Lakeland Center – Lakeland, Florida

$2,223,122
Price
$138,945
Noi
6.25%
Cap Rate
6,000
Leasable Area
2015
Year Built

CONTACT US REGARDING THIS LISTING

Ben Schultz

Senior Director

ANDREW BENDER

Investment Advisor

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OFFERING MEMORANDUM

Fortis Net Lease is pleased to present this 6,000 SF 2 tenant retail building located in Lakeland, Florida. The current tenants are Sage Dental and Mariner Financial. Each tenant operates on a Double Net (NN) lease, leaving minimal landlord responsibility. Both tenants have options to renew with rental rate increases and Sage Dental has a 10% primary term increase at year 6. Mariner Financial is into their first option period, proving it’s commitment & success at this site. This building was newly constructed in 2015 and sits on some of the most valuable real estate in Lakeland.

This building is highly visible as it is strategically positioned on S. Florida Avenue which sees 41,000 cars per day, and is within walking distance of the Polk Parkway/I-4 corridor. The proximity to the parkway makes this building perfect for any logistical need as well as the traveling of clientele. Both tenants benefit from being near tenants such as Bit Lots, Staples, Salvation Army, Haverty’s Furniture, Wendy’s Jimmy John’s and more. There are two points of ingress and egress for added convenience. The population within 5 miles is 151,001 with an expected 11.33% growth. The average household income within one mile is $78,297. The consumer spending within 5 miles is $1.4 Billion! List price reflects a 6.25% based on an NOI of $138,945.10.

INVESTMENT HIGHLIGHTS
• Double Net (NN) Leases | Minimal Landlord Responsibility
• Tampa/St. Petersburg Market | Huge Growth Area
• Tenants Include Mariner Financial & Sage Dental (New Lease)
• 5 Mile Population 151,001 | Expected 11.33% Growth
• 1 Mile Household Income $78,297
• 41,000 Cars Per Day on S. Florida Avenue
• 5 Mile Consumer Spending $1.4 Billion
• ¼ Mile South of Polk Parkway | Seeing 39,700 VPD
• Property Sits Amid a Dense Stretch of National Retailers
• Great Access and Visibility Two Points of Ingress/Egress
• Prominent Pylon and Facade Signage

 

Instate Broker of Record: Michael Orden | Naples Real Estate Consultants | License #BK3224663