Lakeland, FL - 2012 Commercial & Industrial Real Estate Analysisby Michael Cliggitt, MAI, MRICS on 10/29/13
Lakeland Commercial & Industrial Real Estate Analysis
2012 Transaction Information and Analysis
(Data Extracted from MLS Only – Does not include additional transaction information from Non-MLS Listings/Sales)
25 Commercial Property Sales in the Lakeland Market
· 16 Commercial Property Sales labeled as No Special Sale Conditions
o 64% No Special Sale Condition Property Sales
· 9 Commercial Property Sales labeled as REO/Bank-Owned Transactions
o 36% REO/Bank-Owned Property Sales
Property Pricing Analysis
· Sale Prices Ranging from a low of $15,000 to a high of $1,200,000
o Sale Price Average was $211,420
o Sale Price Median was $123,500
o Average and median comparison indicates that there were more property sales in the lower tier price segments or more sales that were less than the average sale price indicated above.
o More Specifically 17 of the 25 Lakeland Commercial Property Sales (68%) were below the average price of $211,420.
Sale Price/SF Analysis
· Sale Price/SF Ranging from a low of $12.84/SF to a high of $127.78/SF
o Sale Price/SF Average was $46.85
o Sale Price/SF Median was $37.37
o Average and median comparison indicates that there were more property sales in the lower tier price/SF segment or more sales with a Price/SF less than the average Price/SF.
o More Specifically 13 of the 25 Lakeland Commercial Property Sales (52%) were below the average price of $46.85.
Sale Price to List Price Analysis
· Sale Price Compared Lowest Listing Price Comparison revealed a range:
o The Low was 26% Sale Price to Listing Price
o The High was 100% Sale Price to Listing Price (1 Sold for 100% of Listing)
o Average Sale Price to List Price was 70.86%
o Median Sale Price to List Price was 72.79%
o Most properties are selling near 70% to 75% range of their final listing price or to put it another way a 25% to 30% discount from the final/last listing price for a property is being realized by sellers in this market.
Note – The above sales included a range of property types such as: Warehouse, Flex, Office-Warehouse, Distribution, Special Purpose, Office, Vehicle Related, General Commercial, Mobile Home & Apartments, etc.
The above information helps display the state of the commercial and industrial sales market in Lakeland, as represented by the sold properties that were listed in MLS. Over 60% percent of these sales were typical transactions, but a little over 1/3 of the sales were bank-owned inventory transaction. Bank-owned and/or distressed type sales continued to be part of the local commercial and industrial real estate sales market but made up just over a 1/3 the sales within the MLS data for Lakeland.
For more detailed information regarding the Lakeland real estate market or to have us perform an analysis or appraisal of your property please feel free to contact us.
Cliggitt Valuation, Inc.
Real Estate Analysts, Advisors, & Appraisers