Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    227 Kentucky Ave Lakeland, FL 33801
    Back to Search
    Property profile & analytics

    227 Kentucky Ave, Lakeland, FL 33801

    View on Map
    • Parking lots & garages
    • 213,185 SF
    • 0.00 lot acres
    Off-Market
    Last Sale Dec 15, 2020
    $6,443,600
    Property ID
    US18-7843224
    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
    $6,445,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Heritage Plaza Parking Garage / Parking Lot & Garage

    Property Details for 227 Kentucky Ave

    Year built
    2020
    Lot size
    0.00 lot acres
    Property type
    Parking lots & garages
    APN
    242818211518010010
    APU
    242818211518010010

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 15, 2020 $6,443,600 Lakeland Cmnty Redev Agcy Bkp Five LLC Grant Deed —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,345,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakeland
    County
    Polk
    State
    Florida
    Longitude
    -81.9553
    Latitude
    28.0421
    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
    $6,671
    $0.00
    $0.00
    $1,665,462
    -
    $0.00
    $0.00
    $1,665,462

    Comparable in this City

    • Value Estimation by Request
      0.23 Acres

      Main St

      PARKING LOT
      Main St, Lakeland, FL 33801
      View Details
    • Value Estimation by Request
      0.10 Acres

      407 Florida Ave

      PARKING LOT
      407 Florida Ave, Lakeland, FL 33801
      View Details
    • Value Estimation by Request
      0.33 Acres

      118 10th Ave

      PARKING LOT
      118 10th Ave, Lakeland, FL 33801
      View Details
    • Value Estimation by Request
      0.49 Acres

      Crystal Wood Dr

      PARKING LOT
      Crystal Wood Dr, Lakeland, FL 33801
      View Details
    • Value Estimation by Request
      0.13 Acres

      Lk Parker Ave

      PARKING LOT
      Lk Parker Ave, Lakeland, FL 33801
      View Details
    • Value Estimation by Request
      0.11 Acres

      711 Rushing Ave

      PARKING LOT
      711 Rushing Ave, Lakeland, FL 33801
      View Details

    Similar Nearby for Sale

    • $385,000

      Versatile Commercial Property on .92 Acres

      Affordable, updated commercial property with mixed-use potential in Lakeland, FL.
      4418 E County Road 542, Lakeland, FL 33801
      View Details
    • $1,800,000

      Chevron Gas Station Investment Opportunity

      High-performing gas station with convenience store and QSR in Lakeland.
      2141 Crystal Grove Dr, Lakeland, FL 33801
      View Details
    • Contact for pricing
      3,464 SF

      Lakeland Retail Building with Gas

      3464 SF retail building with gas pumps on 0.33 AC.
      3405 State Rd, Lakeland, FL 33801
      View Details
    • New
      $799,000
      3,848 SF

      Freestanding Retail Building with Fenced Yard

      Freestanding, air-conditioned retail building on a corner-adjacent corridor with ADA restroom, ramp access, and fenced rear yard.
      610 N Combee Rd, Lakeland, FL 33801
      View Details
    • $1,500,000
      3,192 SF

      Turnkey Restaurant and Bakery Opportunity

      Restaurant and bakery in Lakeland, ready for immediate re-opening.
      830 E Main St, Lakeland, FL 33801
      View Details
    • Contact for pricing

      Lakeland Retail Strip Shopping Center

      20,772 SF retail strip center with units from 1,008-2,760 SF.
      1515-1557 S Combee Rd, Lakeland, FL 33801
      View Details

    Similar Nearby for Lease

    • $3,950 /Mo
      2,040 SF

      Highway 92 Commercial Building

      2,040 SF commercial building on Highway 92 in Lakeland.
      2221 Us Highway 92 E, Lakeland, FL 33801
      View Details
    • Contact for pricing

      Lakeland Industrial Warehouse & Storage

      Prime location, versatile space for distributors and service-based businesses.
      1345 E Gary Rd, Lakeland, FL 33801
      View Details
    • Contact for pricing
      14,400 SF

      Industrial Spaces on Gary Road

      Industrial spaces available, suitable for car dealers and service industry.
      1345 E Gary Rd, Lakeland, FL 33801
      View Details
    • Contact for pricing

      Lakeland Retail/Wholesale Warehouse Space

      18,000 SF dock-high warehouse with retail/wholesale potential.
      2222 S Combee Rd, Lakeland, FL 33801
      View Details
    • Contact for pricing

      Premier Downtown Lakeland Commercial Space

      Updated commercial space with high visibility and foot traffic.
      110 S Kentucky Ave, Lakeland, FL 33801
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    227 Kentucky Ave
    Lakeland, FL 33801
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    227 Kentucky Ave, Lakeland, FL, 33801
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!