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    1906 Griffin Rd Lakeland, FL 33810-5249
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    Property profile & analytics

    1906 Griffin Rd, Lakeland, FL 33810-5249

    View on Map
    • Specialty properties
    • 4,593 SF
    • 19.09 lot acres
    Off-Market
    Last Sale Dec 5, 2022
    $59,895,900
    Property ID
    US18-4255269
    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

    • The Caroline Apartments / Apartment Complex

    Property Details for 1906 Griffin Rd

    Year built
    2022
    Lot size
    19.09 lot acres
    Zone code
    C-3
    Property type
    Specialty properties
    APN
    232802000000034010
    APU
    232802000000034010

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 5, 2022 $59,895,900 Topaz Caroline LLC The Reserve At Lakeland Square LLC Special Warranty Deed $39.3M · First Foundation Bank
    Jul 14, 2020 — Reserve At Lakeland Square LLC — Deed · related $35.5M · Graystone Fndg Co LLC
    Jan 28, 2016 $625,000 Reserve At Lakeland Square LLC Nhj Ptshp LLP Warranty Deed $745k · Private Individual
    — — Reserve At Lakeland Square LLC — Deed Of Trust · related $35.5M · Graystone Fndg Co LLC

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      Off market

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakeland
    County
    Polk
    State
    Florida
    Longitude
    -81.9872
    Latitude
    28.0787
    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
    $861,581
    $0.00
    $0.00
    $47,262,239
    -
    $0.00
    $0.00
    $47,262,239

    Comparable in this City

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      2,652 SF

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    • Value Estimation
      $6,770,000
      4,390 SF

      8118 Lk James Blvd

      PROFESSIONAL CLUBS/ASSOCIATIONS
      8118 Lk James Blvd, Lakeland, FL 33810-4837
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    • Value Estimation
      $18,135,000
      1.38 Acres

      Mall Hl Dr

      SHOPPING CENTER COMMON AREA
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    • Value Estimation by Request
      12.42 Acres

      Kathleen Rd

      CHARITABLE ORGANIZATION
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      0.94 Acres

      2438 Sleepy Hl Rd

      CHARITABLE ORGANIZATION
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      2330 Kathleen Rd

      CHARITABLE ORGANIZATION
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      3320 Knights Station Rd, Lakeland, FL 33810

      Land
      3320 Knights Station Rd, Lakeland, FL 33810
      View Details
    • $900,000
      6.29 Acres

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      Land Parcel on Duff Road

      Three land parcels available on Duff Road in Lakeland, Florida.
      1301 Duff Rd, Lakeland, FL 33810
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    • $319,999

      Land for Sale in Lakeland

      Land available in Lakeland, Florida.
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      Prime Lakeland Land Opportunity

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    Similar Nearby for Lease

    • Contact for pricing
      1,600 SF

      Retail Space in Lakeland Center

      Retail space with high traffic and easy highway access.
      2250-2390 Griffin Rd, Lakeland, FL 33810
      View Details
    • $96,000
      Pending

      Flex Space with I-4 Visibility

      4,000±sf flex space with office and warehouse areas.
      3705 Frontage Rd N, Lakeland, FL 33810
      View Details
    • Contact for pricing
      2,000 SF

      Retail Space in Growing Lakeland

      Retail space available in a high-visibility shopping center.
      2905-2977 Duff Rd, Lakeland, FL 33810
      View Details
    • Contact for pricing

      Retail Space for Lease

      Retail space available for lease in Lakeland, Florida.
      2905 Duff Rd, Lakeland, FL 33810
      View Details
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    Lakeland, FL 33810-5249
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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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    1906 Griffin Rd, Lakeland, FL, 33810
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