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SVM Properties Purchases 36,000-SF Office Building In Lakeland From LT Partnership For $6.25M

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SOLD
$6,250,000

Florida

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Office36,000 SF
Sold 12/01/2024
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Property Image
SOLD

SVM Properties Purchases 36,000-SF Office Building In Lakeland From LT Partnership For $6.25M

1 Lake Morton Drive

See Similar Deals
Office36,000 SF
Sold 12/01/2024
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Office
Price Per Square Foot:$173
Total Square Footage:36,000 SF
Transaction Type:Sale

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:

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.

Players

Kyle Vreeland
Steinbauer Commercial Real Estate
Kyle Vreeland
1 deal$6.3M volume(863) 608-1231
BROKER

Details

SOLD
IMAGE: 12/01/2024 ADDRESS: 1 Lake Morton Drive MARKET: Lakeland ASSET TYPE: Office ~ ACRES: 1.36 BUYER: SVM Properties SELLER: LT Partnership BROKER: Kyle Vreeland - Steinbauer Commercial Real Estate SALE PRICE: $6,250,000 SF: 36,000 ~ PPSF: $174 NOTE: SVM Properties purchased a 36,000-SF office building at 1 Lake Morton Dr. in downtown Lakeland for $6.25M from LT Partnership, which paid $1.06M in 1992. The building, brokered by Steinbauer Commercial Real Estate, features 100% occupancy with tenants including GrayRobinson and Vecchio, Carrier, Feldman & Johannessen PA.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$333,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$22,204.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$29,628.19
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