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

    228 Massachusetts Ave Lakeland, FL 33801-5012

    • Office buildings
    • 83,700 SF
    • 1.51 lot acres
    OFF-MARKET
    Last Sale
    Mar 19, 2020
    Value Estimations
    $15,875,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5895436
    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

    • Lakeland City Manager / City Government Office
    • Lakeland Wastewater Utility / City Government Office / Government
    • Lakeland Electric Charging Station / Electric Vehicle Charging Station
    • Holly Jolly Jingle Bell Jog 5K / Association / Organization
    • Lakeland Community Development Department / City Government Office

    Property Details for 228 Massachusetts Ave

    Year built
    1920
    Lot size
    1.51 lot acres
    Property size
    83,700 SF
    Zone code
    C7
    Property type
    Office buildings
    APN
    242818201000023021
    APU
    242818201000023021

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $18,280,000
      6.5%
      $16,875,000
      7%
      $15,670,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $18,219,000
      Market price range: $9.81M - $27.7M
      AI Estimate
      $12,524,000
      Market price range: $6.06M - $18.4M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $17,960,000
      Current use
      AUTO REPAIR, GARAGE
      $20,705,000
      Change: +15% Conversion: Difficult
      MEDICAL BUILDING
      $20,555,000
      Change: +14% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $15,340,000
      Change: -15% Conversion: Difficult
      RETAIL STORES
      $14,555,000
      Change: -19% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakeland
    County
    Polk
    State
    Florida
    Longitude
    -81.9536
    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
    $0.00
    $610,500
    $8,336,338
    $8,946,838
    -
    $610,500
    $8,336,338
    $8,946,838

    Comparable in this City

    • Value Estimation
      $12,945,000
      59,931 SF

      321 Kentucky Ave

      OFFICE BUILDING • 59,931 SF
      321 Kentucky Ave, Lakeland, FL 33801-5004
      View Details
    • Value Estimation
      $1,235,000
      5,930 SF

      124 10th Ave

      OFFICE BUILDING • 5,930 SF
      124 10th Ave, Lakeland, FL 33801-4614
      View Details
    • Value Estimation by Request
      1,131 SF

      1017 Combee Rd

      OFFICE BUILDING • 1,131 SF
      1017 Combee Rd, Lakeland, FL 33801-6319
      View Details
    • Value Estimation
      $765,000
      3,511 SF

      53 Lk Morton Dr Ste, Unit 100

      OFFICE BUILDING • 3,511 SF
      53 Lk Morton Dr Ste, Lakeland, FL 33801-5341
      View Details
    • Value Estimation
      $1,735,000
      8,580 SF

      1404 Fish Hatchery Rd

      OFFICE BUILDING • 8,580 SF
      1404 Fish Hatchery Rd, Lakeland, FL 33801-9642
      View Details
    • Value Estimation
      $1,045,000
      3,784 SF

      520 Florida Ave

      OFFICE BUILDING • 3,784 SF
      520 Florida Ave, Lakeland, FL 33801-5229
      View Details

    Similar Nearby for Sale

    • $4,750,000
      23,700 SF

      Lakeland Office Building Investment

      Historic landmark, high-visibility location.
      541 Florida Ave, Lakeland, FL 33801
      View Details
    • $475,000
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      Downtown Lakeland Office Building

      Prime Office Space, Updated, High Visibility
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    • $275,000
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      Lakeland Office Space For Sale

      Office property featuring 1800 square feet in Lakeland, Florida.
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    • $599,000
      0.46 Acres

      Lakeland Commercial Property Investment Opportunity

      Prime commercial property in Lakeland, ideal for investment or business.
      305 W Memorial Blvd, Lakeland, FL 33801
      View Details
    • $1,299,500
      Pending

      Lakeland Mixed-Use Office/Warehouse Property

      8,750 SF office/warehouse with flexible space in Lakeland, FL.
      1512 E Gary Rd, Lakeland, FL 33801
      View Details
    • $275,000
      Pending

      Lakeland Commercial Property on High-Traffic Corridor

      Versatile 2,200 SF commercial property with strong income potential.
      1710 S Combee Rd, Lakeland, FL 33801
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      8,850 SF

      Auburndale Office Complex

      8,850 SF Office/Retail, 1 Space Available
      3632 Us Highway 92, Auburndale, FL 33801
      View Details
    • Contact for pricing
      335 SF

      Class A Office Space Available

      80,000 SF Class A office building for rent.
      500 S Florida Ave, Lakeland, FL 33801
      View Details
    • Contact for pricing
      7,443 SF

      Downtown Class A Office Space

      Class A office building with on-site parking and signage.
      124 S Florida Ave, Lakeland, FL 33801
      View Details
    • Contact for pricing
      2,500 SF

      Lakeland Office Space Available

      2,500 SF office space for lease in Lakeland, FL.
      2315 Commerce Point Dr, Lakeland, FL 33801
      View Details
    • $23 SF/Yr
      984 SF

      Downtown Lakeland Office Space For Rent

      Recently remodeled Class A office space in central CBD location.
      100 S Kentucky Ave, Lakeland, FL 33801
      View Details
    • Contact for pricing
      10,500 SF

      Move-in Ready Lakeland Office Sublease

      10,500 SF move-in ready office space for sublease.
      1129 Bartow Rd, Lakeland, FL 33801
      View Details
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    228 Massachusetts Ave
    Lakeland, FL 33801-5012
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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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