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    Historic Downtown Retail and Office Title is generated by Realmo AI

    231 N Kentucky Ave, Lakeland, FL 33801

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    Prime retail and office spaces in Lakeland's historic Bowyer building.

    Type:Office
    Property size:
    30,000 SF
    Added:
    Nov 14, 2024
    Days on Market:
    565
    Last Refresh:
    May 12 at 9:48 pm

    Property Features for 231 N Kentucky Ave

    General Information

    Standard status
    Active
    Size
    30,000 SF
    Property subtype
    Office

    Spaces For Lease

    at 231 N Kentucky Ave Contact us

    We can help!

    Listing Contact
    Jack Strollo

    Listing agent Jack Strollo License #Florida BK698301

    Listing office Broadway Real Estate Services

    Listing date Nov 14, 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 Broadway Real Estate Services

    HighLights

    • Prime downtown location, walk to Munn Park, restaurants and city offices.
    • Executive Suites include utilities, WIFI, common area maintenance, conference room, elevator access, and parking.
    • Easy access to I‑4 and Polk Parkway.
    • Located in the downtown CRA and historic districts.
    • Home to established retail merchants.
    • The Bowyer building: a historic landmark, constructed in 1902.

    Overview

    This 30,000 square foot property, located at the northeast corner of Kentucky and Pine Street, houses established retail merchants, including Mitchell’s Coffee Shop, The Embroidery Mill & Boutique, and K&M Beadworks. Executive suites include utilities, WIFI, common area maintenance, conference room, elevator access, and parking. The building is situated in the heart of the retail and commercial district, offering convenient access to Munn Park, restaurants, banks, retail establishments, city offices, and other amenities within walking distance. Its location provides easy access to I-4 and Polk Parkway, both approximately 3 miles away. Constructed in 1902, the Bowyer building is Lakeland's oldest commercial building. Colonel Napoleon Bonaparte Bowyer, a Civil War veteran and Lakeland's third mayor, built the first brick and masonry commercial building on the corner of East Pine Street and North Kentucky Avenue, which still bears his name.
    Location Intelligence

    Current Use by Public Records

    Le’von Lash Hair Salon Movement Mortgage Loan Service Shawn Dunning, Movement ... Loan Service Haven Holistic Studio Alternative Medicine Practice Lani Renee, BHS, ... Alternative Medicine Practice

    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
    -81.955217
    Latitude
    28.042529

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    FAQs

    What type of property is this?
    Office units - Prime retail and office spaces in Lakeland's historic Bowyer building.
    Where is this office units located?
    The property is located at 231 N Kentucky Ave Lakeland, FL.
    What are key features of this property?
    This property features: Prime downtown location, walk to Munn Park, restaurants and city offices.; Executive Suites include utilities, WIFI, common area maintenance, conference room, elevator access, and parking.; Easy access to I‑4 and Polk Parkway.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Jack Strollo
    Real Estate License ID: Florida BK698301
    Learn More
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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.

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