Listing by: Fran Williams, COLDWELL BANKER REALTY

0 Beds

0 Bath

5,355 SqFt

Active

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!

Property Details
Price $474,000
Total Baths 0
Lot Size 111.4x130
Lot Size Area 16570
Acres 0.38
Property Type Commercial
Sub Type Office
Stories 1
Year Built 1973
Subdivision COMMERCIAL PARK SOUTH
Roof Shingle
Heating Central,Electric,Zoned
Foundation Slab
Accessibility Accessible Approach with Ramp
Lot Description In City Limits
Parking Description 13 to 18 Spaces
Geographic Data
Directions South on Bartow Hwy, left on Crystal Lake Dr N, right on Commercial Park Dr, second building on the right.
County Polk
Latitude 28.025271
Longitude -81.925572
Market Area 33801 - Lakeland
Address Information
Address 1421 COMMERCIAL PARK DRIVE, LAKELAND, FL 33801
Postal Code 33801
City LAKELAND
State FL
Country United States
Listing Information
Listing Office COLDWELL BANKER REALTY
Listing Office Phone 863-687-2233
Listing Agent Fran Williams
Listing Agent Phone 863-738-2102
Virtual Tour URL https://youtu.be/EEY0rGc1rSY
MLS® Information
Days on market 118
MLS® Status Active
Listing Date Feb 27, 2020
Listing Last Modified Jun 24, 2020
Tax ID 24-28-29-248150-000230
Tax Year 2019
Tax Annual Amount 5105
MLS® Area 33801 - Lakeland
MLS® # L4914263

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