Lakeland 13 Unit Duplex Portfolio
Closedn/a, Lakeland, FL
Property type
Multifamily
Unit / Space count
11
Price
$665,500
Building size
Year built
Year renovated
Occupancy
APN
23-28-17-086520-000230 , 23-28-15-086120-000461 , 23-28-15-086120-000300 , 23-28-23-102500-005040 , 23-28-23-102500-007120
Zoning code
Lot size
1.04 Acres
Bedroom count
Price per Unit
$60,500
Property description
This portfolio is comprised of 13 units spread across 12 one-story concrete block duplexes and triplexes in 3 locations throughout Lakeland. The unit mix consists of 12 two bedroom/one bathroom units and 1 one bedroom/one bath unit. All units have been renovated in the past 3 years, 5 A/C units have been replaced in 2018, and all units feature washer and dryer connections. The portfolio is currently at 100% occupancy, which does not account for one unit currently undergoing renovations. 11/13 units are located within a 3-minute drive from Publix's Corporate Offices as well as their Major Production and Distribution Centers, while all units are located within a 5-minute drive from Interstate-4. Built between 1978-1982, all units present a value-add opportunity through increased rents and recaptured loss-to-lease.
Property highlights
- - 13 Unit Portfolio Spread Across 3 Central Locations within a 1.5mile radius.
- - All Units Individually Metered for Water and Sewer with Either Polk County or the City of Lakeland Thereby Drastically Lowering Operating Expenses
- - All Units Have Been Renovated in the Past 3 Years
- - 92% of Units are 2 Bedroom
- - Current Rents are Below the Market
- - All Properties are Low-Density, One-Story Concrete Block Structures
- - Value-Add Opportunity Through Increasing Rent as well as Minimizing Loss to Lease
- - Most Units are Located within a 3 Minute Drive from Publix's Corporate Offices as well as Major Distribution Center
- - All Units are Located within 5 Minutes from I-4
- - All Units have Laundry Connections
- - 5 A/Cs Replaced in 2018