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230 N Kentucky Avenue

Lakeland, FL 33801
  • $4,295,000
  • STATUS: Active
  • ON SITE: 28 Days
  • MLS #: L4933697
UPDATED: 5 min ago
$4,295,000
  • 4
    BEDS
  • 0.1
    ACRES
  • 4
    BATHS
  • 6
    1/2 BATHS
  • 12,548
    SQFT
  • $342
    $/SQFT
Neighborhood:
Type:
Single-Family Home
Built:
2017
County:
Area:

School Ratings & Info

Description

The Sommer building, an historic 4-story building in the heart of one of the countrys 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 caterers 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)

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© 2022 My Florida Regional MLS DBA Stellar MLS. All rights reserved. All listings displayed pursuant to IDX. All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified. Listing information is provided for consumers personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. Data last updated 2022-12-01T21:45:04.927.
www.teamgulfcoastrealty.com/homes/134483556
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230 N Kentucky Avenue Lakeland, FL 33801

  • Price: $4,295,000
  • Status: Active
  • On Site: 28 Days
  • Updated: 5 min ago
  • MLS #: L4933697
4
Beds
4
Baths
6
½ Baths
0.1
Acres
12,548
SQFT
$342
$/SQFT
2017
Built
Neighborhood:
Munns Survey
County:
Polk
Area:
Lakeland
Property Description
The Sommer building, an historic 4-story building in the heart of one of the countrys 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 caterers 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)
Exterior Features

Attached Garage Yn Yes Carport Yn No Construction Materials Brick Covered Spaces 3 Direction Faces East Exterior Features Balcony Fencing Vinyl Foundation Details Slab Garage Dimensions 26X26 Lot Features Historic DistrictCity LotNear Public TransitSidewalk Open Parking YN No Parking Features Ground Level Patio And Porch Features Patio Pool Private Yn No Road Surface Type Asphalt Roof Other View CityPark Water Access Yn No Water Body Name Lake Mirror Water Extras Yn No Water View Lake Water View Yn Yes Waterfront Feet Total 0 Waterfront Yn No

Interior Features

Additional Rooms Bonus RoomGreat RoomInside UtilityLoftStorage Rooms Appliances DishwasherDisposalElectric Water HeaterMicrowaveRangeRange HoodRefrigerator Cooling Central Air Cooling YN Yes Fireplace Yn No Flooring BambooCarpetCeramic Tile Heating Central Heating YN Yes Interior Features Built in FeaturesCeiling Fans(S)Eating Space In KitchenElevatorHigh Ceiling(S)Kitchen/Family Room ComboLiving Room/Dining Room ComboOpen FloorplanSolid Surface CountersWalk-In Closet(S)Window Treatments Laundry Features Inside Levels Three Or More Room Count 9 Rooms Bedroom 3 (En Suite Bathroom) Dining Room Office Bedroom 4 (En Suite Bathroom) Bedroom 2 (En Suite Bathroom) Kitchen Master Bedroom (En Suite Bathroom) Living Room Bonus Room Sewer Public Sewer Stories Total 4 Water Source Public Window Features BlindsInsulated Windows

Property Features

Association Approval Required Yn No Association Yn No Cdd Yn No Flood Zone Code X Garage Yn Yes Green Energy Efficient Hvac Homestead Yn No Lease Considered YN Yes Lease Restrictions YN No Listing Terms CashConventional Minimum Lease No Minimum New Construction Yn No Ownership Fee Simple Pets Allowed Yes Property Condition Completed Property Description Penthouse Property Sub Type Single Family Residence Realtor Info No Sign Security Features Fire AlarmFire Sprinkler SystemKey Card EntrySecured Garage/ParkingSecurity LightsSecurity SystemSecurity System OwnedSmoke Detector(S) Senior Community Yn No Special Listing Conditions None Tax Annual Amount 14540 Total Annual Fees 0 Total Monthly Fees 0 Utilities Bb/Hs Internet AvailableCable AvailableCable ConnectedElectricity AvailableElectricity ConnectedNatural Gas AvailableNatural Gas ConnectedStreet LightsWater Connected Yrs Of Owner Prior To Leasing Re No Zoning C-7


Listing information © 2022 My Florida Regional MLS DBA Stellar MLS..
Listing provided courtesy of Bhhs Florida Properties Group: 863-701-2350.



© 2022 My Florida Regional MLS DBA Stellar MLS. All rights reserved. All listings displayed pursuant to IDX. All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified. Listing information is provided for consumers personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. Data last updated 2022-12-01T21:45:04.927.
 
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