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    2 128Th St Lake Butler, FL 32697

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    2 128Th St Lake Butler, FL 32697

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    • Land
    • 1.00 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 2 128Th St

    Lot size
    1.00 lot acres
    Property type
    Land

    Description

    This one-acre vacant lot is situated in the desirable New River Forest Villas/Flying Tiger Airpark community in Marion County, Florida, specifically at Parcel 2 SW 128th Road, Worthington Springs, zip code 32697. Offered at $85,000, this property presents a unique opportunity for buyers seeking a blend of rural tranquility and convenient access to urban amenities. Located just 20 minutes from Gainesville and the University of Florida, and a short 15-minute drive from Lowe's and Publix, this lot provides a strategic balance between country living and everyday conveniences. The location is particularly appealing to aviation enthusiasts, given its proximity to the Flying Tiger Airpark, which boasts two intersecting runways catering to diverse pilot needs. These runways include a paved runway exceeding 5000 feet and a grass strip over 3000 feet. The property is conveniently accessible via SW 128th Road. This is one of three available lots in this sought-after location. Showings are by appointment only. The property's coordinates are 29.9305206 latitude and -82.4258444 longitude.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Lake Butler
    County
    Marion
    State
    Florida
    Longitude
    -82.4258
    Latitude
    29.9305

    Comparable in this City

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      0.98 Acres

      Sr 121

      VACANT COMMERCIAL LAND • 0.98 Acres
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      2,173 SF

      Sr 121

      RESTAURANT • 2,173 SF
      Sr 121, Worthington Springs, FL 32697
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    • Value Estimation by Request
      9,998 SF

      4285 Sr 121

      MANUFACTURING (LIGHT) • 9,998 SF
      4285 Sr 121, Worthington Springs, FL 32697
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    • Value Estimation by Request
      3,074 SF

      Sr 121

      SERVICE STATION (FULL SERVICE) • 3,074 SF
      Sr 121, Worthington Springs, FL 32697
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    • Value Estimation by Request
      868 SF

      36th Dr

      RETAIL STORES (PERSONAL SERVICES) • 868 SF
      36th Dr, Worthington Springs, FL 32697
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    • Value Estimation by Request
      3,758 SF

      Sr 121

      RETAIL STORES (PERSONAL SERVICES) • 3,758 SF
      Sr 121, Worthington Springs, FL 32697
      View Details

    Similar Nearby for Sale

    • $85,000
      1.00 Acre

      Acre Lot Near Flying Tiger

      One-acre lot near Gainesville with access to Flying Tiger Airpark.
      2 SW 128 Rd, Worthington Springs, FL 32697
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    • Contact for pricing

      Acre Lot in Flying Tiger Airpark

      One-acre lot in aviation community near Gainesville and University of Florida.
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      Acre Lot Near Flying Tiger

      One-acre lot near Gainesville, suitable for aviation enthusiasts.
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      Worthington Springs Land Near Airport

      One-acre lot near Flying Tiger Airport, Worthington Springs, Florida.
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    2 128Th St
    Lake Butler, FL 32697
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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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