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    120 W Parker St Lakeland, FL 33815

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    120 W Parker St Lakeland, FL 33815

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    • Commercial land
    • 11,308 SF
    For Sale
    $475,000
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    Prime Land in Lakeland, FL For Sale
    $475,000
    11,308 SF

    Prime Land in Lakeland, FL

    Three combined lots in an opportunity zone with development potential.

    120 W Parker Street, Lakeland, FL 33815
    View Listing
    Property ID
    US18-4553970
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial land

    Property Details for 120 W Parker St

    Property size
    11,308 SF
    Property type
    Commercial land
    Property subtype
    Commercial real estate

    Description

    *Great Opportunity*Great Location, 3 combined lots selling as one unit situated off Parker St. adjacent to Florida Ave. with heavy vehicle traffic count. This area is located in an opportunity zone close to the heart of downtown Lakeland part of the Mid Town CRA district. This property possesses immense potential for rezoning development due combined lots and location. The possibilities are limitless with this location. Please use due diligence when researching and contact proper officials. (Additional combined lots 119 W. Myrtle St, Missouri Ave.)

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakeland
    County
    Polk
    State
    Florida
    Longitude
    -81.9580466
    Latitude
    28.0506737

    Comparable in this City

    • $700,500

      Lakeland Land Investment Opportunity

      Prime commercial land with frontage on the Polk Parkway interchange.
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    • $349,000
      2.03 Acres

      Lakeland Land Development Opportunity

      Prime 2.03-acre commercial land parcel in Lakeland, Florida.
      2705 New Tampa Hwy, Lakeland, FL 33815
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    • Contact for pricing
      4,312 SF

      Prime Land in Opportunity Zone

      Combined lots in Lakeland's Midtown CRA district, great potential.
      120 W Parker St, Lakeland, FL 33815
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    • Contact for pricing
      181,720 SF

      Lakeland Industrial Building Redevelopment Opportunity

      17.11-acre site with industrial building and redevelopment potential.
      300 W Lime St, Lakeland, FL 33815
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    Similar Nearby for Sale

    • $700,500

      Lakeland Land Investment Opportunity

      Prime commercial land with frontage on the Polk Parkway interchange.
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    • $349,000
      2.03 Acres

      Lakeland Land Development Opportunity

      Prime 2.03-acre commercial land parcel in Lakeland, Florida.
      2705 New Tampa Hwy, Lakeland, FL 33815
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    • Contact for pricing
      4,312 SF

      Prime Land in Opportunity Zone

      Combined lots in Lakeland's Midtown CRA district, great potential.
      120 W Parker St, Lakeland, FL 33815
      View Details
    • Contact for pricing
      181,720 SF

      Lakeland Industrial Building Redevelopment Opportunity

      17.11-acre site with industrial building and redevelopment potential.
      300 W Lime St, Lakeland, FL 33815
      View Details
    • Contact for pricing

      Industrial/Commercial Corner Development Site

      High-visibility corner lot near I-4 and Amazon Fulfillment Center.
      New Tampa Hwy & Pne Chase Rd, Lakeland, FL 33815
      View Details

    Similar Nearby for Lease

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      Retail Space in Wabash Center

      Retail space available in Wabash Shopping Center in Lakeland, FL.
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      705,420 SF

      Lakeland Warehouse and Distribution Center

      Large industrial property with immediate Interstate 4 access in Central Florida.
      2451-2465 Old Tampa Hwy, Lakeland, FL 33815
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      Well-Maintained Office Complex For Lease

      Office suites available in a well-maintained complex with ample parking.
      6810 New Tampa Hwy, Lakeland, FL 33815
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    • Contact for pricing
      4,740 SF

      Well-Maintained Office Complex Suites

      Office suites for lease in a well-maintained complex.
      6810 New Tampa Hwy, Lakeland, FL 33815
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      22,500 SF

      Lakeland Warehouse Space Available

      Warehouse space for lease in Lakeland, Florida.
      700 Mccue Rd, Lakeland, FL 33815
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    • Contact for pricing
      3,733 SF

      Office Space For Lease

      Well-maintained office complex with ample parking and high visibility.
      6790 New Tampa Hwy, Lakeland, FL 33815
      View Details
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    Lakeland, FL 33815
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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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