Lake Wales Downtown Retail Strip Center

Located in downtown Lake Wales, this well established retail strip plaza has been a staple of the area for almost 40 years. There are six total tenant spaces in the plaza, with a long term tenant using 2 spaces.

All tenants have active leases, with most expiring in November 2025. The landlord takes care of the main infrastructure of the plaza, and pays for the property tax and hazard insurance. The tenants cover the water bill, landscaping, liability, business and contents insurance, plus all regular repairs, including electric, HVAC and plumbing.

Although the tenants, some long term (10+) are stable, rents are currently underperforming. A huge upside exists with achieving market rents in the short term.

The structure itself has excellent features - it is a concrete block, with a slab foundation and has a flat roof. Each tenant has a dedicated HVAC unit, and there are six electrical meters. There are 24 parking spaces in the plaza, and additional employee spots in the rear.

• 6,240 SF Retail Strip Center in downtown Lake Wales.
• Zoned C-2, City of Lake Wales
• Six total spaces in the strip center - five tenants with one tenant using two spaces.
• Leases are modified gross, with Landlord covering property taxes, hazard insurance and main infrastructure. Tenants cover utilities, landscaping and all repairs.
• Total current base rent - $65,463 + 5.5% tax. Proforma rents @ $15 PSF show income at $93,200 per year.
• All rents under market by $4-$5 per square foot.
• Landlord collects an additional $450 per month ($5,400 per year) for water and landscaping reimbursement.
• Two long term tenants with over 10+ years in the plaza.
• Six electrical meters, one water bill for the whole building.
• All leases available for review when under contract.
• Tenant @ 222 - Lease w/escalation expires 4/30/26
• Tenant @ 224 - Lease expires 11/30/25
• Tenant @ 226 - Lease expires 11/30/25
• Tenant @ 228 - Lease expires 11/30/25
• Tenant @ 230/232 - Lease expires 11/30/25
• 24 parking spaces in the main front lot, with additional room at the back of the property, which is accessed by a private alley.
• Property tax - $7.942
• Hazard Insurance - $5,500

For more information please visit: SVN Saunders Ralston Dantzler