Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    120 W Parker Street Lakeland, FL 33815

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Three combined lots in an opportunity zone with development potential.

    Type:Land
    Property size:
    11,308 SF
    Lot size:
    0.26 Acres
    Price / SF:
    $42/SF
    Added:
    Jul 28, 2024
    Days on Market:
    638
    Last Refresh:
    Mar 17 at 1:26 pm

    Property Features for 120 W Parker Street

    General Information

    Standard status
    Active
    Size
    11,308 SF
    Lot size
    0.26 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Earl Moore Jr.

    Listing agent Earl Moore Jr. License #3314553

    Listing office La Rosa Realty Llc

    Listing date Jul 28, 2024

    Source Crexi

    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 La Rosa Realty Llc

    Overview

    Prime Land in Lakeland, FL

    This property features three combined lots being sold as one unit. It is situated off Parker Street, adjacent to Florida Avenue, in an area with heavy vehicle traffic. Located in an opportunity zone near downtown Lakeland, it is part of the Mid Town CRA district. The combined lots and location offer potential for rezoning development. Additional combined lots are located at 119 W. Myrtle St and Missouri Ave. The property size is 11308 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Building Supply Law Firm 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
    -81.9580466
    Latitude
    28.0506737

    Nearby Similar for Sale

    • $450,000
      1,655 SF

      Lakeland Office with Fenced Yard

      Office property in prime location with excellent accessibility.
      313 W HIGHLAND DRIVE, LAKELAND, FL 33813
      View Details
    • $849,900

      Lakeland Land with Highway Frontage

      5.56 acres in North Lakeland with development potential.
      1301 DUFF ROAD, LAKELAND, FL 33810
      View Details
    • $569,000

      Lakeland Commercial Property Investment Opportunity

      Prime commercial property near Florida Avenue in Lakeland, Florida.
      305 & 309 W MEMORIAL BOULEVARD, LAKELAND, FL 33801
      View Details
    • $850,000
      5,800 SF

      Warehouse and Office Space Available

      5,820 SF warehouse and office space in Lakeland, Florida.
      4459 HOLDEN ROAD, LAKELAND, FL 33811
      View Details
    • $700,000
      4,056 SF

      Lakeland Quadruplex: Income Opportunity

      Income-producing quadplex in Lakeland, Florida, with strong rental demand.
      1962 CRYSTAL GROVE DRIVE, LAKELAND, FL 33801
      View Details
    • $550,000
      3,364 SF

      Lakeland Quadruplex Investment Opportunity

      Updated quadruplex with income potential in established Lakeland area.
      1201 BUDDWOOD ROAD, LAKELAND, FL 33801
      View Details
    • $750,000
      8,591 SF

      Lakeland Assembly Building For Sale

      Income-producing property with development potential in Lakeland, Florida.
      4626 S PIPKIN ROAD, LAKELAND, FL 33811
      View Details
    • $599,000

      Highway Frontage Land in Lakeland

      14-acre parcel with highway frontage in rapidly growing area.
      9232 US HIGHWAY 98 N, LAKELAND, FL 33809
      View Details
    • $1,500,000
      3,192 SF

      Turnkey Restaurant and Bakery Opportunity

      Restaurant and bakery in Lakeland, ready for immediate re-opening.
      830 E MAIN STREET, LAKELAND, FL 33801
      View Details
    • $624,900
      2,624 SF

      Lakeland Quadplex Near Florida Southern

      Fully occupied quadplex near Florida Southern College with immediate cash flow.
      201 ARIANA STREET, LAKELAND, FL 33803
      View Details
    • $750,000

      Lakeland Land Development Opportunity

      7.11+/- acre development opportunity with high visibility and accessibility.
      8201 US HIGHWAY 98 N, Lakeland, FL 33809
      View Details
    • $750,000

      Prime Land on US Highway

      7.11 acre development opportunity with high visibility and accessibility.
      0 US HIGHWAY 98 N, LAKELAND, FL 33809
      View Details

    FAQs

    What type of property is this?
    Commercial land - Three combined lots in an opportunity zone with development potential.
    Where is this commercial land located?
    The property is located at 120 W Parker Street Lakeland, FL.
    What is the asking price?
    The asking price for this property is $475,000.
    What are key features of this property?
    This property features: Three combined lots selling as one unit; Located in an opportunity zone; Close to downtown Lakeland
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Earl Moore Jr.
    Real Estate License ID: 3314553
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!