David Shippey
863.521.4517

230 N Kentucky Avenue Lakeland Florida | Home for Sale

To schedule a showing of 230 N Kentucky Avenue, Lakeland, Florida, Call David Shippey at 863-521-4517 TODAY!

$4,295,000 | 4 beds | 4 full baths | 6 half baths | 12,548 sqft

$4,295,000 No Recent Price Change
230 N Kentucky Avenue
Lakeland, FL 33801
  • 4Beds
  • 10.00Total Baths
  • 4 Full, 6 HalfBaths
  • 12,548SqFt
  • 2017Year Built
  • 0.10Acres
  • MLS# L4933697
  • Residential
  • SingleFamilyResidence
  • Active

  • Approx Time on Market2 months, 29 days
  • Area33801 - Lakeland
  • CountyPolk
  • SubdivisionMunns Survey

Overview

The Sommer building, an historic 4-story building in the heart of one of the countrys 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 caterers 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)


Agriculture / Farm

Grazing Permits Blm:  ,No,

Grazing Permits Forest Service:  ,No,

Grazing Permits Private:  ,No,

Horse:  No

Association Fees / Info

Community Features:  StreetLights, Sidewalks

Pets Allowed:  Yes

Senior Community:  No

Association:  ,No,

Bathroom Info

Total Baths:  10.00

Fullbaths:  4

Building Info

Window Features:  Blinds, InsulatedWindows, WindowTreatments

Roof:  Other

Buyer Compensation

Exterior Features

Patio:  Patio, Balcony

Pool Private:  No

Exterior Features:  Balcony

Fees / Restrictions

Financial

Original Price:  $4,295,000

Disclosures:  DisclosureonFile,LeadBasedPaintDisclosure,SellerDi

Fencing:  Vinyl

Garage / Parking

Open Parking:  No

Attached Garage:  Yes

Garage:  Yes

Carport:  No

Green / Env Info

Green Features:  HVAC

Irrigation Water Rights:  ,No,

Interior Features

Fireplace:  No

Floors:  Bamboo, Carpet, CeramicTile

Levels:  ThreeOrMore

Spa:  No

Laundry Features:  Inside

Interior Features:  BuiltinFeatures, CeilingFans, EatinKitchen, Elevator, HighCeilings, KitchenFamilyRoomCombo, LivingDiningRoom, OpenFloorplan, SolidSurfaceCounters, WalkInClosets, WindowTreatments, Loft

Appliances:  Dishwasher, ElectricWaterHeater, Disposal, Microwave, Range, Refrigerator, RangeHood

Lot Info

Direction Remarks:  Lake Morton to Kentucky to property, will be on your left past Munn Park

Lot Size Units:  Acres

Lot Size Acres:  0.1

Lot Sqft:  4,225

Lot Desc:  CityLot, HistoricDistrict, NearPublicTransit

Misc

Other

Special Conditions:  None

Security Features:  SecuritySystemOwned, SecuritySystem, FireAlarm, FireSprinklerSystem, SecuredGarageParking, KeyCardEntry, SmokeDetectors, SecurityLights

Other Rooms Info

Basement:  No

Property Info

Habitable Residence:  ,No,

Section:  18

Class Type:  SingleFamilyResidence

Property Sub Type:  SingleFamilyResidence

Property Condition:  NewConstruction

Property Attached:  No

New Construction:  No

Construction Materials:  Brick

Total Stories:  4

Mobile Home Remains:  ,No,

Foundation:  Slab

Home Warranty:  ,No,

Human Modified:  ,No,

Room Info

Total Rooms:  9

Sqft Info

Sqft:  12,548

Living Area Units:  SquareFeet

Living Area Source:  Owner

Tax Info

Tax Year:  2,022

Tax Lot:  I

Tax Legal Description:  MUNNS SURVEY DB G PG 392 BLK 6 LOTS I N 64 FT & N 64 FT OF K

Tax Block:  6

Tax Annual Amount:  14540

Tax Book Number:  G-392

Unit Info

Rent Controlled:  No

Utilities / Hvac

Electric On Property:  ,No,

Heating:  Central

Water Source:  Public

Sewer:  PublicSewer

Cool System:  CentralAir, CeilingFans

Cooling:  Yes

Heating:  Yes

Utilities:  CableAvailable, CableConnected, ElectricityAvailable, ElectricityConnected, NaturalGasAvailable, NaturalGasConnected, HighSpeedInternetAvailable, WaterConnected

Waterfront / Water

Waterfront:  No

View:  Yes

Water Body Name:  LAKE MIRROR

View:  City, ParkGreenbelt, Lake, Water

Directions

Lake Morton to Kentucky to property, will be on your left past Munn Park

This listing courtesy of Bhhs Florida Properties Group 

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On davidshippey.com since Tue, Nov 1st 2022
No Property History recorded for this listing.

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MLS IDX data last updated on 01-30-2023 5:51 PM EST.

If you have any questions on 230 N Kentucky Avenue, Lakeland, Florida, please call David Shippey at 863-521-4517.


MLS# L4933697 located at 230 N Kentucky Avenue, Lakeland, Florida is brought to you by David Shippey REALTOR®

230 N Kentucky Avenue, Lakeland, Florida has 4 Beds, 4 Full Bath, and 6 Half Bath.
The MLS Number for 230 N Kentucky Avenue, Lakeland, Florida is L4933697.
The price for 230 N Kentucky Avenue, Lakeland, Florida is $4,295,000.
The status of 230 N Kentucky Avenue, Lakeland, Florida is Active.
The subdivision of 230 N Kentucky Avenue, Lakeland, Florida is Munns Survey.
The home located at 230 N Kentucky Avenue, Lakeland, Florida was built in 2023.

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