Tom Watson Duplexes
Closed1308 Tom Watson Rd, Lakeland, FL 33801
Property type
Multifamily
Unit / Space count
16
Price
$2,150,000
Building size
13,616 sf
Rentable area
13,616 SF
Year built
1998
Year renovated
Occupancy
Zoning code
Lot size
0.32 Acres
Sold/status
Sold · Date unknown
Sale price
$2150000
Bedroom count
Property description
Tom Watson Duplexes is a 16-unit multifamily community located in the rapidly growing city of Lakeland, FL (#2 fastest growing city in the US, U.S. News). The asset features a total of eight, single-story buildings with pitched shingle roofs and concrete block construction. The properties are located across the street from each other and feature 4 buildings per lot. The asset features a strong unit mix with 100% 2 bedroom 1 bath units with washer and dryer connections. Select units have received upgrades including tiled floors, vinyl wood flooring, upgraded white cabinets, black appliances, and modern lighting and hardware. Tom Watson Duplexes represents an excellent value-add opportunity to upgrade remaining units and achieve $405 in average monthly rental upside. There is also an ability to recapture $9,600+ per year by continuing the utility charge back $50 fee flat fee for water and sewer. An investor will also have the ability to burn off $35,0000+ of loss to lease within the first two years of operations. Tom Watson Duplexes represents an excellent opportunity to acquire a value-add asset in one of the fastest growing cities in the United States. The nearby development paired with a growing population ensures continued rental demand in the near and future market.
Property highlights
- 16 Unit Multifamily Community in Lakeland, Florida
- Sourced New to Market Buyer from Out of State
- Highly Desirable Two-Bedroom Floor Plans with Washer/Dryer Connections
- Centrally Located in Polk County, the 2nd Fastest-Growing Metro Area in the U.S. (U.S. Census Bureau)
- Located Within Miles of Dozens of Distribution Centers Along the I-4 Corridor Including Home Depot, Ace Hardware, Advance Auto Parts, Coca Cola, FedEx, and Rooms to Go