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

    2122 Martin L King Jr Ave Lakeland, FL 33805-2860

    • Office buildings
    • 2,313 SF
    • 19.43 lot acres
    OFF-MARKET
    Value Estimations
    $515,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-3662267
    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

    • New Bethel African Methodist / Church
    • Food Distribution Center - New Bethel Lakeland Social Services / Food Bank / Charitable Organization
    • Alternatives Unlimited / High School

    Property Details for 2122 Martin L King Jr Ave

    Year built
    1968
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    19.43 lot acres
    Property size
    2,313 SF
    Zone code
    RA-4
    Property type
    Office buildings
    APN
    232801000000024010
    APU
    232801000000024010

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $505,000
      6.5%
      $465,000
      7%
      $435,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $463,000
      Market price range: $142k - $464k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $540,000
      Current use
      COMMERCIAL (GENERAL)
      $600,000
      Change: +11% Conversion: Easy
      AUTO REPAIR, GARAGE
      $570,000
      Change: +6% Conversion: Difficult
      MEDICAL BUILDING
      $570,000
      Change: +5% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakeland
    County
    Polk
    State
    Florida
    Longitude
    -81.9636
    Latitude
    28.0725
    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
    $0.00
    $60,468
    $778,735
    $839,203
    -
    $60,468
    $778,735
    $839,203

    Comparable in this City

    • Value Estimation
      $3,820,000
      18,893 SF

      2045 Interstate Dr

      OFFICE BUILDING • 18,893 SF
      2045 Interstate Dr, Lakeland, FL 33805-2685
      View Details
    • Value Estimation
      $1,140,000
      5,475 SF

      635 5th St

      OFFICE BUILDING • 5,475 SF
      635 5th St, Lakeland, FL 33805-4372
      View Details
    • Value Estimation
      $920,000
      5,693 SF

      600 El Paseo

      OFFICE BUILDING • 5,693 SF
      600 El Paseo, Lakeland, FL 33805-4521
      View Details
    • Value Estimation
      $5,930,000
      29,256 SF

      1600 Kathleen Rd

      OFFICE BUILDING • 29,256 SF
      1600 Kathleen Rd, Lakeland, FL 33805-3435
      View Details
    • Value Estimation
      $1,270,000
      3,190 SF

      2510 Florida Ave

      OFFICE BUILDING • 3,190 SF
      2510 Florida Ave, Lakeland, FL 33805-2244
      View Details
    • Value Estimation by Request
      2,465 SF

      4140 Post Ave

      OFFICE BUILDING • 2,465 SF
      4140 Post Ave, Lakeland, FL 33805-1939
      View Details

    Similar Nearby for Sale

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      Lakeland Land Parcel For Sale

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      Lakeland Commercial Park Land Available

      Developed commercial parcels available in Lakeland, Florida, near I-4.
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      Lakeland Duplex with Tenant Occupancy

      Two-unit duplex in Lakeland, fully occupied, updated unit, convenient location.
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      Tenant-occupied duplex in Lakeland, Florida, with updated unit.
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    Similar Nearby for Lease

    • Contact for pricing
      52,185 SF

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      View Details
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      27,751 SF

      Renovated Office Space Available

      Renovated office building with open floors and included furniture.
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    • $12,720 /Mo

      Class A Office Space Available

      Professional office space for lease in North Lakeland.
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      View Details
    • $12,720 /Mo

      Class A Office Space

      Professional office space for lease in North Lakeland.
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    • $3,800 /Mo
      2,150 SF

      Medical Office Near Lakeland Regional

      Medical office building near Lakeland Regional and Watson Clinic.
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    • Contact for pricing
      200,242 SF

      Lakeland Warehouse: 200,242 SF

      Large industrial warehouse space available in Lakeland, Florida.
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      View Details
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    2122 Martin L King Jr Ave
    Lakeland, FL 33805-2860
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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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