SVM Properties Purchases 36,000-SF Office Building In Lakeland From LT Partnership For $6.25M
1 Lake Morton Drive
$6,250,000
$173/SF
Building Size
36,000 SF
Asset Type
Office
Closing
Dec 1, 2024
About this deal
AI
A 36,000-SF office building was sold for $6,250,000 located at 1 Lake Morton Drive in the Lakeland market. The asset spans 1.36 acres and is currently 100% occupied by tenants including GrayRobinson and Vecchio, Carrier, Feldman & Johannessen PA. The seller, LT Partnership, acquired the property in 1992 for $1,060,000.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $6,250,000
- Address: 1 Lake Morton Drive
- Market: Lakeland
- Sale Price per SF: $174
- Buyer: SVM Properties
- Seller: LT Partnership
- Broker: Kyle Vreeland - Steinbauer Commercial Real Estate
SVM Properties was involved in the transaction to purchase an office building brokered by Kyle Vreeland from Steinbauer Commercial Real Estate. The sale was finalized on 12/01/2024.
Lakeland Office Market Snapshot
Boundary boundary · Office · Sale transactions
Loading comparables…
Deal FAQ
Visit Steinbauer Commercial Real Estate to view all their deals.
Browse Lakeland office sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.54%
Cash-on-Cash
-0.73%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93