230 N KENTUCKY AVENUE, LAKELAND FL 33801,LAKELAND,Polk

Property Description

The Sommer building, an historic 4-story building in the heart of one of the country’s fastest growing markets, offers an investor a unique, fully complete turn-key investment for their portfolio. A 6.15% cap rate on this property, under our conservative proforma, is based on current income & expenses projected forward for the new owner. With year one NOI projected at over $275,000, with the potential to be increased in coming years as given its proximity to Tampa, Orlando and all that Florida has to offer. With over 1,000 people per day moving into Florida and its very favorable tax environment. There are over 10,000,000 people within a 100-mile radius of Lakeland. Current owner will accept a leaseback the residential portion of the property for one year after closing, and the first floor retail tenant has a long-term in-place lease. Event space on second floor offers a host of income potential and has been underutilized (due to Covid) in the past. Multiple local restaurateurs could manage the space, or an owner could handle in-house with ease. There is no other comparable building in Polk county that offers this unique mixed use potential for an investor. Fully renovated in 2016, this property features a 4-stop elevator retail, ground floor, income space currently occupied by a boutique gift shop that has been in place for five plus years (15 yrs overall). Second floor is an event venue complete with caterer’s kitchen, ample storage, private elevator access and private bridal suite. The residential portion of this property is spread across three levels and no expense was spared in its development. The residential portion includes a three-car garage on the ground floor with private alley access; third floor living space with four bedrooms, monster kitchen and 4.5 baths; and fourth floor is 1300+ sf outdoor roof top deck and small interior entertainment space, all connected by both elevator and stairwell access. The first three story building constructed in downtown Lakeland, Florida, Circa 1920. Originally, the first floor operated as a furniture store, and the second and third floors provided boarding accommodations to travelers Passing through Lakeland. In 2014 it was known as the Peacock Building, with two well-known antique furniture and glass vendors on the first floor. The Second and third floors were annexed on the county real property tax role as they were structurally unsound. Construction began in mid 2014 with the removal of the original slab, interior walls, floors and roof. The project was completed in March of 2017. Every Component of the building was brought to current (2017) building codes, including life safety, structural, mechanical (hvac), electric and plumbing systems, a four-stop traction elevator, fire sprinkler and fire alarm systems. Moreover, every effort was made to utilize high efficiency systems and environmentally sustainable products wherever possible. The finished Product is a new building constructed in the 100+ year-old box. Additional property specifications: Completed remodel 2017, New concrete slab & footers, Schindler 3300 traction four stop elevator, Steel & wood structure rebuilt inside original brick walls, Earthquake anchoring, Double hung, low-E, thermo-pane windows, Ten – new high efficiency HVAC units w/ roof mounted compressors, New 208v/3phase service to building, All ADA compliant, All electrical & plumbing completely new. (Detailed spec sheet & add’l info available upon request)