Stabilized Downtown Lakeland Investment Property
Retail | 5.00% CAP | 4,200 SqFt
Marketing description
We are pleased to present this exceptional opportunity to own a fully stabilized retail investment property in the heart of downtown Lakeland, Florida. This 4,200 SF building is divided into two separately leased units, providing immediate, stable cash flow with long-term, well-established tenants.
The property is zoned C-7, allowing for a wide variety of commercial uses, including retail, restaurant, entertainment, and office. The two tenants have occupied the property for more than 15 years, demonstrating the strength of the location and the stability of the investment. One tenant operates a successful family-oriented dance studio, while the other is a popular nightlife destination.
The property has 5 designated parking spaces in the rear of the building.
Located on Kentucky Avenue, Lakeland's premier retail and entertainment corridor, the property benefits from outstanding visibility, strong pedestrian traffic, and close proximity to Munn Park, City Hall, Bonnet Springs Park, Florida Southern College, The Joinery, RP Funding Center, hotels, an ever-growing restaurant scene, breweries, and numerous local retailers.
Whether you're seeking a stable, passive investment or a strategic acquisition in one of Central Florida's most vibrant downtown districts, this property represents an outstanding opportunity.
Lakeland is located between Tampa and Orlando on the I-4 corridor and is a growing City within one of the fastest-growing counties in the US. The corridor has in excess of 8 million residents. The I-4 interchanges in Lakeland see 100,000 ± vehicles per day.
Location Description
Located in the heart of Lakeland, FL, the area surrounding the property is a vibrant hub for retail and street retail investments. With its charming historic downtown, lively local eateries, and upscale shopping, the location offers a dynamic environment for businesses to thrive. Nearby points of interest include the renowned Polk Museum of Art, the popular Lakeland Square Mall, and the picturesque Lake Mirror Promenade. This prime location provides an attractive mix of foot traffic and high visibility, making it an excellent opportunity for retail investors seeking a bustling and well-connected setting to establish their business.
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Investment highlights
- Prime downtown location, zoned C-7, City of Lakeland. Uses abound in this zoning classification, but include retail, office and restaurant
- 5 designated parking spaces in the rear of the property
- 100% leased with established tenants with each of 15+ years and stable income. 3% annual increases
- Current annual income - $69,034
- This is very close to a NNN arrangement. Owner pays property taxes, and insurance. TENANT RESPONSIBLE FOR - HVAC, plumbing electrical, and interior maintenance
- Just Dance is a family oriented business, with an strong track record. This space is fairly wide open, with a combination of laminate and tile floors and one bathroom. Current rent for Just Dance is $31,857 per year with 3% annual increases. Lease expires 10/31/26. Tenant does have options
- Hookah Palace is a long established nightlife destination with a loyal customer base and consistent downtown presence. The space has a DJ booth, private seating area, a common area bar, kitchen/pantry area and two well appointed bathrooms. Current rent is $37,177 with 3% annual increases. Lease expires 3/31/2029
- Landlord expenses include property taxes at $5,109 per year, insurance at $2,851
- Roof Re-Sealed in August 2023. Paperwork available
- Utilities all with Lakeland Electric
- The owner does not have a survey on hand
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