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    Property profile & analytics

    238 Massachusetts Ave Lakeland, FL 33801

    • Retail space
    • 6,351 SF
    • 0.41 lot acres
    For Lease
    View listing
    $10 SF/Yr
    Last Sale
    Jan 19, 2024
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5534360
    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

    • Madden branded goods / Corporate Office
    • Well-Being Psychology Center / Psychologist
    • Shop Madden / Corporate Gift Supplier / Marketing Agency
    • 1-800 Office Solutions / Office Equipment Supplier / Computer Networking Service

    Property Details for 238 Massachusetts Ave

    Year built
    1925
    Lot size
    0.41 lot acres
    Property size
    6,351 SF
    Zone code
    C-7
    Property type
    Retail space
    APN
    242818201000007010
    APU
    242818201000007010

    Description

    This exceptional office space in Lakeland, Florida, offers a diverse range of solutions for businesses of all sizes. Located at 238 N Massachusetts Ave, 1st Floor, in Polk County, this property provides flexible options to meet your specific needs. Choose from traditional office suites, executive offices, coworking spaces, or even medical or creative office setups. The space caters to various tenancy requirements, offering fully furnished and equipped private offices scalable from single-person setups to large corporate spaces. Customizable options are available, including disaster recovery spaces and day offices. Beyond private offices, the location also features coworking areas, providing a collaborative and social work environment with hot-desking options. Meeting rooms of various sizes are available for rent, equipped with Wi-Fi and presentation equipment, suitable for informal meetings, training sessions, or formal conferences. Virtual office options are also offered, including prestigious business addresses, mail handling services, and professional virtual assistant support, with varying levels of access to physical office space. Flexible working plans provide access to a global network of workspaces, allowing for seamless transitions between locations. The property is ideally situated in Lakeland, Florida, with easy access to local amenities and transportation. This versatile property offers a comprehensive solution for businesses seeking a flexible and adaptable workspace.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,190,000
      6.5%
      $1,095,000
      7%
      $1,020,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,041,000
      Market price range: $345k - $1.04M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,105,000
      Current use
      AUTO REPAIR, GARAGE
      $1,570,000
      Change: +42% Conversion: Difficult
      MEDICAL BUILDING
      $1,560,000
      Change: +41% Conversion: Difficult
      OFFICE BUILDING
      $1,365,000
      Change: +23% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $1,165,000
      Change: +5% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $925,000
      Change: -16% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakeland
    County
    Polk
    State
    Florida
    Longitude
    -81.9545
    Latitude
    28.0466
    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
    $17,359
    $138,105
    $719,963
    $858,068
    -
    $138,105
    $719,963
    $858,068

    Comparable in this City

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      509 Florida Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,310 SF
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      1100 Combee Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,058 SF
      1100 Combee Rd, Lakeland, FL 33801-2918
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      1500 Combee Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,719 SF
      1500 Combee Rd, Lakeland, FL 33801-7100
      View Details
    • Value Estimation by Request
      2,280 SF

      1710 Combee Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,280 SF
      1710 Combee Rd, Lakeland, FL 33801-6896
      View Details

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    238 Massachusetts Ave
    Lakeland, FL 33801
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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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