$ 1,500,000
16905 HWY 27 Lake Wales, FL 33859
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$ 1,500,000
Est. payment | /mo
8,500 SqFt
$ 1,500,000
Est. payment | /mo
8,500 SqFt
Key Details
Property Type Commercial
Sub Type Hotel/Motel
Listing Status Active
Purchase Type For Sale
Square Footage 8,500 sqft
Price per Sqft $176
MLS Listing ID L4946852
HOA Y/N No
Originating Board Stellar MLS
Year Built 1954
Annual Tax Amount $4,631
Lot Size 2.330 Acres
Acres 2.33
Lot Dimensions 334x330
Property Description
Prime Income-Producing Property with tremendous Growth Potential in Lake Wales, Florida. Seize this extremely rare opportunity to invest in a commercially zoned BP property within the city limits of Lake Wales, Florida—a city on the brink of significant growth. This income-producing asset boasts 9 fully leased hotel units, a 3-bedroom Inn keepers' home, and a commercial restaurant with banquet hall. In addition, there are two efficiency units to be completed and also, the possibility to rebuild 10 rooms that were demolished after a fire. All this will significantly increase income potential. The property offers a fully functional commercial kitchen, with an oversized dining room/banquet hall and fully equipped bar as well. The space is perfect for a restaurant, banquet hall, or event space. The kitchen has operated as a successful Jamaican restaurant for three years and was recently closed by the owner, due to prevailing family issues. (kitchen equipment to be negotiated upon sale of the property). With all its features, the property's' income potential is incredibly enhanced and provides a versatile venue for a variety of business ventures. Situated on a spacious 2.33-acre parcel, this property not only generates immediate revenue but also presents a golden opportunity for future expansion of the Highway 27 corridor. Given the predicted growth trajectory of Lake Wales, this land is perfectly poised for the development of a future hotel, tapping into the increasing demand for hospitality services in the area. Position your investment for the future in one of Central Florida’s emerging markets. All leases on the property are month to month. Seller is diligently working on leasing the remaining units & restaurant & lounge, to get the property operating at full income potential. 11 hotel rooms, 1 single family home, and commercial restaurant total to be rented. Call today for details and your private showing.
Location
Province FL
County Polk
Interior
Heating Central
Cooling Office Only, Wall/Window Unit(s)
Exterior
Waterfront false
Roof Type Shingle,Tile
Building
Story 1
Foundation Slab
Lot Size Range 2 to less than 5
Structure Type Block
New Construction false
Others
Ownership Other
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition None
© 2024 My Florida Regional MLS DBA Stellar MLS. All Rights Reserved.
Listed by COLDWELL BANKER REALTY