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

    940 Martin L King Jr Ave Lakeland, FL 33815-1409

    • Office buildings
    • 1,528 SF
    • 0.09 lot acres
    OFF-MARKET
    Last Sale
    Jul 06, 2023
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-3507040
    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

    • Susie Viney Christian Day Care / High School

    Property Details for 940 Martin L King Jr Ave

    Year built
    1925
    Lot size
    0.09 lot acres
    Property size
    1,528 SF
    Property type
    Office buildings
    APN
    232813074500001010
    APU
    232813074500001010

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakeland
    County
    Polk
    State
    Florida
    Longitude
    -81.9616
    Latitude
    28.0547
    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
    $1,561
    $36,797
    $48,812
    $85,609
    -
    $36,797
    $48,812
    $85,609

    Comparable in this City

    • Value Estimation
      $3,185,000
      34,490 SF

      450 Martin L King Jr Ave

      OFFICE BUILDING • 34,490 SF
      450 Martin L King Jr Ave, Lakeland, FL 33815-1522
      View Details
    • Value Estimation
      $6,880,000
      49,682 SF

      3025 New Tampa Hwy

      OFFICE BUILDING • 49,682 SF
      3025 New Tampa Hwy, Lakeland, FL 33815-3468
      View Details
    • Value Estimation
      $3,860,000
      6,250 SF

      4500 Frontage S Rd

      OFFICE BUILDING • 6,250 SF
      4500 Frontage S Rd, Lakeland, FL 33815-0909
      View Details
    • Value Estimation
      $1,800,000
      7,487 SF

      2901 Memorial Blvd

      OFFICE BUILDING • 7,487 SF
      2901 Memorial Blvd, Lakeland, FL 33815-1080
      View Details
    • Value Estimation by Request
      2,388 SF

      1314 George Jenkins Blvd

      OFFICE BUILDING • 2,388 SF
      1314 George Jenkins Blvd, Lakeland, FL 33815-1300
      View Details
    • Value Estimation
      $1,530,000
      1,452 SF

      6790 New Tampa Hwy Ste, Unit 109

      OFFICE BUILDING • 1,452 SF
      6790 New Tampa Hwy Ste, Lakeland, FL 33815-3111
      View Details

    Similar Nearby for Sale

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      Lakeland Warehouse: I-4 Proximity

      20,000 SF Warehouse, $449,000
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    • $499,000
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      815 Missouri Ave, Lakeland, FL 33815

      Office Properties & Spaces • 1,903 SF
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    • Contact for pricing
      1.60 Acres

      Downtown Lakeland Apartment Development

      90-unit, shovel-ready multifamily project
      321 Peachtree St, Lakeland, FL 33815
      View Details
    • $385,000
      0.09 Acres

      Lakeland Land: Prime Development Site

      0.09-acre lot, ideal for redevelopment.
      708 Missouri Ave, Lakeland, FL 33815
      View Details
    • $59,000

      Land For Sale Lakeland

      Land available for sale in Lakeland, Florida.
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    • $695,000
      2,975 SF

      Lakeland Multifamily Investment Opportunity

      Fully leased 6-unit residential building in Lakeland, Florida.
      214 N Chestnut Rd, Lakeland, FL 33815
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    Similar Nearby for Lease

    • Contact for pricing
      247,018 SF

      Lakeland Distribution Center: Lease Now

      Large warehouse space, I-4 access, rail served.
      7105 New Tampa Hwy, Lakeland, FL 33815
      View Details
    • $11 SF/Yr
      2,688 SF

      Lakeland Office Space For Lease

      Well-maintained office complex with ample parking and high visibility.
      6850 New Tampa Hwy, Lakeland, FL 33815
      View Details
    • Contact for pricing
      4,740 SF

      Well-Maintained Office Complex Suites

      Office suites for lease in a well-maintained complex.
      6810 New Tampa Hwy, Lakeland, FL 33815
      View Details
    • Contact for pricing
      3,733 SF

      Office Space For Lease

      Well-maintained office complex with ample parking and high visibility.
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      View Details
    • $1,350 /Mo
      93 SF

      Office Space Near I-4

      Office space with easy access to I-4 and Parkway.
      20 Lake Wire Dr, Lakeland, FL 33815
      View Details
    • Contact for pricing
      2,200 SF

      Main Street Lakeland Commercial Space

      Versatile 2,200 sq ft building, Lake Beulah area.
      1040 Main St, Lakeland, FL 33815
      View Details
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    Lakeland, FL 33815-1409
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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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