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

    502 Hwy 640 Mulberry, FL 33860

    • Office buildings
    • 9,359 SF
    • 2.99 lot acres
    OFF-MARKET
    Last Sale
    Oct 10, 2022
    $1,550,000
    Value Estimations
    $1,525,000
    Show details
    Cap Rate Potential
    4.8%
    Office buildings
    Location Intelligence
    Property ID
    US18-4417494
    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

    • Office buildings

    Property Details for 502 Hwy 640

    Year built
    1997
    Lot size
    2.99 lot acres
    Property size
    9,359 SF
    Property type
    Office buildings
    APN
    233025000000033010
    APU
    233025000000033010

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,045,000
      6.5%
      $1,885,000
      7%
      $1,750,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,473,000
      Market price range: $1.21M - $3.84M
      AI Estimate
      $1,157,000
      Market price range: $962k - $2.71M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,305,000
      Current use
      AUTO REPAIR, GARAGE
      $2,280,000
      Change: -1% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Mulberry
    County
    Polk
    State
    Florida
    Longitude
    -81.9725
    Latitude
    27.8502
    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
    $16,706
    $26,049
    $1,026,790
    $1,052,839
    -
    $26,049
    $1,026,790
    $1,052,839

    Comparable in this City

    • Value Estimation by Request
      1,120 SF

      1006 Canal St

      OFFICE BUILDING • 1,120 SF
      1006 Canal St, Mulberry, FL 33860-2639
      View Details
    • Value Estimation by Request
      1,000 SF

      904 Canal St

      OFFICE BUILDING • 1,000 SF
      904 Canal St, Mulberry, FL 33860-2532
      View Details
    • Value Estimation by Request
      1,642 SF

      708 Church Ave

      OFFICE BUILDING • 1,642 SF
      708 Church Ave, Mulberry, FL 33860-2034
      View Details
    • Value Estimation by Request
      9,364 SF

      217 1st Ave

      OFFICE BUILDING • 9,364 SF
      217 1st Ave, Mulberry, FL 33860-2454
      View Details
    • Value Estimation by Request
      1,552 SF

      402 8th St

      OFFICE BUILDING • 1,552 SF
      402 8th St, Mulberry, FL 33860-2020
      View Details
    • Value Estimation by Request
      2,489 SF

      950 Pr Mine Rd

      OFFICE BUILDING • 2,489 SF
      950 Pr Mine Rd, Mulberry, FL 33860-8106
      View Details

    Similar Nearby for Sale

    • $217,900
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    • $65,000

      West Mulberry Residential Land

      Build Your Dream Home in Florida
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    • $1,495,000
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      Prime Polk County Industrial Land

      27 Acres, Mulberry, FL - $1.495M
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      0.29 Acres

      Arnaz Road Land in Mulberry

      0.29 acre lot in Mulberry, Florida near US HWY 60.
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      0.20 Acres

      Arnaz Road Land in Mulberry

      0.20 acre lot in Mulberry, Florida, near US HWY 60.
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    • Contact for pricing
      0.23 Acres

      Land in Mulberry, Florida

      0.23 acre lot in Mulberry, close to shopping and entertainment.
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    Similar Nearby for Lease

    • $2,500 /Mo
      3,140 SF

      Prime Commercial Space in Mulberry

      Excellent commercial space for lease in a strategic location.
      701 E Canal St, Mulberry, FL 33860
      View Details
    • Contact for pricing
      3,140 SF

      Prime Mulberry Commercial Space

      3,140 SF Office/Retail Building
      701 Canal St, Mulberry, FL 33860
      View Details
    • Contact for pricing
      1,600 SF

      Retail Space on S Florida

      Retail space with frontage on S Florida Ave/SR 37.
      6751 N Church Ave, Mulberry, FL 33860
      View Details
    • $184 SF/Yr
      5,000 SF

      Prime Mulberry Flex Space Available

      5,000 SF Flex Space - 1,250 SF Vacant
      1840 Industrial Park Rd, Mulberry, FL 33860
      View Details
    • Contact for pricing

      Mulberry Outparcels For Rent

      Outparcels available in Publix-anchored center at signalized intersection.
      2040 Shepherd Rd, Mulberry, FL 33860
      View Details
    • $14 SF/Yr
      5,326 SF

      Mulberry Industrial Warehouse For Lease

      5,326 SF Warehouse, 1.83 Acres
      4055 Davis Rd, Mulberry, FL 33860
      View Details
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    502 Hwy 640
    Mulberry, FL 33860
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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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