Office/Retail On High Traffic US 98 North | 5508 US Highway 98
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Office/Retail On High Traffic US 98 North 5508 US Highway 98
1,880 SF Vacant Office Building Lakeland, FL 33809 $495,000 ($263/SF)
Investment Highlights
- Office / Retail Property on Busy US 98 North in Lakeland, FL 1,880 split into two sides-1200 SF & 660 SF, the latter occupied by a long term tenant.
- Current rent for tenant at $850 per month, or $15.45 PSF. Month to month, with 60 day out clause for both parties.
- Property taxes - $3,150, Insurance $5,000. 2 water meter and 3 electric meters available. FGUA water services and septic tank.
- The 1,200 SF side of the property is owner occupied. This 660 SF tenant portion of the property could be split into two units in the future.
- Market rents $22-$24 PSF. Investor option could potentially derive $43,240 in rent.
- 8 parking spaces, 4 off the US 98 entrance and 4 in the rear of the building. 54,000 AADT.
Executive Summary
Super location and solid building for owner/user or investor on busy US 98 North. This is an 1,880 SF well maintained, block constructed property, split into two sides, with a covered breezeway in between, on .16 acres. The zoning classification is C-2, City of Lakeland.
The primary side comprises a professional office with wide open general space, and a centrally located conference/meeting room, a storage room, with one bathroom in the rear.
The other side of the building is a long term tenant who runs an alteration and fashion business. Current rent is $850 per month or $15.45 PSF. This space is 660 SF and has two bathrooms. There is a 60 day out clause for either party. Current market rents are $20-$22 PSF.
4 parking spaces in the front of the property and 4 spaces in the rear, which can be accessed from US 98 or from alleyway on Gibsonia Galloway Road. Excellent signage available.
The primary side comprises a professional office with wide open general space, and a centrally located conference/meeting room, a storage room, with one bathroom in the rear.
The other side of the building is a long term tenant who runs an alteration and fashion business. Current rent is $850 per month or $15.45 PSF. This space is 660 SF and has two bathrooms. There is a 60 day out clause for either party. Current market rents are $20-$22 PSF.
4 parking spaces in the front of the property and 4 spaces in the rear, which can be accessed from US 98 or from alleyway on Gibsonia Galloway Road. Excellent signage available.
Property Facts Under Contract
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Building Size
1,880 SF
Building Class
B
Year Built
1978
Price
$495,000
Price Per SF
$263
Percent Leased
Vacant
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
1,880 SF
Building FAR
0.27
Land Acres
0.16 AC
Zoning
C-2 - C-2, City of Lakeland
Parking
8 Spaces (4.26 Spaces per 1,000 SF Leased)
Amenities
- Signage
- Central Heating
- Air Conditioning
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PROPERTY TAXES
| Parcel Number | 23-27-23-008000-000770 | Improvements Assessment | $120,065 |
| Land Assessment | $52,747 | Total Assessment | $172,812 |
PROPERTY TAXES
Parcel Number
23-27-23-008000-000770
Land Assessment
$52,747
Improvements Assessment
$120,065
Total Assessment
$172,812
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Craig Morby -
Eric Ammon -
SVN | Saunders Ralston Dantzler Real Estate
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Office/Retail On High Traffic US 98 North | 5508 US Highway 98
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