HISTORIC DOWNTOWN LAKELAND MIXED USE PROPERTY | 230 N Kentucky Ave
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HISTORIC DOWNTOWN LAKELAND MIXED USE PROPERTY 230 N Kentucky Ave
12,535 SF 53% Leased Retail Building Lakeland, FL 33801 $4,250,000 ($339/SF) 4.88% Cap Rate
Investment Highlights
- Gorgeous historic downtown Lakeland property with long term triple net tenants and a private residence. N Kentucky Ave & Traders Alley.
- First floor - 2,500 SF in retail shop (Stationery Loft), includes 576 SF of shop storage area. The Tenant has 15+ years remaining on its 25 year NNN
- The 3rd and 4th floors - 5,835 SF total, which includes a 4 bedroom, 4.5 bath home, rooftop deck, she shed / man cave, common areas and 3 car garage.
- 12,535 SF / 4 floors / 4-stop elevator roof deck patio and kitchenette.
- The second floor - 4,200 SF (incl. common areas), with 4 bathrooms, and a NNN lease to a national real estate company - 11 years on the lease.
- Within a short walking distance of parks, restaurants, bars, theaters, salons, and breweries, and Farmer's Market, First Friday and numerous events.
Executive Summary
Unique opportunity to purchase this fully renovated (2017), historic, 12,535 SF freestanding mixed use building located in the center of downtown Lakeland's business and shopping district. This property is FULLY LEASED, with a well established retail store on the first floor, a nationally recognized firm on the 2nd floor, and residential tenant/owner on the third and fourth floors, who will consider a lease back. Long term triple net (NNN) leases are in place for the 1st and 2nd floors.
Not only does this property generate considerable income, it provides an exceptional living experience. The luxury residence includes a three car garage on street level and a 4th floor she shed/man cave with prep kitchen and rooftop deck with hot tub - the perfect place to entertain and watch special downtown event fireworks from Lake Mirror.
This is a remarkable opportunity to tap into one of the country's most desirable, fast growing communities.
Not only does this property generate considerable income, it provides an exceptional living experience. The luxury residence includes a three car garage on street level and a 4th floor she shed/man cave with prep kitchen and rooftop deck with hot tub - the perfect place to entertain and watch special downtown event fireworks from Lake Mirror.
This is a remarkable opportunity to tap into one of the country's most desirable, fast growing communities.
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
12,535 SF
Building Class
C
Year Built/Renovated
1920/2017
Price
$4,250,000
Price Per SF
$339
Cap Rate
4.88%
NOI
$207,595
Percent Leased
53%
Tenancy
Multiple
Building Height
4 Stories
Building FAR
2.88
Lot Size
0.10 AC
Opportunity Zone
Yes
Zoning
C-7 - C-7, City of Lakeland
Parking
3 Spaces (0.24 Spaces per 1,000 SF Leased)
Frontage
Amenities
- 24 Hour Access
- Security System
- Roof Terrace
- Storage Space
- Air Conditioning
Walk Score ®
Very Walkable (79)
Bike Score ®
Very Bikeable (79)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,275,308 | |
| Land Assessment | $177,657 | Total Assessment | $1,452,965 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$177,657
Improvements Assessment
$1,275,308
Total Assessment
$1,452,965
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HISTORIC DOWNTOWN LAKELAND MIXED USE PROPERTY | 230 N Kentucky Ave
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