Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    502 Evelyn Ave Lakeland, FL 33801-2064

    • Warehouses
    • 17,400 SF
    • 1.58 lot acres
    OFF-MARKET
    Value Estimations
    $2,250,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-3200477
    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

    • City of Lakeland Fleet Management / City Government Office

    Property Details for 502 Evelyn Ave

    Year built
    1972
    Lot size
    1.58 lot acres
    Property size
    17,400 SF
    Zone code
    PUD
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    242818211500003010
    APU
    242818211500003010

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,815,000
      6.5%
      $2,600,000
      7%
      $2,415,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,514,000
      Market price range: $926k - $2.51M
      AI Estimate
      $1,631,000
      Market price range: $518k - $1.63M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $1,685,000
      Current use
      OFFICE BUILDING
      $3,735,000
      Change: +121% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $3,190,000
      Change: +89% Conversion: Moderate
      RETAIL STORES
      $3,025,000
      Change: +79% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakeland
    County
    Polk
    State
    Florida
    Longitude
    -81.9422
    Latitude
    28.0486
    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
    $0.00
    $106,624
    $2,028,652
    $2,135,276
    -
    $106,624
    $2,028,652
    $2,135,276

    Comparable in this City

    • Value Estimation
      $1,715,000
      14,400 SF

      1345 Gary Rd

      MINI-WAREHOUSE, STORAGE • 14,400 SF
      1345 Gary Rd, Lakeland, FL 33801-2106
      View Details
    • Value Estimation by Request
      3,900 SF

      1025 Pisgah Pl

      MINI-WAREHOUSE, STORAGE • 3,900 SF
      1025 Pisgah Pl, Lakeland, FL 33801-6260
      View Details
    • Value Estimation by Request
      3,000 SF

      2521 Rhino Rd

      MINI-WAREHOUSE, STORAGE • 3,000 SF
      2521 Rhino Rd, Lakeland, FL 33801-7093
      View Details
    • Value Estimation by Request
      3,732 SF

      4835 Us Hwy 92nd E

      MINI-WAREHOUSE, STORAGE • 3,732 SF
      4835 Us Hwy 92nd E, Lakeland, FL 33801-9585
      View Details
    • Value Estimation
      $760,000
      7,388 SF

      1627 Gary Rd

      MINI-WAREHOUSE, STORAGE • 7,388 SF
      1627 Gary Rd, Lakeland, FL 33801-2231
      View Details
    • Value Estimation by Request
      4,587 SF

      202 Ingraham Ave

      MINI-WAREHOUSE, STORAGE • 4,587 SF
      202 Ingraham Ave, Lakeland, FL 33801-2002
      View Details

    Similar Nearby for Sale

    • $4,800,000
      53,329 SF

      Lakeland Rail-Served Warehouse

      53,329 SF Industrial Space, $4.8M
      2715 Crystal Lake Acres Dr, Lakeland, FL 33801
      View Details
    • $2,750,000
      13,219 SF

      Lakeland Warehouse with Fenced Storage

      13,219 SF warehouse with 1.3 acres fenced storage.
      2940 Us Highway 92 E, Lakeland, FL 33801
      View Details
    • Contact for pricing

      Lakeland Warehouse with Showroom/Office

      5,600 SF warehouse with 700 SF showroom/office space.
      2621 Skyview Dr, Lakeland, FL 33801
      View Details
    • $749,034
      3.05 Acres

      Lakeland Commercial Redevelopment Opportunity

      High-yield multi-tenant warehouse, prime location.
      3606 Us Highway 92, Lakeland, FL 33801
      View Details
    • $899,000
      4,980 SF

      Lakeland Warehouse Ideal for Automotive

      Versatile 4,980 SF building on 0.51 acres in Lakeland.
      125 Complex Dr, Lakeland, FL 33801
      View Details
    • $950,000
      5.25 Acres

      Lakeland Industrial Land Investment

      5.25 Acres, Prime Location, Owner Financing
      0 Maine Ave, Lakeland, FL 33801
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,500 SF

      Lakeland Warehouse Space Available

      Industrial and distribution property for rent in Lakeland, Florida.
      2285-2345 Commerce Point Dr, Lakeland, FL 33801
      View Details
    • Contact for pricing
      21,000 SF

      Lakeland Dock-High Warehouse Space

      45,000 SF dock-high warehouse near Polk Parkway.
      3010 Maine Ave, Lakeland, FL 33801
      View Details
    • $14 SF/Yr
      12,250 SF

      Lakeland Warehouse: Prime Location

      12,250 SF Industrial Space, Ample Parking
      515 Mabel Ave, Lakeland, FL 33801
      View Details
    • Contact for pricing
      282,000 SF

      Lakeland Rail-Served Build-to-Suit Opportunity

      25.43 acre rail-served site for lease in Lakeland, FL.
      2915 Saddle Creek Rd, Lakeland, FL 33801
      View Details
    • Contact for pricing
      21,241 SF

      Heritage Business Center: Prime Space Available

      Executive Suites & Warehouse: Lease Now
      2325 Commerce Point Dr, Lakeland, FL 33801
      View Details
    • Contact for pricing
      973,873 SF

      Lakeland Main: Build-to-Suit Industrial

      Prime Polk County industrial site; build-to-suit options.
      3125 Main St, Lakeland, FL 33801
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    502 Evelyn Ave
    Lakeland, FL 33801-2064
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.