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

    6906 Us Hwy 98th N Lakeland, FL 33809-2134

    • Retail space
    • 2,112 SF
    • 0.66 lot acres
    OFF-MARKET
    Last Sale
    Apr 09, 2020
    $725,000
    Value Estimations
    $695,000
    Show details
    Cap Rate Potential
    2.7%
    Retail space
    Location Intelligence
    Property ID
    US18-3292365
    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

    • Digital marketing manager / E-Commerce Service / Graphic Designer
    • Metanoia Essentials / Facial Spa
    • Knovatik USA Inc. / Software Company
    • Green Arrow LLC Irrigation and Landscaping / Lawn Sprinkler System Contractor

    Property Details for 6906 Us Hwy 98th N

    Year built
    1985
    Lot size
    0.66 lot acres
    Property size
    2,112 SF
    Zone code
    C-3
    Property type
    Retail space
    APN
    232714000000022140
    APU
    232714000000022140

    Description

    This exceptional Lakeland, FL investment property, located at 6906 US Hwy 98 N, presents a compelling opportunity. The property consists of two single-story, 8,500 square foot retail buildings constructed in 1985, situated on a 0.66-acre lot (APN: 23-27-14-000000-022140). Currently boasting 100% occupancy with a stable multi-tenant profile, the property generates a strong NOI of $119,900, representing a 5.45% cap rate. The pro-forma NOI is projected at $140,900, indicating a potential 6.40% cap rate. The property features a modified gross lease structure with varying lease terms, offering potential for future rent increases. The buildings combine retail space in the front with warehouse space in the rear, catering to a diverse tenant base. Zoned Commercial - LCC, this prime location on US Highway 98 in Polk County (zip code 33809) offers excellent visibility and accessibility. The asking price is $2,200,000, translating to $258.82 per square foot. This stabilized investment presents a strong return with significant upside potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $895,000
      ML approach
      $705,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $624,000
      Market price range: $205k - $624k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $545,000
      AUTO REPAIR, GARAGE
      $525,000
      MEDICAL BUILDING
      $520,000
      OFFICE BUILDING
      $495,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakeland
    County
    Polk
    State
    Florida
    Longitude
    -81.9744
    Latitude
    28.1307
    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
    $10,978
    $204,211
    $463,380
    $667,591
    -
    $204,211
    $463,380
    $667,591

    Comparable in this City

    • Value Estimation
      $935,000
      7,000 SF

      4435 Us Hwy 98th N

      RETAIL STORES (PERSONAL SERVICES) • 7,000 SF
      4435 Us Hwy 98th N, Lakeland, FL 33809-0402
      View Details
    • Value Estimation by Request
      2,871 SF

      848 Daughtery Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,871 SF
      848 Daughtery Rd, Lakeland, FL 33809-3120
      View Details
    • Value Estimation by Request
      2,400 SF

      7240 Us Hwy 98th N

      RETAIL STORES (PERSONAL SERVICES) • 2,400 SF
      7240 Us Hwy 98th N, Lakeland, FL 33809-2137
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    • Value Estimation by Request
      3,224 SF

      5523 Us Hwy 98th N

      RETAIL STORES (PERSONAL SERVICES) • 3,224 SF
      5523 Us Hwy 98th N, Lakeland, FL 33809-3102
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    • Value Estimation by Request
      1,152 SF

      1022 Walt Williams Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,152 SF
      1022 Walt Williams Rd, Lakeland, FL 33809-2358
      View Details
    • Value Estimation by Request
      1,000 SF

      5505 Us Hwy 98th N

      RETAIL STORES (PERSONAL SERVICES) • 1,000 SF
      5505 Us Hwy 98th N, Lakeland, FL 33809-3102
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      101,240 SF

      Lakeland Retail Space in Mall

      101,240 SF retail space within Lakeland Square Mall.
      3800 Us Highway 98 N, Lakeland, FL 33809
      View Details
    • $5,486,804
      8,239 SF

      Retail Property Near Lakeland Square

      Retail property with national tenants and below market rents.
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    • $650,000
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      Lakeland Mixed-Use Development Opportunity

      3.51 Acres, I-4 Proximity, High Visibility
      8105 State Road 33, Lakeland, FL 33809
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    • $990,000
      Pending

      Lakeland Land Parcel For Sale

      11.29 acre parcel near I-4, suitable for rezoning.
      Old Polk City Rd, Lakeland, FL 33809
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    • $285,000
      5.95 Acres

      Land on US Highway 98

      5.95 acres of residential land with highway frontage.
      Us Highway 98 N, Lakeland, FL 33809
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    • $349,900
      Pending

      Prime Corner Land in Lakeland

      2.44 acres of fenced land with high visibility near I-4.
      Old Polk City Rd, Lakeland, FL 33809
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    Similar Nearby for Lease

    • Contact for pricing
      1,800 SF

      Retail Space Near Lakeland Square

      Retail space available across from Lakeland Square Mall.
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      Lakeland Retail Space For Lease

      Retail space available in high-visibility Lakeland power center.
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      Retail Space on US Hwy

      Retail space with excellent visibility and access on US Hwy.
      4901-4993 Us Highway 98 N, Lakeland, FL 33809
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      High Visibility Lakeland Power Center

      Retail spaces and outparcels available in high-traffic Lakeland location.
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    • $22 SF/Yr
      5,600 SF

      Publix-Anchored Retail Space Available

      Retail space in Publix-anchored center at high-traffic intersection.
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    • Contact for pricing
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      Lakeland Retail Center - Highway 98

      Prime Lakeland retail space available.
      4901-4997 Us Highway 98, Lakeland, FL 33809
      View Details
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    Lakeland, FL 33809-2134
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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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