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 Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1973 |
| Days On Site | 52 |
Features
| SQ Feet | 5,355 |
|---|---|
| Story(s) | 1 |
| Zoning | O-1 |
| Acreage | 0.38 |
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| Area Information | |
|---|---|
| State | FL |
| County | Polk |
| City | LAKELAND |
| Zip Code | 33801 |
| Area | 33801 - Lakeland |
| Listing VS Median (in 33801) | |
Price: $475,000 low | high Med: $174,900 SqFt: 5,355 low | high Med: 1,198 $ / SqFt: $89 low | high Med: $149 On Site: 52 low | high Med: 45.500000 | |
MLS Number: T3282038Listing Provided By:
Matthew Walsh of FUTURE HOME REALTY INC