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    Property profile & analytics

    2943 Old Tampa Hwy Lakeland, FL 33803-1674

    • Distribution centers
    • 162,100 SF
    • 5.99 lot acres
    OFF-MARKET
    Last Sale
    Dec 06, 2021
    $27,325,000
    Value Estimations
    $21,025,000
    Show details
    Cap Rate Potential
    3%
    Distribution centers
    Location Intelligence
    Property ID
    US18-6187381
    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

    • A-1 Diesel Repair / Auto Repair Shop

    Property Details for 2943 Old Tampa Hwy

    Year built
    1973
    Lot size
    5.99 lot acres
    Property size
    162,100 SF
    Zone code
    C-4
    Property type
    Distribution centers
    APN
    232822000000034020
    APU
    232822000000034020

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $15,650,000
      6.5%
      $14,445,000
      7%
      $13,415,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $23,473,000
      Market price range: $11.1M - $26.1M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $16,830,000
      Current use
      RETAIL STORES
      $30,235,000
      Change: +80% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakeland
    County
    Polk
    State
    Florida
    Longitude
    -82.0058
    Latitude
    28.0343
    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
    $136,080
    $299,355
    $9,692,816
    $9,992,171
    -
    $299,355
    $9,692,816
    $9,992,171

    Comparable in this City

    • Value Estimation by Request
      0.15 Acres

      Waterfield Pkwy

      INDUSTRIAL (GENERAL) • 0.15 Acres
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      View Details
    • Value Estimation by Request
      3,120 SF

      2111 Edgewood Dr

      MINI-WAREHOUSE, STORAGE • 3,120 SF
      2111 Edgewood Dr, Lakeland, FL 33803-3603
      View Details
    • Value Estimation
      $10,375,000
      76,743 SF

      3425 Reynolds Rd

      MANUFACTURING (LIGHT) • 76,743 SF
      3425 Reynolds Rd, Lakeland, FL 33803-8331
      View Details
    • Value Estimation by Request
      5,200 SF

      2520 Holloway Park Dr

      MANUFACTURING (LIGHT) • 5,200 SF
      2520 Holloway Park Dr, Lakeland, FL 33803-7316
      View Details
    • Value Estimation
      $1,410,000
      10,000 SF

      2145 Edgewood Dr

      MINI-WAREHOUSE, STORAGE • 10,000 SF
      2145 Edgewood Dr, Lakeland, FL 33803-3603
      View Details
    • Value Estimation
      $550,000
      6,000 SF

      2536 Mcjunkin Rd

      MINI-WAREHOUSE, STORAGE • 6,000 SF
      2536 Mcjunkin Rd, Lakeland, FL 33803-8324
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      10,000 SF

      Lakeland Industrial/Office Showroom For Sale

      10,000 SF industrial/office showroom in Lakeland, Florida.
      2145 E Edgewood Dr, Lakeland, FL 33803
      View Details
    • $4,000,000
      58.73 Acres

      Lakeland Industrial Land - 58 Acres

      Prime Polk Parkway industrial land
      2925 Pavers Rd, Lakeland, FL 33803
      View Details
    • $1,200,000

      Lakeland Investment Property For Sale

      Investment property in Lakeland's Midtown Professional District, in updated condition.
      924 S Florida Ave, Lakeland, FL 33803
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    • $339,000
      Pending

      Lakeland Duplex with Tenant Occupancy

      Two-unit duplex in Lakeland, fully occupied with long-term leases.
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    • $170,000
      0.21 Acres

      Lakeland Commercial Land For Sale

      Cleared commercial land ready for income production in Lakeland, Florida.
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    • $150,000
      3,600 SF

      Established Smoke Shop in Lakeland

      Turn-key smoke shop in high-traffic Lakeland corridor for sale.
      2810 Florida Ave S, Lakeland, FL 33803
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    Similar Nearby for Lease

    • Contact for pricing
      27,360 SF

      Lakeland Warehouse with Showroom Space

      27,360 SF warehouse with showroom and yard storage.
      3310 Reynolds Rd, Lakeland, FL 33803
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    • Contact for pricing
      4,800 SF

      Lakeland Dock High Warehouse Space

      26,400 SF warehouse with units from 4,800-16,800 SF.
      3545 Reynolds Rd, Lakeland, FL 33803
      View Details
    • Contact for pricing
      9,450 SF

      Lakeland Warehouse with Office Space

      9,450 SF warehouse with 3,750 SF office space for rent.
      4310 Sandyway Ln, Lakeland, FL 33803
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    • Contact for pricing
      7,500 SF

      Lakeland Warehouse Space for Lease

      37,500 SF dock-high warehouse with flexible unit sizes.
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    • Contact for pricing
      3,000 SF

      Lakeland Warehouse Space Available

      Ground-level warehouse space for rent in Lakeland, Florida.
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      View Details
    • Contact for pricing
      3,000 SF

      Lakeland Warehouse with Office Space

      3,000 SF warehouse with office near Polk Parkway.
      3544 Waterfield Pkwy, Lakeland, FL 33803
      View Details
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    2943 Old Tampa Hwy
    Lakeland, FL 33803-1674
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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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