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Property profile & analytics
OFF-MARKET
Estimated value
$4,245,000
Drug stores
311 Memorial Blvd Lakeland, FL 33801-1766
Entity Owned
3-yr Hold
Absentee Owner
Free & Clear
Property ID
US18-5526675
Property profile
Verified
Property type
Drug stores
Use group
DRUG STORE, PHARMACY
Year built
1994
Total area
14,086 SF
Lot
1.64 ac (71,526 SF)
Zoning code
XX
APN
242818203000022090
UPID
US18-5526675
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
-
Malika Gordon Pharmacy
-
LibertyX Bitcoin ATM Atm
-
COVID-19 Drive-Thru Testing at Walgreens Medical Laboratory
-
Western Union Bank Credit Union
-
Glenna Turner Pharmacy
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$4.52M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.97M
Blend (final)
Blend
$4.25M
Owner & transaction history
Walgreen Co · 3 yrs held
Walgreen Co
since 2022
Last sale
$4.2M
2 recorded transactions
Zoning & alternative use
XX · Lakeland, FL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$3.5M
+42.3%
Medical building
$3.5M
+41.2%
Office building
$3.0M
+23.4%
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
$4,260,000
ML approach
$4,520,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
AUTO REPAIR, GARAGE
$3,485,000
Change: +42% · Conversion: Difficult
MEDICAL BUILDING
$3,460,000
Change: +41% · Conversion: Difficult
OFFICE BUILDING
$3,025,000
Change: +23% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$2,580,000
Change: +5% · Conversion: Moderate
Blend value · Realmo final
$4.25M
Range $3.82M – $4.67M · ±10% · vs last sale $4.24M (Nov 30 2022)
Last sale anchor
$4.24M
Nov 30 2022
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
$301 / 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
Tax billed
$35,874
Tax year 2023
Assessed value
$1,967,870
Assessed 2023
Previous assessed
$1,945,882
+1.1% YoY
Effective rate
1.82%
On assessed value
Assessed land
$822,538
Assessed improvement
$1,145,332
Land market value
$822,538
Improvement market value
$1,145,332
Total market value
$1,967,870
Applied tax rate
91,510.0000
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
Drug stores
Use group
DRUG STORE, PHARMACY
Status
Off-Market
Year built
1994
Heating
NONE
Stories
1
Units
1
Total area
14,086 SF
Lot
1.64 ac (71,526 SF)
Zoning code
XX
APN
242818203000022090
UPID
US18-5526675
Jurisdiction
POLK
Zoning & alternative use
XX · Lakeland, FL
Zoning XX · permitted uses
XX · 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
AUTO REPAIR, GARAGE
Est. value
$3.5M
MEDICAL BUILDING
Est. value
$3.5M
OFFICE BUILDING
Est. value
$3.0M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$2.6M
AUTO REPAIR, GARAGE
MEDICAL BUILDING
OFFICE BUILDING
NEIGHBORHOOD: SHOPPING CENTER
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
1994
Heating
NONE
Stories
1
Units
1
Lot
1.64 ac
Current owner
From public records · entity-resolved
Walgreen Co
Entity
Free & Clear · 3 yrs held
Mailing address
450 S ORANGE AVE STE #900, ORLANDO, FL 32801-3339
Mailing matches property
Different — outreach signal
Owner-occupied
No
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
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 30, 2022
—
Walgreen Co
National Retail Properties LP
Lease
—
Nov 30, 2022
$4,237,100
National Retail Properties LP
Walgreen Co
Special Warranty Deed
—
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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