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$4,295,000
145 Days Online

230 N Kentucky Avenue
Lakeland, FL 33801

For Sale|Single Family Home|Active
4
Beds
4
Full Baths
6
Partial Baths
12,548
SqFt
$342
/SqFt
2017
Built
Subdivision:
Munns Survey
County:
Polk
Listing courtesy of BHHS FLORIDA PROPERTIES GROUP

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727-821-1999
230 N Kentucky Avenue230 N Kentucky Avenue230 N Kentucky Avenue230 N Kentucky Avenue
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Monthly Payment (Est.)

$19,596
Calculator powered by Showcase IDX. Copyright ©2023 Information is deemed reliable but not guaranteed.

The Sommer building, an historic 4-story building in the heart of one of the country’s 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 caterer’s 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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Listing Snapshot
Price 
$4,295,000
Days Online 
145 Days
Bedrooms 
4
Inside Area (SqFt) 
12,548 sqft
Total Baths 
10
Full Baths 
4
Partial Baths 
6
Lot Size 
0.1 Acres
Year Built 
2017
MLS Number 
L4933697
Status 
Active
Property Tax 
$14,540
HOA/Condo/Coop Fees 
N/A
Sq Ft Source 
Owner
Friends & Family
Recent Activity
5 months agoListing updated with changes from the MLS
5 months agoListing first seen online
General Features
Water 
Public
Construction 
Brick
Ownership 
Fee Simple
Parking 
Ground Level
Zoning 
C-7
Number of Stories 
Three Or More4
Security 
Fire AlarmFire Sprinkler SystemKey Card EntrySecured Garage / ParkingSecurity LightsSecurity SystemSecurity System OwnedSmoke Detector(s)
Property Sub Type 
Single Family Residence
Acreage 
0.1
Utilities 
Cable AvailableCable ConnectedElectricity AvailableElectricity ConnectedNatural Gas AvailableNatural Gas ConnectedWater Connected
Sewer 
Public Sewer
Garage Spaces 
3
Foundation 
Slab
Direction Faces 
East
Green Energy Efficient 
H V A C
Attached Garage 
Yes
Minimum Lease 
No Minimum
Interior Features
Window Features 
BlindsInsulated Windows
Laundry Features 
Inside
Cooling 
Central Air
Appliances 
DishwasherDisposalElectric Water HeaterMicrowaveRangeRange HoodRefrigerator
Heating 
Central
Flooring 
BambooCarpetCeramic Tile
Interior 
Built-in FeaturesCeiling Fans(s)Eat-in KitchenElevatorHigh CeilingsKitchen/Family Room ComboLiving Room/Dining Room ComboOpen FloorplanSolid Surface CountersWalk-In Closet(s)Window Treatments
Fireplace 
No
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Exterior Features
Lot 
Historic DistrictCity LimitsNear Public TransitSidewalk
Roof 
Other
Fencing 
Vinyl
Waterfront Property 
No
View 
CityPark/ Greenbelt
Exterior 
Balcony
Patio And Porch 
Patio
Community Features
Senior Community 
No
Pets 
Yes
MLS Area 
33801 - Lakeland
Security Features 
Fire AlarmFire Sprinkler SystemKey Card EntrySecured Garage / ParkingSecurity LightsSecurity SystemSecurity System OwnedSmoke Detector(s)
Township 
28
Listing courtesy of BHHS FLORIDA PROPERTIES GROUP



Listing information is provided by Participants of the Stellar MLS. IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed. Copyright 2023, Stellar MLS.
Data last updated at: 2023-03-27 06:05 PM EDT

Neighborhood & Commute
Source: Walkscore
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