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

    6121 Us Hwy 98th N Lakeland, FL 33809-6223

    • Office buildings
    • 2,128 SF
    • 2.25 lot acres
    OFF-MARKET
    Last Sale
    Feb 16, 2023
    $925,000
    Value Estimations
    $930,000
    Show details
    Cap Rate Potential
    2.2%
    Office buildings
    Location Intelligence
    Property ID
    US18-2857822
    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

    • Loco's Flavor / Grocery & Convenience Store / Specialty Food Shop
    • La Tripleta de Tito / Restaurant
    • U-Haul Neighborhood Dealer / Car Rental Facility
    • Valentina's Lunch Box / Restaurant
    • Taqueria Hidalgo / Restaurant

    Property Details for 6121 Us Hwy 98th N

    Year built
    1976
    Lot size
    2.25 lot acres
    Property size
    2,128 SF
    Zone code
    C-3
    Property type
    Office buildings
    APN
    232724000000034030
    APU
    232724000000034030

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,295,000
      ML approach
      $1,245,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $811,000
      Market price range: $242k - $812k
      AI Estimate
      $744,000
      Market price range: $174k - $745k

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakeland
    County
    Polk
    State
    Florida
    Longitude
    -81.9729
    Latitude
    28.1224
    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
    $10,814
    $589,974
    $144,005
    $733,979
    -
    $589,974
    $144,005
    $733,979

    Comparable in this City

    • Value Estimation by Request
      1,050 SF

      6350 Us Hwy 98th N

      OFFICE BUILDING • 1,050 SF
      6350 Us Hwy 98th N, Lakeland, FL 33809-6247
      View Details
    • Value Estimation by Request
      900 SF

      5990 Walt Loop Rd

      OFFICE BUILDING • 900 SF
      5990 Walt Loop Rd, Lakeland, FL 33809-6636
      View Details
    • Value Estimation
      $1,305,000
      5,256 SF

      940 Lakeland Park Ctr Dr

      OFFICE BUILDING • 5,256 SF
      940 Lakeland Park Ctr Dr, Lakeland, FL 33809-3843
      View Details
    • Value Estimation by Request
      2,700 SF

      4728 Us Hwy 98th N

      OFFICE BUILDING • 2,700 SF
      4728 Us Hwy 98th N, Lakeland, FL 33809-3658
      View Details
    • Value Estimation by Request
      1,980 SF

      8251 Tom Costine Rd

      OFFICE BUILDING • 1,980 SF
      8251 Tom Costine Rd, Lakeland, FL 33809-1517
      View Details
    • Value Estimation by Request
      612 SF

      5915 Walt Loop Rd

      OFFICE BUILDING • 612 SF
      5915 Walt Loop Rd, Lakeland, FL 33809-6637
      View Details

    Similar Nearby for Sale

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    • $125,000
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      4.03-acre property with utilities in place, ready for development.
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      Lakeland Land with Partially Built Home

      6.02 acres with partially built home and active permits.
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    • $80,000
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      Lakeland Land Parcel For Sale

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    Similar Nearby for Lease

    • Contact for pricing
      1,600 SF

      Dental Office in Lakeland Power Center

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      Commercial land for rent with high visibility and traffic.
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      Lakeland Retail Center Opportunity

      High-traffic retail space, 20,000 sq ft available
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      85,253 SF

      Liberty Square Center Outparcels

      Lakeland Retail Center - Outparcels Available
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      Lakeland Retail Center Investment

      High-traffic retail space available in Lakeland, FL
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    • Contact for pricing

      Publix-Anchored Retail Center For Rent

      Retail space in a redeveloped, highly visible, Publix-anchored center.
      6767 Us Highway 98 N, Lakeland, FL 33809
      View Details
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    Lakeland, FL 33809-6223
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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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