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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    121 Frank Lloyd Wright Way Lakeland, FL 33803-1178

    • Office buildings
    • 1,365 SF
    • 0.08 lot acres
    OFF-MARKET
    Value Estimations
    $245,000
    Show details
    Cap Rate Potential
    7.3%
    Office buildings
    Location Intelligence
    Property ID
    US18-4195896
    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

    • Office buildings

    Property Details for 121 Frank Lloyd Wright Way

    Year built
    1947
    Lot size
    0.08 lot acres
    Property size
    1,365 SF
    Zone code
    C-2
    Property type
    Office buildings
    APN
    242819231500002131
    APU
    242819231500002131

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $245,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $300,000
      6.5%
      $275,000
      7%
      $255,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $207,000
      Market price range: $147k - $593k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $375,000
      Current use
      COMMERCIAL (GENERAL)
      $355,000
      Change: -6% Conversion: Easy
      AUTO REPAIR, GARAGE
      $340,000
      Change: -10% Conversion: Difficult
      MEDICAL BUILDING
      $335,000
      Change: -10% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakeland
    County
    Polk
    State
    Florida
    Longitude
    -81.9562
    Latitude
    28.033
    CBSA code
    29460
    CBSA name
    LAKELAND, 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
    $1,659
    $11,900
    $79,903
    $91,803
    -
    $11,900
    $79,903
    $91,803

    Comparable in this City

    • Value Estimation
      $295,000
      600 SF

      114 Frank Lloyd Wright Way

      OFFICE BUILDING • 600 SF
      114 Frank Lloyd Wright Way, Lakeland, FL 33803-1179
      View Details
    • Value Estimation
      $600,000
      2,720 SF

      3410 Winter Lk Rd

      OFFICE BUILDING • 2,720 SF
      3410 Winter Lk Rd, Lakeland, FL 33803-9747
      View Details
    • Value Estimation by Request
      4,518 SF

      1700 Wilkinson Rd

      OFFICE BUILDING • 4,518 SF
      1700 Wilkinson Rd, Lakeland, FL 33803-1663
      View Details
    • Value Estimation
      $405,000
      6,549 SF

      2212 Florida Ave

      OFFICE BUILDING • 6,549 SF
      2212 Florida Ave, Lakeland, FL 33803-7260
      View Details
    • Value Estimation
      $320,000
      1,440 SF

      3510 Craftsman Blvd

      OFFICE BUILDING • 1,440 SF
      3510 Craftsman Blvd, Lakeland, FL 33803-7307
      View Details
    • Value Estimation
      $385,000
      3,496 SF

      211 Kerneywood St

      OFFICE BUILDING • 3,496 SF
      211 Kerneywood St, Lakeland, FL 33803-2947
      View Details

    Similar Nearby for Sale

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      Lakeland Investment Property For Sale

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      Lakeland Commercial/Office Building For Sale

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      Lakeland Office Space For Sale

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      Lakeland Office Building - Prime Location

      Midtown Lakeland Office, Updated, 4,353 sq ft
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      Lakeland Office Space For Sale

      Office space featuring private offices, boardroom, and flexible access.
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    • $875,000
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      Johnson St Medical Office Space

      Prime Medical Office, Broward County
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    Similar Nearby for Lease

    • Contact for pricing
      142,192 SF

      Grove Park Shopping Center: Lakeland, FL

      Medical Office & Retail Space Available
      1413 Bartow Rd, Lakeland, FL 33803
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    • Contact for pricing
      2,375 SF

      Retail and Office Center Space

      Mixed-use retail and office center near Polk Parkway.
      1314-1326 Town Center Dr, Lakeland, FL 33803
      View Details
    • $350 /Mo
      190 SF

      Lakeland Executive Office Suite

      Executive suite available in Lakeland, 190 SF, $350/month.
      213 Kerneywood St, Lakeland, FL 33803
      View Details
    • Contact for pricing
      2,530 SF

      Move-in Ready Office Space

      Office space near Polk Parkway and S Florida Ave for rent.
      3308 Cleveland Heights Blvd, Lakeland, FL 33803
      View Details
    • $50,400

      Lakeland Office/Retail Space For Rent

      Office and retail space available for lease in Lakeland, Florida.
      2160 Edgewood Dr S 109, Lakeland, FL 33803
      View Details
    • Contact for pricing
      350 SF

      Lakeland Office Space For Rent

      Office space for rent featuring private entrance and restroom.
      1832 Harden Blvd, Lakeland, FL 33803
      View Details
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    121 Frank Lloyd Wright Way
    Lakeland, FL 33803-1178
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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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