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Property profile & analytics
OFF-MARKET
Estimated value
$17,935,000
Warehouses
38 Skyline Dr Ste 1000, Lake Mary, FL 32746-7112
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US18-7415821
Property profile
Verified
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Year built
2001
Construction
TILT-UP CONCRETE
Total area
120,910 SF
Lot
3.91 ac (170,450 SF)
APN
24-20-29-507-0000-0020
UPID
US18-7415821
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$17.44M
Comparable Approach
Comparable
$18.48M
Blend (final)
Blend
$17.94M
Owner & transaction history
Areit Skyline Drive LLC · 1 yrs held
Areit Skyline Drive LLC
since 2025
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$26.9M
+21.6%
Office building
$26.0M
+17.6%
Retail stores
$23.0M
+4.0%
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 Lake Mary submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lake Mary 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
$23,730,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$18,890,000
6.5%
$17,440,000
7%
$16,190,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$22,090,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$26,865,000
Change: +22% · Conversion: Moderate
OFFICE BUILDING
$25,970,000
Change: +18% · Conversion: Difficult
RETAIL STORES
$22,975,000
Change: +4% · Conversion: Moderate
INDUSTRIAL (GENERAL)
$21,025,000
Change: -5% · Conversion: Easy
Blend value · Realmo final
$17.94M
Range $16.14M – $19.73M · ±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
$148 / 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
$149,191
Tax year 2023
Assessed value
$10,639,835
Assessed 2023
Previous assessed
$9,367,913
+13.6% YoY
Effective rate
1.40%
On assessed value
Land market value
$3,002,638
Improvement market value
$7,637,197
Total market value
$10,639,835
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
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Status
Off-Market
Year built
2001
Construction
TILT-UP CONCRETE
Heating
NONE
Stories
1
Bathrooms
4
Total area
120,910 SF
Lot
3.91 ac (170,450 SF)
APN
24-20-29-507-0000-0020
UPID
US18-7415821
Jurisdiction
SEMINOLE
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$22.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$26.9M
OFFICE BUILDING
Est. value
$26.0M
RETAIL STORES
Est. value
$23.0M
INDUSTRIAL (GENERAL)
Est. value
$21.0M
WAREHOUSE, STORAGE Current
NEIGHBORHOOD: SHOPPING CENTER
OFFICE BUILDING
RETAIL STORES
INDUSTRIAL (GENERAL)
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
2001
Construction
TILT-UP CONCRETE
Heating
NONE
Stories
1
Bathrooms
4
Lot
3.91 ac
Current owner
From public records · entity-resolved
Areit Skyline Drive LLC
Entity
Mailing address
518 17TH ST, DENVER, CO 80202-4130
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 21, 2025
—
Areit Skyline Drive LLC
Adrex Diversified II LLC
Special Warranty Deed
—
Feb 25, 2022
$23,575,000
Areit Orlando Portfolio LLC
Bre Alpha Industrial Property Owner
Special Warranty Deed
—
Nov 18, 2020
—
Bre Alpha Indl Prop Owner LLC
—
Deed
related
$192,000,000 · Jp Morgan Chase Bk
Dec 11, 2017
$11,250,000
Bre Alpha Indl Prop Owner LLC
Ktr Central Florida LLC
Grant Deed
related
$384,000,000 · Wells Fargo Bk
Apr 22, 2010
$481,000
City Of Lake Mary
Ktr Central Florida LLC
Warranty Deed
—
—
—
Bre Alpha Indl Prop Owner LLC
—
Deed Of Trust
related
$192,000,000 · Jp Morgan Chase Bk
—
—
Ktr Central Florida LLC
—
Loan Modification
related
$51,000 · Miscellaneous Ins Co
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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