- For Sale $3,200,000
- Property Type Retail
- Property Size 3,337 SF
- Units 1
- Lot Size 1.2 Acre
- Property Tenancy Single Tenant
- Year Built 1979
- Year Renovated 2016
- Date Updated Aug 24, 2026
Description
Positioned along the highly trafficked US Highway 98 corridor with immediate access to Interstate 4, this property benefits from exceptional visibility, strong ingress and egress, and a strategic location within one of Central Florida's most active retail and commercial growth markets.
Located between Tampa and Orlando, Lakeland continues to experience significant population growth, residential expansion, logistics investment and retail development driven by its central location along the Interstate 4 corridor. The property sits directly across from the recently developed CarMax and within a dense corridor of national operators including LongHorn Steakhouse, Denny's, Bob Evans, Waffle House, Dunkin' and Domino's.
US Highway 98 serves as a major commercial artery for the region, carrying substantial commuter and consumer traffic while providing direct connectivity to Interstate 4. Continued investment from retailers, developers and corporate users has strengthened the corridor's long term fundamentals and increased demand for strategically positioned retail real estate.
Highly visible, interstate oriented retail corners with established traffic patterns, signalized access and national retail tenancy are becoming increasingly difficult to replicate throughout Central Florida. As development activity continues throughout the Tampa Orlando corridor, this location offers investors exposure to increasing land values, strong retail fundamentals and long term redevelopment potential.
Highlights
- $152,454 Total Revenue: $100,000 Base Rent + $52,454 Trailing Three Year Average Override
- $3,200,000 Offering Price 4.76% Cap Rate on Total Revenue (Base + Percentage Rent)
- 1.20 Acres, Fee Simple Hard Corner on US Highway 98 with Immediate I-4 Access
- Automatic 10 Year Renewal to April 2039 Unless Tenant Opts Out in Writing Before September 21, 2028
- Burger King Ground Lease NNN with 8.5% Percentage Rent Participation
- Contractual Base Rent Steps to $125,000 (2029) and $150,000 (2034), Independent of Sales
- Demonstrated Redevelopment Interest: Prior Proposal Above Asking Price (Per Ownership; Buyer to Verify)
- Directly Across from the New CarMax Development
- Located Within the Lakeland Midtown CRA District
- Operating Continuously at This Location Since 1979 - 47+ Years of Tenancy
- Percentage Rent Collected Every Year Shown; Sales Exceed the Breakpoint by $625,000+
- Rare Combination of Current Income, Sales Linked Upside and Long Term Land Value
- Tenant Declined Cash for Keys Proposal Without Counteroffer, Confirming Commitment to the Site
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Contacts
Mercedes Martin
Location
Located at 3212 US Highway 98 N, Lakeland, FL 33805, this property is part of the Webster Park North neighborhood and Tampa St Petersburg Clearwater market.
Contact Listing Broker
Mercedes Martin