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    102 Flagship Dr Lutz, FL 33549-5457

    • Strip malls
    • 15,344 SF
    • 1.37 lot acres
    OFF-MARKET
    Last Sale
    Aug 18, 2023
    $2,520,000
    Value Estimations
    $2,385,000
    Show details
    Cap Rate Potential
    7.2%
    Strip malls
    Location Intelligence
    Property ID
    US18-5299403
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Relax Massage / Massage Spa
    • World Of Smalls / Balloon Artist / Service Establishment
    • Azalea Massage / Massage Spa
    • Villaggio's Ristorante Italiano / Italian Restaurant

    Property Details for 102 Flagship Dr

    Year built
    1980
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.37 lot acres
    Property size
    15,344 SF
    Zone code
    CG
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    U132718ZZZ000000547100
    APU
    U132718ZZZ000000547100

    Description

    This single-story, 14,023-square-foot medical office building in Lutz, Florida, offers a prime location with excellent visibility and accessibility. Situated on 1.37 acres, the property boasts 70 parking spaces and is conveniently located off US Highway 41, one block south of Sunset Drive in the Village Center, providing easy access to major roadways including I-275, I-75, and the Veterans Expressway via SR 54. Built in 1980 and renovated in 2020, the building features a new roof and a brand-new pylon sign on US 41, along with additional monument signage. The property benefits from high daily traffic counts (44,000+ vehicles) and is surrounded by a dense residential area with various nearby restaurants, retail, and office support services. Currently, a 995-square-foot suite is available for lease

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,355,000
      ML approach
      $2,200,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,840,000
      6.5%
      $2,625,000
      7%
      $2,435,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,507,000
      Market price range: $1.74M - $5.80M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lutz
    County
    Hillsborough
    State
    Florida
    Longitude
    -82.462
    Latitude
    28.1392
    CBSA code
    45300
    CBSA name
    TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $22,849
    $444,847
    $820,253
    $1,265,100
    -
    $444,847
    $820,253
    $1,265,100

    Comparable in this City

    • Value Estimation
      $1,915,000
      10,582 SF

      17416 Us Hwy 41

      SHOPPING CENTER, STRIP CENTER • 10,582 SF
      17416 Us Hwy 41, Lutz, FL 33549-4570
      View Details
    • Value Estimation
      $580,000
      21,640 SF

      18125 Us Hwy 41

      SHOPPING CENTER, STRIP CENTER • 21,640 SF
      18125 Us Hwy 41, Lutz, FL 33549-6455
      View Details
    • Value Estimation
      $460,000
      9,932 SF

      15923 Florida Ave

      SHOPPING CENTER, STRIP CENTER • 9,932 SF
      15923 Florida Ave, Lutz, FL 33549-6100
      View Details
    • Value Estimation
      $650,000
      18,656 SF

      16301 Florida Ave

      SHOPPING CENTER, STRIP CENTER • 18,656 SF
      16301 Florida Ave, Lutz, FL 33549-6131
      View Details
    • Value Estimation
      $450,000
      19,817 SF

      101 Flagship Dr

      SHOPPING CENTER, STRIP CENTER • 19,817 SF
      101 Flagship Dr, Lutz, FL 33549-5409
      View Details
    • Value Estimation
      $335,000
      7,130 SF

      1450 Skipper Rd

      SHOPPING CENTER, STRIP CENTER • 7,130 SF
      1450 Skipper Rd, Lutz, FL 33549
      View Details

    Similar Nearby for Sale

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      3.20 Acres

      Lutz Commercial Land: Prime 3.2 Acres

      High-traffic Lutz land, C-2 zoning.
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      View Details
    • $1,395,000
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      Lutz Lakefront Development Opportunity

      Pristine 6+ acre lakefront lot on Lake Hanna.
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    • $450,000
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      Lutz Commercial Land - 1.38 Acres

      Prime 1.38-acre commercial lot in Lutz, FL
      18801 Us Highway 41, Lutz, FL 33549
      View Details
    • $1,999,999
      3,000 SF

      Lutz Office Building - Prime Location

      New 3000 sq ft office, sale/lease.
      1730 Land O Lakes Blvd, Lutz, FL 33549
      View Details
    • $975,000
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      Lutz Land with Lake Access

      5-acre lot in gated community with waterfront access.
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    • $225,000
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      Lutz, FL 4-Acre Land

      4-acre ASC-1 zoned land parcel in Lutz, Florida.
      Mccrea Dr, Lutz, FL 33549
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,016 SF

      Retail Space Near USF

      Retail property for lease near USF and major roadways.
      2802-2836 E Bearss Ave, Lutz, FL 33549
      View Details
    • $40,500
      194,435 SF

      Lutz Retail Space - SR 54 Frontage

      900 SF Retail Suite, High Traffic Location
      22952 Fl-54, Lutz, FL 33549
      View Details
    • Contact for pricing
      4,700 SF

      Retail Space in Lutz, FL

      Retail space available for lease in Lutz, Florida.
      16336 N Florida Ave, Lutz, FL 33549
      View Details
    • Contact for pricing

      Lutz Retail Land Development

      Prime Lutz location, build-to-suit opportunity.
      17710 Us Highway 41, Lutz, FL 33549
      View Details
    • $4,900 /Mo

      Lutz Commercial Land for Rent

      1.2 acres of C2 zoned commercial land available for rent.
      1618 Land O Lakes Blvd, Lutz, FL 33549
      View Details
    • $32 SF/Yr
      1,600 SF

      Prime Lutz Medical Office Space

      1600 sq ft, New Construction, Great Location
      1784 Collier Pkwy, Lutz, FL 33549
      View Details
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    Lutz, FL 33549-5457
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    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
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