Homes for sale - 16905 HWY 27, Lake Wales, FL 33859

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Edward Peterson

ed@petersongroup.homes +1(352) 247-4194

$1,500,000

Est. payment - /mo

8,500 SqFt

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UPDATED:

08/14/2024 06:00 PM

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

State 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

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Listed by COLDWELL BANKER REALTY

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Edward Peterson

+1(352) 247-4194

Team Leader / Realtor/ Listing Specialist | License ID: SL3463440

Team Leader / Realtor/ Listing Specialist License ID: SL3463440

16905 HWY 27 Lake Wales, FL 33859

Edward Peterson

Edward Peterson

Key Details

Location

Interior

Exterior

Building

Others

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16905 HWY 27