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    Lakeland Multifamily Investment Opportunity Title is generated by Realmo AI

    1005 S NEW YORK AVENUE, Lakeland, FL 33803

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    For Sale
    $1,299,000

    Multi-Family 5+ - LAKELAND, FL

    Property size:
    7,241 SF
    Lot size:
    0.44 Acres
    Price / SF:
    $179/SF
    Added:
    Feb 26, 2026
    Days on Market:
    91
    Last Refresh:
    May 28 at 5:06 pm

    Property Features for 1005 S NEW YORK AVENUE

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    RA-4
    Exterior features
    Corner Lot, Paved
    Appliances
    Refrigerator
    Standard status
    Active
    APN
    23-28-24-122500-001011
    Size
    7,241 SF
    Lot size
    0.44 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    10226

    Utilities

    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Year built
    1977
    Flooring type
    Vinyl
    Building materials
    Concrete
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Carla Morey

    Listing agent Carla Morey License #3396610

    Listing office LAKELAND HOMES AND REALTY, LLC 2130 E Edgewood Dr, Lakeland, FL

    Listing date Feb 26, 2026

    MLS# L4959665 Listing URL

    Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Stabilized, income‑producing 9‑unit multifamily property in Lakeland's desirable Dixieland District.
    • Renovated units with durable, low‑maintenance flooring, offering a turnkey investment.
    • Recent capital improvements include roof replacement (2018) and AC replacements in 7 of 9 units.
    • On‑site laundry facility provides resident convenience and additional income.
    • Separately metered electric and individual hot water heaters for each unit.
    • Seller financing considered with 50% down.

    Overview

    Located in the Dixieland District of Lakeland, this multifamily property features nine units, offering a stabilized revenue stream. The concrete block building, constructed under one roof, includes eight two-bedroom, one-bath units and one one-bedroom, one-bath unit. Each residence has been renovated and features low-maintenance flooring. The property provides dedicated parking for each unit and an on-site laundry facility. Capital improvements include a roof replacement in 2018 and air conditioning replacements in seven of the nine units within the past five years. Each unit is separately metered for electric and has its own hot water heater. The landlord currently pays for water. The property, situated on a 0.44-acre lot, is zoned RA-4. The building has a property size of 7241 square feet. This asset is positioned for investors seeking a 1031 Exchange opportunity in an established neighborhood. Seller financing is considered with at least 50% down.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $762.1K
    NOI $68,586 @ 9.00% cap · cautious / downside scenario
    Moderate
    $979.8K
    NOI $68,586 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.37M
    NOI $68,586 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $132.9k $18.36
    − Vacancy −$8.2k −$1.14
    EGI $124.7k $17.22
    − OpEx −$56.1k −$7.75
    NOI $68.6k $9.47
    7,241 SF · lease $18.36/SF/yr · vacancy 6.20% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $979.8K
    $857.3K – $1.14M (±1% cap)
    NOI $68,586 @ 7.0% cap · market cap 5.28%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $1.74M
    $1.52M – $2.03M (±1% cap)
    NOI $121,805 @ 7.0% cap · market cap 9.38%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    1031 exchange properties

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lakeland
    County
    Polk
    State
    Florida
    Longitude
    -81.959453
    Latitude
    28.031124

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    FAQs

    What type of property is this?
    Apartment building - Nine-unit multifamily property in Lakeland's Dixieland District.
    Where is this apartment building located?
    The property is located at 1005 S NEW YORK AVENUE Lakeland, FL.
    What is the asking price?
    The asking price for this property is $1,299,000.
    What are key features of this property?
    This property features: Stabilized, income‑producing 9‑unit multifamily property in Lakeland's desirable Dixieland District.; Renovated units with durable, low‑maintenance flooring, offering a turnkey investment.; Recent capital improvements include roof replacement (2018) and AC replacements in 7 of 9 units.
    (863) 712-0547
    We can help!
    Listing Contact
    Carla Morey
    Real Estate License ID: 3396610
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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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