
StatusPending
Year1973
Days On Site126

Features

SQ Feet5,355
Story(s)1
ZoningO-1
Acreage0.38
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Area Information
StateFL
CountyPolk
CityLAKELAND
Zip Code33801
Area33801 - Lakeland
Listing VS Median (in 33801)
Price:
$475,000
low | high
Med:
$168,950
100% of Average
SqFt:
5,355
low | high
Med:
1,624
100% of Average
$ / SqFt:
$89
low | high
Med:
$108
28.482721699035% of Average
On Site:
126
low | high
Med:
181.5
69.421487603306% of Average
Sourced by Back At You
Listing Updated: April 23, 2021 3:28:41 PM PDT
Matthew Walsh LogoMLS Number: T3282038
Listing Provided By:
Matthew Walsh  of  FUTURE HOME REALTY INC

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