Lakeland, FL 33801,1421 COMMERCIAL PARK DR
Lakeland, FL 33801,1421 COMMERCIAL PARK DR
Lakeland, FL 33801,1421 COMMERCIAL PARK DR
Lakeland, FL 33801,1421 COMMERCIAL PARK DR
Lakeland, FL 33801,1421 COMMERCIAL PARK DR
Lakeland, FL 33801,1421 COMMERCIAL PARK DR
See all 38 photos

$455,000

$430,000

5.8%
Est.Price: ?

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Est. payment /mo

5,355 SqFt


SOLD DATE : 12/27/2021

Key Details

Sold Price $455,000

Property Type Commercial

Sub Type Office

Listing Status Sold

Purchase Type For Sale

Square Footage 5,355 sqft

Price per Sqft $84

Subdivision Commercial Park South

MLS Listing ID T3282038

Sold Date 12/27/21

Construction Status Inspections

HOA Y/N No

Year Built 1973

Annual Tax Amount $5,105

Lot Size 0.380 Acres

Acres 0.38

Lot Dimensions 111.4x130

Property Description

FULLY RENTED AND PRICED TO SELL at approximately 8% CAP RATE, this commercial building has 6 suites which are currently divided into four functioning sites. Want six separate units? With a small remodel each of 6 units would have 2 exit doors and a 1/2 bath. Currently, 2 remodeled suites just rented for $1200 with 2 year lease and 2, 2 year renewal w/ 3% escalation clause. Owner knows rents are low and has two long-term tenants at lower than market rate, and recently leased unit 4 for $800 for one year, discounted for friend. Even with the reduced rents, this excellent building is at an excellent cap rate, and has potential for being much greater: run the numbers! 5 AC units, 2 which are newer. Roof approx 12-15 years old. Plenty of parking and has extra space that has been rented out. Owners suites (5 & 6) are pristine with LVP flooring and attractive new carpet, 2 baths, reception area and office, executive office, class room or large workroom with separate entry, 2 storage rooms and another small office/utilities area. Suite 1 has been leased about 2 years; Suite 2 & 3 has been leased to same client for approx 6 years and leases suite 3 for reduced amount to use as storage. Bill board has separate meter, as does Suite 2, and rents for $775 per month (very long term) but landlord pays electric and water, Total yearly rents: $52,500; estimate of total expenses: $14,555. Don't move slow on this one! With lower price and new leases, this one is ripe!

Location

State FL

County Polk

Community Commercial Park South

Zoning O-1

Interior

Heating Central, Zoned

Cooling Central Air, Zoned

Flooring Carpet, Linoleum

Exterior

Parking Features Parking Spaces - 13 to 18

Utilities Available Electricity Available, Phone Available

Roof Type Shingle

Building

Story 1

Entry Level One

Foundation Slab

Lot Size Range 1/4 to less than 1/2

Sewer Public Sewer

Structure Type Brick

New Construction false

Construction Status Inspections

Others

Ownership Sole Proprietor

Acceptable Financing Cash, Conventional, Trade, FHA, Lease Option, Lease Purchase, Other

Listing Terms Cash, Conventional, Trade, FHA, Lease Option, Lease Purchase, Other

Special Listing Condition None

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Stellar MLS
Listed by FUTURE HOME REALTY INC
Bought with GAVIN REALTY INC.
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