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

    2985 Old Medulla Rd Lakeland, FL 33811-2894

    • Office buildings
    • 5,850 SF
    • 6.00 lot acres
    OFF-MARKET
    Value Estimations
    $1,335,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-4797582
    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

    • Robinson Machine Company / Machining Manufacturer

    Property Details for 2985 Old Medulla Rd

    Year built
    2006
    Lot size
    6.00 lot acres
    Property size
    5,850 SF
    Property type
    Office buildings
    APN
    232909000000011070
    APU
    232909000000011070

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,280,000
      6.5%
      $1,180,000
      7%
      $1,095,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,267,000
      Market price range: $318k - $1.27M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,655,000
      Current use
      COMMERCIAL (GENERAL)
      $1,510,000
      Change: -9% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,445,000
      Change: -13% Conversion: Difficult
      MEDICAL BUILDING
      $1,435,000
      Change: -13% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakeland
    County
    Polk
    State
    Florida
    Longitude
    -82.0073
    Latitude
    27.9789
    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
    $48,348
    $182,951
    $2,469,187
    $2,652,138
    -
    $182,951
    $2,469,187
    $2,652,138

    Comparable in this City

    • Value Estimation
      $2,225,000
      10,296 SF

      2955 Medulla Rd

      OFFICE BUILDING • 10,296 SF
      2955 Medulla Rd, Lakeland, FL 33811
      View Details
    • Value Estimation
      $1,660,000
      7,628 SF

      2940 Drane Fld Rd

      OFFICE BUILDING • 7,628 SF
      2940 Drane Fld Rd, Lakeland, FL 33811-1329
      View Details
    • Value Estimation
      $2,045,000
      4,000 SF

      2720 Drane Fld Rd

      OFFICE BUILDING • 4,000 SF
      2720 Drane Fld Rd, Lakeland, FL 33811-1325
      View Details
    • Value Estimation by Request
      1,175 SF

      4175 Pipkin Rd Ste, Unit 208

      OFFICE BUILDING • 1,175 SF
      4175 Pipkin Rd Ste, Lakeland, FL 33811-1699
      View Details
    • Value Estimation
      $2,305,000
      12,580 SF

      4223 Pipkin Rd

      OFFICE BUILDING • 12,580 SF
      4223 Pipkin Rd, Lakeland, FL 33811-1842
      View Details
    • Value Estimation by Request
      1,175 SF

      4175 Pipkin Rd, Unit 212

      OFFICE BUILDING • 1,175 SF
      4175 Pipkin Rd, Lakeland, FL 33811-1699
      View Details

    Similar Nearby for Sale

    • $1,975,000
      3.35 Acres

      South Lakeland Retail-Office Land

      3.35 Acres, Prime Location, High Visibility
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    • $2,070,510
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      Lakeland Medical Office Complex

      10,618 SF Medical Building, $2M+
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    • $829,000
      5,800 SF

      Warehouse and Office Space Available

      5,820 SF warehouse and office space in Lakeland, Florida.
      4459 Holden Rd, Lakeland, FL 33811
      View Details
    • $1,200,000
      136,029 SF

      Lakeland Industrial Land - Huge Potential

      3.1 Acres, 136,029 SF, Prime Location
      Hamilton Rd, Lakeland, FL 33811
      View Details
    • $60,000
      1.16 Acres

      Vacant Lot in Quiet Cul-de-Sac

      1.16 acre vacant lot ready for your dream home.
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      View Details
    • Contact for pricing
      182,985 SF

      Hamilton Logistics Center - Building 200

      Lakeland, FL Industrial Distribution Center
      4142 Hamilton Rd, Lakeland, FL 33811
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      42,000 SF

      Lakeland Office Space Available

      Flexible Office Suites, Ample Parking
      2525 Drane Field Rd, Lakeland, FL 33811
      View Details
    • $450 /Mo
      100 SF

      Office/Airplane Hangar at Lakeland Airport

      Newly constructed office/airplane hangar with modern amenities at Lakeland Linder Airport.
      3699 Airfield Dr W, Lakeland, FL 33811
      View Details
    • $1,600 /Mo
      1,750 SF

      Lakeland Office and Warehouse Space

      Two-story unit with office, kitchenette, bathroom, and warehouse space.
      3903 Industry Blvd, Lakeland, FL 33811
      View Details
    • Contact for pricing
      121,600 SF

      Lakeland Industrial Warehouse Space

      Modern warehouse, 26,240 SF available
      4040 Pipkin Rd, Lakeland, FL 33811
      View Details
    • Contact for pricing
      150,600 SF

      Lakeland Commerce Center Space

      114,180 SF Available Now!
      3404 County Line Rd, Lakeland, FL 33811
      View Details
    • Contact for pricing
      213,713 SF

      Lakeland Distribution Center For Lease

      213,713 SF distribution center in Lakeland, Florida.
      4040 County Line Rd, Lakeland, FL 33811
      View Details
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    2985 Old Medulla Rd
    Lakeland, FL 33811-2894
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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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