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Property profile & analytics
OFF-MARKET
Estimated value
$15,875,000
Office buildings
228 Massachusetts Ave Lakeland, FL 33801-5012
Individually Owned
4-yr Hold
~
Est. High Equity
Property ID
US18-5895436
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1920
Total area
83,700 SF
Lot
1.51 ac (65,993 SF)
Zoning code
C7
APN
242818201000023021
UPID
US18-5895436
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Lakeland City Manager City Government Office
-
Lakeland Wastewater Utility City Government Office Water Treatment Plant
-
Lakeland Electric Charging Station Electric Vehicle Charging Station
-
Holly Jolly Jingle Bell Jog 5K Association / Organization
-
Lakeland Community Development Department City Government Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$16.88M
Comparable Approach
Comparable
$18.22M
Blend (final)
Blend
$15.88M
Owner & transaction history
Lakeland Community Redevelopment Ag · 4 yrs held
Lakeland Community Redevelopment Ag
since 2022
3 recorded transactions
Zoning & alternative use
C7 · Lakeland, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$20.7M
+15.3%
Medical building
$20.6M
+14.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Lakeland submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lakeland submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$18,280,000
6.5%
$16,875,000
7%
$15,670,000
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
Blend value · Realmo final
$15.88M
Range $14.29M – $17.46M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$190 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Assessed value
$8,946,838
Assessed 2023
Previous assessed
$8,946,838
+0.0% YoY
Assessed land
$610,500
Assessed improvement
$8,336,338
Land market value
$610,500
Improvement market value
$8,336,338
Total market value
$8,946,838
Applied tax rate
91,511.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1920
Heating
NONE
Stories
3
Units
1
Total area
83,700 SF
Lot
1.51 ac (65,993 SF)
Zoning code
C7
APN
242818201000023021
UPID
US18-5895436
Jurisdiction
POLK
Zoning & alternative use
C7 · Lakeland, FL
Zoning C7 · permitted uses
C7 · Lakeland, FL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Lakeland. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$18.0M
AUTO REPAIR, GARAGE
Est. value
$20.7M
MEDICAL BUILDING
Est. value
$20.6M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$15.3M
RETAIL STORES
Est. value
$14.6M
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1920
Heating
NONE
Stories
3
Units
1
Lot
1.51 ac
Current owner
From public records · entity-resolved
Lakeland Community Redevelopment Ag
Individual
Mailing address
228 S MASSACHUSETTS AVE, LAKELAND, FL 33801-5012
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 21, 2022
$45,100
Lakeland Community Redevelopment Ag
County Of Polk
Public Action
related
—
Apr 20, 2021
—
Joseph Daniel Kaefer
—
Deed
related
$5,000 · City Of Lakeland
Jan 18, 2018
$4,600
William A Ross III
City Of Lakeland Fl
Quit Claim Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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