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    Prosperity Pl Lake City, FL 32024

    • Land
    • 2.11 lot acres
    For Sale
    View listing
    $895,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 0 Prosperity Pl

    Lot size
    2.11 lot acres
    Property type
    Land

    Description

    This exceptional 2.11-acre commercial land parcel presents a remarkable investment opportunity in Lake City, Florida. Situated in a thriving new commercial subdivision, this property boasts a highly desirable location at the corner of US-90 and Executive Drive, offering excellent visibility and accessibility. The site benefits from a convenient red-light entrance into the park, ensuring high traffic flow and exposure for any commercial development. This strategically positioned lot is part of a development that already includes the newly constructed Orthopaedic Institute facility, indicating a strong commitment to growth and development in the area. All lots within the subdivision are equipped with city water and sewer infrastructure, simplifying the development process and reducing upfront costs. A master retention system is already in place, further streamlining the construction process. The property's design allows for up to 70% impervious area, providing flexibility for a variety of commercial building plans. This prime location, coupled with the existing infrastructure and the presence of established businesses, makes this a truly exceptional opportunity for investors seeking a high-return commercial development project in a rapidly growing area of Lake City. The asking price is $895,000. The property is located at SW Prosperity Pl, Lake City, FL 32024, in Columbia County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Lake City
    County
    Columbia
    State
    Florida
    Longitude
    -82.716
    Latitude
    30.186

    Comparable in this City

    • Value Estimation by Request
      1.25 Acres

      MB1 Prosperity Pl

      Land • 1.25 Acres
      MB1 Prosperity Pl, Lake City, FL 32024
      View Details
    • Value Estimation by Request
      110.46 Acres

      Lake City Ave

      Land • 110.46 Acres
      0 Lake City Ave, Lake City, FL 32024
      View Details
    • Value Estimation by Request
      4.50 Acres

      Executive Dr

      Land • 4.50 Acres
      0 Executive Dr, Lake City, FL 32024
      View Details
    • Value Estimation by Request
      0.66 Acres

      Prosperity Pl

      Land • 0.66 Acres
      0 Prosperity Pl, Lake City, FL 32024
      View Details
    • Value Estimation by Request

      14240 Us-441

      Land
      14240 Us-441, Lake City, FL 32024
      View Details
    • Value Estimation by Request
      3.08 Acres

      Corporate Dr

      Land • 3.08 Acres
      0 Corporate Dr, Lake City, FL 32024
      View Details

    Similar Nearby for Sale

    • $895,000
      2.11 Acres

      Lake City Commercial Land - 2.11 Acres

      Prime Commercial Land, Lake City, FL
      0 Prosperity Pl, Lake City, FL 32024
      View Details
    • $675,000
      4.50 Acres

      Lake City Commercial Land Parcel

      4.5 Acres, Prime Commercial Location
      0 Executive Dr, Lake City, FL 32024
      View Details
    • $2,761,500
      110.46 Acres

      Prime Lake City Commercial Land

      110 Acres, City Limits, RR Zoning
      0 Lake City Ave, Lake City, FL 32024
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    • $150,000
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      Lake City Commercial Land Parcel

      Prime 0.66-acre commercial lot in Lake City, FL.
      0 Prosperity Pl, Lake City, FL 32024
      View Details
    • New
      $101,500
      5.01 Acres

      Cleared, Fenced 5-Acre Property

      5-acre property with well, septic, and storage buildings.
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    • $3,459,900

      Land Available in Lake City

      Land for sale at 759 SW UPCHURCH Ave, Lake City.
      759 SW Upchurch Ave, Lake City, FL 32024
      View Details
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    Prosperity Pl
    Lake City, FL 32024
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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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