3970 US Hwy 98 N, Lakeland, FL 33809 For Sale

Investments Highlights | Value-Add NNN Retail Opportunity

AdviseCRE is pleased to present a compelling value add opportunity to acquire the 100% fee simple interest in 3970 US Highway 98 N in Lakeland, Florida, a ±8,319 SF, 100% leased multi-tenant NNN retail outparcel positioned along one of Central Florida’s most dominant retail corridors. The Property is leased to a strong mix of nationally recognized tenants, including Mattress Firm, Verizon Wireless, and Gold Leaf, providing stable, diversified in-place cash flow backed by corporate credit tenancy. Anchored by long tenured operators with 20+ years of occupancy, the asset offers durable income with a weighted average lease term of approximately 4.0 years and minimal landlord responsibility under a true triple-net structure.

The investment is defined by a clear and executable mark to market rent opportunity, solving to a ~6.7%+ cap rate within the near term. Mattress Firm and Verizon, representing approximately 87% of the GLA, have lease expirations in 2029 with in-place rents ranging from ~$31 to $39 PSF, materially below current market rents of ~$45 to $61 PSF along the corridor. This creates a highly visible path to NOI growth through renewal at higher economics, supported by strong tenant tenure and proven site performance. NOI is projected to increase from approximately $332,500 to $426,000+ (~15%+ upside), delivering a compelling combination of current yield and embedded appreciation without requiring meaningful capital investment.

Strategically located along US Highway 98 (62,000+ VPD) with immediate proximity to Lakeland Square Mall (1M+ SF), the Property benefits from exceptional visibility, access, and positioning within a high-performing retail trade area along the I 4 corridor between Tampa and Orlando. The surrounding market continues to experience strong population growth and sustained retail demand, reinforcing long-term leasing durability. This offering presents a rare opportunity to acquire a stabilized NNN asset with institutional tenancy, predictable cash flow, and a clearly defined path to income growth over a 3–5 year hold.