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

    408 Dr Martin Luther King Jr Blvd Plant City, FL 33563-5203

    • Office buildings
    • 21,864 SF
    • 0.46 lot acres
    OFF-MARKET
    Value Estimations
    $1,595,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-3090201
    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

    • Verizon Central Office / Department Store
    • Jack Hall Jr's Construction / Construction Company / General Contractor

    Property Details for 408 Dr Martin Luther King Jr Blvd

    Year built
    1955
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.46 lot acres
    Property size
    21,864 SF
    Zone code
    C-1
    Property type
    Office buildings
    APN
    P2928225DB000019000030
    APU
    P2928225DB000019000030

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,585,000
      Market price range: $1.59M - $4.23M
      AI Estimate
      $1,792,000
      Market price range: $1.79M - $4.34M

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

    Location Insight

    • Map
    • Local Demand
    City
    Plant City
    County
    Hillsborough
    State
    Florida
    Longitude
    -82.1259
    Latitude
    28.0143
    CBSA code
    45300
    CBSA name
    TAMPA-ST. PETERSBURG-CLEARWATER, 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
    $2,999
    $129,675
    $47,480
    $177,155
    -
    $129,675
    $47,480
    $177,155

    Comparable in this City

    • Value Estimation
      $2,250,000
      23,638 SF

      110 Reynolds St

      OFFICE BUILDING • 23,638 SF
      110 Reynolds St, Plant City, FL 33563-3380
      View Details
    • Value Estimation
      $1,050,000
      7,488 SF

      1500 Victoria St

      OFFICE BUILDING • 7,488 SF
      1500 Victoria St, Plant City, FL 33563-3059
      View Details
    • Value Estimation
      $1,540,000
      14,139 SF

      202 Wheeler St

      OFFICE BUILDING • 14,139 SF
      202 Wheeler St, Plant City, FL 33563-5400
      View Details
    • Value Estimation
      $1,270,000
      17,161 SF

      1001 Baker St

      OFFICE BUILDING • 17,161 SF
      1001 Baker St, Plant City, FL 33563-3700
      View Details
    • Value Estimation
      $1,770,000
      9,368 SF

      2502 Frontage Park Pl

      OFFICE BUILDING • 9,368 SF
      2502 Frontage Park Pl, Plant City, FL 33563-9101
      View Details
    • Value Estimation by Request
      2,026 SF

      106 Grant St

      OFFICE BUILDING • 2,026 SF
      106 Grant St, Plant City, FL 33563-6526
      View Details

    Similar Nearby for Sale

    • $379,900
      Pending

      Office Space Near New Hospital

      Office property near hospital with future commercial development potential.
      3113 N Wilder Rd, Plant City, FL 33563
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    • $445,000
      2,506 SF

      Plant City Commercial Office Opportunity

      Professional office space with income potential in Plant City, FL.
      702 W Dr Martin Luther King Jr Blvd, Plant City, FL 33563
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    • $750,000
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      Plant City Commercial Land - 1.6 Acres

      Prime Commercial Lot, High-Traffic Area, I-4 Proximity
      1899 Alsobrook St, Plant City, FL 33563
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    • $125,000
      0.24 Acres

      Plant City Land Opportunity

      Cleared lot near downtown Plant City with development potential.
      308 E Damon St, Plant City, FL 33563
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    • $299,900
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      Plant City Commercial Opportunity

      Versatile commercial property on 1.14 acres in Plant City.
      809 E Alsobrook St, Plant City, FL 33563
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    • $1,250,000

      9.5 Acres on Alexander Street

      9.5-acre parcel near I-4, suitable for various developments.
      1205-1209 W Alexander St, Plant City, FL 33563
      View Details

    Similar Nearby for Lease

    • $19 SF/Yr
      544 SF

      Downtown Plant City Office Space

      Office space in downtown Plant City surrounded by businesses.
      102-115 S Evers St, Plant City, FL 33563
      View Details
    • $22 SF/Yr
      17,161 SF

      Charming Office Space in Plant

      Premier location with old Florida charm and ample parking.
      1001 E Baker St, Plant City, FL 33563
      View Details
    • $23 SF/Yr
      1,591 SF

      Office Space Near Hospital

      Office space for rent across from the hospital.
      1601 W Reynolds St, Plant City, FL 33563
      View Details
    • $103,500

      Turnkey Medical Space Available

      Shared medical space near hospital with multiple rooms and amenities.
      702 N Alexander St, Plant City, FL 33563
      View Details
    • $10 SF/Yr
      43,597 SF

      Established Retail Center For Lease

      Retail center with national tenants, south of downtown Plant City.
      1401-1427 S Collins St, Plant City, FL 33563
      View Details
    • $20 SF/Yr
      5,787 SF

      Retail Space with Prime Location

      Retail space for rent with parking and vaults.
      102 W Baker St, Plant City, FL 33563
      View Details
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    Plant City, FL 33563-5203
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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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