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    Property profile & analytics

    402 Progress Rd Auburndale, FL 33823-2707

    • Warehouses
    • 13,600 SF
    • 1.05 lot acres
    OFF-MARKET
    Value Estimations
    $1,770,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-9235116
    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

    • Dazzling Driftwood / Home Decor Store / Department Store
    • Synchronicity Events / Event Planning / Wedding Service
    • Caribbean Waterworks / Recreation / Store
    • Action Watersports / Big Box & Wholesale Store
    • DJ Super Duke / Nightclub / Music Venue

    Property Details for 402 Progress Rd

    Year built
    1970
    Lot size
    1.05 lot acres
    Property size
    13,600 SF
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    252802000000022040
    APU
    252802000000022040

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,201,000
      Market price range: $955k - $2.71M
      AI Estimate
      $1,342,000
      Market price range: $427k - $1.64M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $1,690,000
      Current use
      RETAIL STORES
      $2,760,000
      Change: +63% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $2,490,000
      Change: +47% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Auburndale
    County
    Polk
    State
    Florida
    Longitude
    -81.7781
    Latitude
    28.0706
    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
    $10,479
    $0.00
    $0.00
    $962,581
    -
    $0.00
    $0.00
    $962,581

    Comparable in this City

    • Value Estimation by Request
      1,350 SF

      912 Magnolia Ave

      MINI-WAREHOUSE, STORAGE • 1,350 SF
      912 Magnolia Ave, Auburndale, FL 33823-4008
      View Details
    • Value Estimation
      $4,065,000
      42,428 SF

      95 Bennett St

      MINI-WAREHOUSE, STORAGE • 42,428 SF
      95 Bennett St, Auburndale, FL 33823-3538
      View Details
    • Value Estimation
      $1,105,000
      8,400 SF

      2115 42nd NW St

      MINI-WAREHOUSE, STORAGE • 8,400 SF
      2115 42nd NW St, Auburndale, FL 33823
      View Details
    • Value Estimation
      $10,745,000
      88,124 SF

      525 Recker Hwy

      MINI-WAREHOUSE, STORAGE • 88,124 SF
      525 Recker Hwy, Auburndale, FL 33823-4037
      View Details
    • Value Estimation
      $795,000
      6,000 SF

      700 Main St

      MINI-WAREHOUSE, STORAGE • 6,000 SF
      700 Main St, Auburndale, FL 33823-4401
      View Details
    • Value Estimation
      $8,715,000
      124,310 SF

      502 Mckean St

      MINI-WAREHOUSE, STORAGE • 124,310 SF
      502 Mckean St, Auburndale, FL 33823-4012
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Auburndale Industrial Property on Recker Highway

      12.91-acre industrial property with stabilized yard space and functional improvements.
      324 Recker Hwy, Auburndale, FL 33823
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    • Contact for pricing

      Warehouse with Large Yard Space

      5,781 SF warehouse on 5.2 acres in Auburndale, FL.
      500 Mckean St, Auburndale, FL 33823
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      Central Florida Industrial Center

      Warehouse, cold storage, office, and truck parking available.
      625 W Bridgers Ave, Auburndale, FL 33823
      View Details
    • $898,000

      Heavy Industrial Land with Building

      2.85 acres with 5,000 SF building, heavy industrial zoning.
      820 Pine Rd, Auburndale, FL 33823
      View Details
    • $898,000

      Heavy Industrial Property in Auburndale

      2.85 acres with 5,000 SF building, heavy industrial zoning.
      820 Pine Rd, Auburndale, FL 33823
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    • $195,000
      0.34 Acres

      Auburndale Industrial Land - $195K

      0.34-acre industrial lot, prime location.
      501 Tschetter Dr, Auburndale, FL 33823
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    Similar Nearby for Lease

    • Contact for pricing
      106,437 SF

      Auburndale Industrial Warehouse

      106,437 SF Warehouse, 15.74 Acres
      500 Mckean St, Auburndale, FL 33823
      View Details
    • Contact for pricing

      Auburndale Warehouse with Cold Storage

      Warehouse with cold storage, freezer, office, and truck parking.
      Bridgers Ave W, Auburndale, FL 33823
      View Details
    • $11 SF/Yr

      Proposed Warehouse/Flex Space For Lease

      Proposed warehouse/flex space with build-to-suit options available.
      200 Haire Ln, Auburndale, FL 33823
      View Details
    • Contact for pricing
      20,000 SF

      Auburndale Warehouse Space For Lease

      20,000+/- sq. ft. warehouse space in Auburndale, Florida.
      1699 Hobbs Rd, Auburndale, FL 33823
      View Details
    • Contact for pricing
      225,570 SF

      Auburndale Warehouse Space Available

      225,570 sq ft warehouse space for rent in Auburndale.
      820 Pace Rd, Auburndale, FL 33823
      View Details
    • Contact for pricing
      14,250 SF

      Winter Haven Warehouse with Renovated Office

      14,250 SF warehouse with renovated office space for lease.
      111 Industrial St, Auburndale, FL 33823
      View Details
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    402 Progress Rd
    Auburndale, FL 33823-2707
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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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