230 N. Kentucky Avenue, Lakeland, Florida 33801
SALE/LEASEBACK INVESTMENT OPPORTUNITY
Property: This is a mixed-use property located in the CBD of Lakeland, Florida – one of the hottest real estate markets in the country. The four-story property features a retail, ground floor, income space currently occupied by a boutique gift shop that has been in place for five plus years. Second floor is an event venue complete with caterer’s kitchen, ample storage, private elevator access and private bridal suite. The residential portion of this property is spread across three levels and no expense was spared in its development (detail list available upon request). The residential portion includes a three-car garage on the ground floor with private alley access; third floor living space with four bedrooms, monster kitchen and 4.5 baths; and fourth floor 1300+ sf outdoor roof top deck and small interior lounge space. All spaces are connected by both elevator and stairwell access.
The Sommer building offers an investor a unique, complete turn-key investment for their portfolio. A 6.15% cap rate on this property, under our conservative proforma (available upon request), is based on current income and expenses projected forward for the new owner. With year one NOI projected at over $275,000, we feel that could be increased in coming years as this location is central to Tampa, Orlando and all that Florida has to offer. With over 1,000 people per day moving into Florida and its very favorable tax environment, investors from across the country are seeking opportunities such as this in our great state. There are over 10,000,000 people within a 100-mile radius of Lakeland.
Current owner will leaseback the residential portion of the property for one year after closing, and the first floor tenant is in a long-term, retail user with an in-place lease. Event space on second floor offers a host of income potential and has been underutilized as such in the past. Multiple local restaurateurs could manage the space, or an owner could handle in-house with ease.
There is no other comparable building in Polk county that offers this mixed use potential for an investor.
Sale Price: $4,295,000
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