5600 US Hwy. 98 North, Lakeland, Florida 33810
Property: The Blair Center is a 7,400 sf office building, built in 1989. The interior was originally designed for eight independent units, but is currently configured as five. The building sits on .58 of an acre, with excellent exposure to 98 N. Roof was replaced in 2004, the water is public and the waste is on-site septic. Retention is underground vaulted, allowing for a 3.15 parking ratio on this small lot. Lakeland Electric is the utility provider. Property has two current tenants, occupying appx 25% of the property. Large monument sign allows for excellent visibility for tenants. Perfect for an owner occupant who wants rental income. North Lakeland has always been limited on office space, and this property has upside potential, as it has been under managed, and an increase rental rates is needed to get to market. All included proforma material are projections for a new owner.
Location: Site is located just two miles north of I-4, on busy US Hwy 98 N, which is a fix lane road in this area. There are over 41,500 VPD passing this site. Site is level and high. Easy access with right in/right out. Rear parking area is stabilized, but not paved. The population of the Lakeland-Winter Haven MSA, which includes all of Polk County, has grown by 33.4% since 2000 reaching a population of approximately 645,000 people. The population is projected to continue growing at an annual rate of 1.5% over the next five years as the area continues to gain ground as a key transport and logistics hub for Florida. The City of Lakeland is located in the Lakeland-Winter Haven MSA, which incorporates all of Polk County, the 8th largest county in Florida. Lakeland is 32 miles east of Tampa, the 18th largest MSA in the US, and 54 miles from Orlando, the 26th largest MSA in the US. Incorporated in 1885, Lakeland is the largest city in the MSA with just over 100,000 residents. Lakeland is strategically positioned in the heart of the I-4 corridor “SuperRegion”, which is comprised of Lakeland-Winter Haven MSA, Tampa-St. Petersburg-Clearwater MSA, and Orlando MSA. Within a 100-mile radius reside 8.6 million people and a workforce of 3.4 million. Within the same 100-mile radius, Polk County has access to 500,000 students at three major research universities, numerous colleges, community colleges and technical schools. According to the BLA, in 2015, U.S. employment grew 2.0%. Among mid-sized metros, the highest percentage growth is found in Lakeland-FL (4.2%).
PRICE REDUCED: $595,000
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