Description
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 con
