Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Renovated Office Space Downtown Title is generated by Realmo AI

    116 S TENNESSEE AVENUE 2, Lakeland, FL 33801

    View on Map
    Claim this Listing
    For Lease
    $97,600 SF/Yr $81,984,000/Mo (calc)

    4880 SF office space with 19 rooms for rent.

    Type:Rental
    Property size:
    10,080 SF
    Lot size:
    0.11 Acres
    Added:
    Oct 31, 2023
    Days on Market:
    948
    Last Refresh:
    May 20 at 2:17 am

    Property Features for 116 S TENNESSEE AVENUE 2

    General Information

    Standard status
    Active
    Size
    10,080 SF
    Lot size
    0.11 Acres
    Property subtype
    Rental

    Building Details

    Year Built
    1924

    We can help!

    Listing Contact
    Uzma Khan

    Listing agent Uzma Khan License #3441636

    Listing office AMERICAN REALTY GROUP

    Listing date Oct 31, 2023

    Source Exitrealty

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of AMERICAN REALTY GROUP

    HighLights

    • Completely Renovated Space
    • Prime Downtown Location
    • Large 4880 SF Space
    • 19 Rooms Suitable for Multiple Suites
    • Elevator Access
    • Back‑Alley Entrance

    Overview

    Located in a downtown location, this 4880 square-foot office space is available for rent. Situated on the second floor, it features both a back-alley entrance and elevator access from the first floor. The layout includes 19 rooms, suitable for multiple suite configurations. The space has been completely renovated.
    Location Intelligence

    Current Use by Public Records

    Jackson Tv Repair's ... Electronics & Wireless Store Cafe Zuppina Restaurant Meyer Law Group ... Law Firm Mandy Marie Events ... Event Planning Mile High Films Film Production

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lakeland
    County
    Polk
    State
    Florida
    Longitude
    -81.9558947
    Latitude
    28.0435248

    Nearby Similar for Lease

    • $2,800/Mo
      13,000 SF

      Versatile Commercial Space in Lakeland

      Adaptable commercial space in a high-traffic Lakeland corridor.
      835/837 N LAKE PARKER AVENUE, LAKELAND, FL 33801
      View Details
    • $1,100/Mo
      715 SF

      Renovated Office Near Downtown Lakeland

      Premium office space, recently renovated, near downtown Lakeland.
      921 E PARKER STREET, LAKELAND, FL 33801
      View Details
    • $3,500/Mo
      2,514 SF

      Lakeland Retail/Office Space Available

      High-traffic location with renovated interior, ideal for retail/office use.
      2518 S FLORIDA AVENUE, LAKELAND, FL 33803
      View Details
    • $3,950/Mo
      2,040 SF

      Highway 92 Commercial Building

      2,040 SF commercial building on Highway 92 in Lakeland.
      2221 US HIGHWAY 92 E, LAKELAND, FL 33801
      View Details
    • $5,500/Mo
      5,440 SF

      Versatile Commercial Building in Lakeland

      5,440 sq ft building ideal for retail, office, or warehouse.
      4830 US HIGHWAY 92 E, LAKELAND, FL 33801
      View Details
    • $2,550/Mo
      2,527 SF

      Renovated Lakeland Office Building

      Freestanding office building in South Lakeland with expansion opportunity.
      4745 OLD ROAD 37, LAKELAND, FL 33813
      View Details
    • $500/Mo
      5,348 SF

      Office Space in Central Location

      Two office spaces for lease in a prime, central Lakeland location.
      2211 S FLORIDA AVENUE, LAKELAND, FL 33803
      View Details
    • Sponsored
      $129-$6,776/Mo
      11-1,292 SF

      FL, Lakeland - Massachusetts Ave

      238 Massachusetts Ave, Unit 1ST, Lakeland, FL 33801
      View Details
    • $96,000 SF/Yr
      4,000 SF

      Flex Space with I-4 Visibility

      4,000±sf flex space with office and warehouse areas.
      3705 FRONTAGE Rd N, Lakeland, FL 33810
      View Details
    • $450/Mo
      100 SF

      Office/Airplane Hangar at Lakeland Airport

      Newly constructed office/airplane hangar with modern amenities at Lakeland Linder Airport.
      3699 AIRFIELD DRIVE W, LAKELAND, FL 33811
      View Details
    • $62,656 SF/Yr
      2,800 SF

      Historic Office Building Near Lake

      Charming historic office space near downtown Lakeland and Lake Morton.
      415 S KENTUCKY Ave, Lakeland, FL 33801
      View Details
    • $34,561 SF/Yr
      1,819 SF

      South Lakeland Office Suite with Loft

      Ground-floor office suite with loft in South Lakeland.
      5115 S LAKELAND Dr, Lakeland, FL 33813
      View Details

    FAQs

    What type of property is this?
    Office units - 4880 SF office space with 19 rooms for rent.
    Where is this office units located?
    The property is located at 116 S TENNESSEE AVENUE 2 Lakeland, FL.
    What is the lease rate?
    The lease rate is $97,600.
    What are key features of this property?
    This property features: Completely Renovated Space; Prime Downtown Location; Large 4880 SF Space
    (813) 380-4633
    We can help!
    Listing Contact
    Uzma Khan
    Real Estate License ID: 3441636
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    116 S TENNESSEE AVENUE 2, LAKELAND, FL 33801
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!