541 Florida AveLakeland, FL 33801

Property Details for 541 Florida Ave

Lot size

0.15 AC

Zone code

I-1

Property type

Retail properties

Property subtype

Parking lots & garages

APN

232824119000005040

APU

232824119000005040

Description

This exceptional Lakeland property offers a unique investment opportunity. The 23,700 square foot building, situated on 1.15 acres, comprises two structures. Building 1, a 14,300 square foot historic religious landmark, features exquisite stained-glass windows and a rare pipe organ. It's currently zoned C-2 by the City of Lakeland. Building 2 functions as a fully operational medical clinic with outpatient procedure capabilities. The property includes two paved parking lots totaling 0.66 acres, enclosed by upgraded fencing. The entire 1.15-acre parcel is available for purchase. Some renovations are required, with seller compensation offered. Located in the Dixieland Community Redevelopment Area, this landmark structure qualifies for various grants due to its historic designation. The property presents significant potential for rezoning to residential use (apartments or condos) or repurposing to its original function. Its main road location ensures high visibility and significant vehicle traffic. Air rights are available, offering potential lake views. This is a rare chance to acquire a substantial property with considerable redevelopment potential in a prime Lakeland location.

• CAP approach

  CAP return

  Valuation

  6%

  $1,972,360

  6.5%

  $1,820,640

  7%

  $1,690,594

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,991,019

  Geo Method

  $2,991,019

• Alternative Use

  Use

  Valuation

  Residential

  $1,535,778

  Hospitality

  $1,406,764

  Educational

  $1,170,411

  Medical

  $1,210,664

  Retail

  $1,820,640

Location Insight

City

Lakeland

County

Polk

State

Florida

Latitude

28.0381

Longitude

-81.9575

CBSA code

29460

CBSA name

LAKELAND, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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