OFF MARKET
230 N Kentucky Ave
Lakeland, FL 33801
Downtown
4 Beds
10 Baths
12,548 sqft
- 4 Beds
- 10 Baths
- 12,548 sqft
4 Beds
10 Baths
12,548 sqft
Homes for Sale Near 230 N Kentucky Ave
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Local Information
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Description
This property is not currently for sale or for rent on Trulia. The description and property data below may have been provided by a third party, the homeowner or public records.
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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Home Details for 230 N Kentucky Ave
Property Information |
|---|
Year Built Year Built: 2017 |
Property Type / Style Property Type: Single Family Home |
Interior Features |
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Appliances & Utilities Cable ReadyDishwasherMicrowaveRefrigerator |
Levels, Entrance, & Accessibility Elevator |
Exterior Features |
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Exterior Home Features Exterior: BrickPatio |
Parking & Garage GarageParking Spaces: 3Parking: Garage Attached |
Lot Information |
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Lot Area: 4356 sqft |
Price History for 230 N Kentucky Ave
| Date | Price | Event | Source |
|---|---|---|---|
| 04/07/2024 | ListingRemoved | Stellar MLS / MFRMLS #O6134562 | |
| 01/31/2024 | $3,995,000 | PriceChange | Stellar MLS / MFRMLS #O6134562 |
| 08/17/2023 | $4,150,000 | Listed For Sale | Stellar MLS / MFRMLS #O6134562 |
| 07/05/2023 | ListingRemoved | Stellar MLS / MFRMLS #L4937629 | |
| 11/02/2022 | $4,295,000 | PriceChange | Stellar MLS / MFRMLS #L4933697 |
| 08/18/2022 | $4,500,000 | Listed For Sale | BHHS broker feed #L4927356 |
| 08/17/2022 | ListingRemoved | Stellar MLS / MFRMLS #L4927356 | |
| 07/26/2022 | $4,500,000 | PriceChange | Stellar MLS / MFRMLS #L4927356 |
| 01/10/2022 | $4,900,000 | Listed For Sale | Stellar MLS / MFRMLS #L4927356 |
Comparable Sales for 230 N Kentucky Ave
Address | Distance | Property Type | Sold Price | Sold Date | Bed | Bath | Sqft |
|---|---|---|---|---|---|---|---|
0.37 | Single-Family Home | $285,000 | 11/15/23 | 3 | 2 | 1,374 | |
0.33 | Single-Family Home | $210,000 | 11/15/23 | 3 | 2 | 1,800 | |
0.36 | Single-Family Home | $250,000 | 02/05/24 | 3 | 2 | 1,092 | |
0.51 | Single-Family Home | $230,000 | 06/30/23 | 3 | 2 | 1,261 | |
0.47 | Single-Family Home | $240,000 | 12/13/23 | 4 | 2 | 2,519 | |
0.41 | Single-Family Home | $40,000 | 04/09/24 | 3 | 2 | 1,058 | |
0.74 | Single-Family Home | $650,000 | 05/02/23 | 3 | 3 | 2,854 | |
0.76 | Single-Family Home | $215,000 | 11/16/23 | 4 | 3 | 2,789 | |
0.37 | Single-Family Home | $85,000 | 01/09/24 | 3 | 1 | 950 | |
0.52 | Single-Family Home | $195,000 | 07/14/23 | 3 | 2 | 1,024 |
Assigned Schools
These are the assigned schools for 230 N Kentucky Ave.
- Lakeland Senior High School
- 9-12
- Public
- 1992 Students
5/10GreatSchools RatingParent Rating AveragePlease don't send your children here if you care for them constant bullying, discrimination from teachers who only care about their pay. The school is overall disgusting if I could rate any lower I wouldStudent Review5y ago - Valleyview Elementary School
- PK-5
- Public
- 739 Students
7/10GreatSchools RatingParent Rating AverageI have been very happy with Valleyview Elementary School. My kid started kindergarten here and I couldn't be more happy that this is his school. He's been telling me he loves school every single day. His teacher has an app to communicate with parents everyday. I'm well aware what is happening at school and what is expected. There are so many projects his teacher planned out for the class throughout the year and parents in this school are very on top of supporting school projects. His teacher sends home many learning materials consistently to support kids' learning at home. In addition, one school iPad is sent home everyday. This school also really encourages reading. My kid started AR soon after kindergarten started and they have treasure chest and many other rewards system to encourage kids to read. My experience with Valleyview Elementary School is 100% positive. I am the type of the parent that value children's education as top priority. I couldn't be happier that I sent my kid to Valleyview Elementary School. Absolutely love this school and appreciate my kid's teacher's hard work.Parent Review1y ago - Sleepy Hill Middle School
- 6-8
- Public
- 961 Students
2/10GreatSchools RatingParent Rating AverageSleepy Hill is a terrible place. The Principal is fake just like her body, and does not care for the students. She’s puts on a facade. She does not care about her teaching staff. All she cares about is beautifying the office, sleeping with her subordinates, and looking important. Her and the school is a joke. Students don’t even have chargers for their laptops.Other Review7mo ago 
Check out schools near 230 N Kentucky Ave.
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Neighborhood Overview
Neighborhood stats provided by third party data sources.
What Locals Say about Downtown
- Trulia User
- Resident
- 2y ago
"The are nice if the pick after there dogs. But other than that is ok. To many police by Combe road and traffic "
- Trulia User
- Resident
- 2y ago
"It’s a lovely place with many restaurants and parks all within walking distance. Beautifully kept and very safe"
- Casey J.
- Resident
- 4y ago
"there's plenty of dog parks, dog people are generally nice anyway! First Fridays downtown is a great social event where everyone is welcome "
- Catherine B.
- Visitor
- 5y ago
"It’s a nice area near the lake and shopping centers . I would like to live here someday. The school is well near by . Lots of places to eat."
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Homes for Rent Near 230 N Kentucky Ave
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Off Market Homes Near 230 N Kentucky Ave
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- SOLDAUG 3, 2023
- OFF MARKET
- OFF MARKET
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