Commercial Sale · Multi Family (5+)
244 E PARK AVENUE, LAKE WALES, FL, 33853
Active378 days on marketListed Jul 18, 2025MLS #K4903016
About this property
The property at a glance
Truly rare opportunity to own a piece of Lake Wales History and the painstaking task of historic preservation has already been done! Built in 1915, the J.T. Rhodes Building was one of the first two brick-and-mortar buildings in Lake Wales. The City owes its origin to the building, where the villagers gathered upstairs in what was then the Masonic Hall on the night of April 27, 1917 to sign a petition to the Legislature for the issuance of a city charter. The Legislature responded by incorporating the City, whose charter was signed into law by Governor Sidney J. Catts on May 28, 1917. This amazing piece of architecture is home to one of the few mixed-use buildings in downtown. Downstairs are 2 commercial suites, with long term tenants in place! Upstairs you will find 4 well-appointed and thoughtfully designed apartments! All of the apartments have in unit laundry, modern kitchens with all new appliances, original hardwood flooring, timeless baths, spacious rooms and high ceilings... all while maintaining the historic character & charm! The completion of this building is perfectly timed with the revitalization of downtown Lake Wales, the property is positioned at the heart of the city's walkable new streetscape - complete with brick paved streets, lush park-like settings and a growing calendar of community events! The City is in the process of designating downtown Lake Wales an Arts, Cultural & Entertainment (ACE) District which will provide an environment welcoming growth and promoting prosperity! The investment in this renovation and historic preservation is unmatched, with no detail overlooked. The goal was to preserve this piece of history for the next 100 years and every decision was made with that long term vision.... An invaluable gift to the person lucky enough to be the new owner, entrusted with the legacy of the J. T. Rhodes building!
8,480
Building sq ft
$195
Price / sq ft
0.12
Lot acres
1915
Year built
6
Units
1
Building
C-1
Zoning
Multi Family (5+)
Property type
The numbers
Investment snapshot
8.4%
Cap rate
$139,122
Net operating income
$275,000
Price / unit
6
Units
Estimated payment (illustrative)
Estimated payment
$8,304/mo
Illustrative only. Commercial loans are underwritten on the property’s income (DSCR, cap rate) — typically 25–35% down with lender-set terms. Ask a commercial lender for real numbers. Taxes reflect the most recent bill on record; insurance is a typical-Florida estimate. Your lender’s numbers will differ. CENTURY 21 Edge partners with Florida’s best lenders.
Financing
Commercial financing works differently from a home loan — expect roughly 25–35% down with terms driven by the property’s income and your lender’s underwriting (DSCR, cap rate), not FHA or VA programs. Ask David to connect you with a commercial lender for real numbers.
Where it sits
Location & trade area
What’s nearby
Business data © OpenStreetMap contributors
The area
Who's around this property
604
Population
$69,541
Median income
33
Median age
3
Avg household
$186,592
Median home value
$371/mo
Median rent
74%
Households w/ kids
Consumer profile
This population is all about keeping the mood light and good, clean fun. Common activities include spending time outdoors, catching up with friends, and dancing.
Ready to turn up when the sun goes down, this population is looking for nighttime entertainment at home or out on the town.
Politically aware, this population is interested in civic issues on both the local and national level. They often discuss candidates for office, taxes, and political ideologies.
There's more to student life than academics. It's about the experience - from classes and homecoming, to making lifetime friends and alumni events. These are students at school, taking classes online, or finding other ways to be students in their daily lives.
Movie buffs and binge watchers expressing their love for movies, storytelling, and the film making process.
This population loves working on and showing off their cars, trucks and motorcycles. You can find them researching car shows and the hottest models on the lot.
Recent sales
What actually sold near 244 E PARK AVENUE
The most comparable commercial properties that changed hands nearby. No two are identical — ask us for a full comparative analysis.
$495,000
61 W CENTRAL AVENUE
7,200 sqft · $69/sqft · Sold Apr 30, 2026
$875,000
333 LIME AVENUE
9,980 sqft · $88/sqft · Sold Nov 7, 2024
$400,000
90 W ORANGE AVENUE
10,617 sqft · $38/sqft · Sold Nov 4, 2024
Your team
The pros in your corner
Your agent
David Ramirez
Real Estate Agent · CENTURY 21 Edge
Tours, offers, and every question about 244 E PARK AVENUE — start here.
Financing contact
Andrew Acosta
Acosta Home Loans with PRMG · NMLS #1468866
Ask about commercial financing options for 244 E PARK AVENUE.
See it in person
Schedule a tour
Pick a day that works — this goes straight to David's phone and CRM.
Keep looking
Similar properties nearby
Listing courtesy of LEGACY REAL ESTATE CENTER INC · Dolores Vogel. MLS #K4903016.
IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by Stellar MLS.
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