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    Lakeland Duplex Investment Opportunity Title is generated by Realmo AI

    1128 STELLA AVENUE N, Lakeland, FL 33805

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    Pending
    $399,000

    Duplex - LAKELAND, FL

    Type:Duplex
    Property size:
    2,038 SF
    Lot size:
    0.16 Acres
    Added:
    Apr 17, 2026
    Days on Market:
    50
    Last Refresh:
    Jun 5 at 4:06 am

    Property Features for 1128 STELLA AVENUE N

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Zoning
    RB-1
    Bedrooms
    6
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Parking features
    Driveway
    Interior features
    Ceiling Fans(s), Eat-in Kitchen, Stone Counters
    Exterior features
    Paved, Fence
    Fencing
    Fenced
    Appliances
    Range, Refrigerator
    Standard status
    Pending
    APN
    24-28-07-171000-010060
    Size
    2,038 SF
    Lot size
    0.16 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    4273.62

    Utilities

    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Year built
    1925
    Number of units
    2
    Building materials
    Frame
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Kristin Kellin
    Kristin Kellin

    Listing agent Kristin Kellin License #3317559

    Listing office KELLER WILLIAMS REALTY SMART 218 E. Pine Street, Lakeland, FL

    Listing date Apr 17, 2026

    MLS# L4961192 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

    • Investment opportunity in Lakeland's Midtown with potential for repositioning or owner occupancy.
    • Major system updates completed in 2021: roof, plumbing, electrical, and HVAC.
    • Two units, each with 3 bedrooms and 2 bathrooms.
    • Currently tenant‑occupied with tenants planning to vacate, allowing for market rate leasing.
    • Convenient location near downtown Lakeland, shopping, dining, and major roadways.
    • Features include large front porch, gated front yard, spacious driveway, and generous backyard.

    Overview

    This two-story duplex in Lakeland's Midtown presents an investment opportunity. Major system updates, including the roof, plumbing, electrical, and HVAC, were completed in 2021. Both units feature 3 bedrooms and 2 bathrooms. Unit A has a multi-level layout with entry on the lower level, where the washer and dryer hookups are located, and the main living areas and kitchen upstairs. One of the bedrooms can serve as a flexible living space. Unit B is located on the lower level and offers a more traditional layout. Both units include eat-in kitchens and washer and dryer hookups. Currently tenant occupied through Section 8, both units have indicated plans to vacate in the coming months, creating an opportunity for repositioning, leasing at market rates, or owner occupancy. The owner currently pays utilities. The property features a large, inviting front porch, gated front yard, spacious driveway for ample parking, and a generous backyard. The property is conveniently located near downtown Lakeland, shopping, dining, and major roadways. The lot size is 0.16 acres and the property size is 2038 square feet.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    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.

    Component $ $/SF
    Gross rent $33.0k $16.20
    − Vacancy −$2.1k −$1.05
    EGI $30.9k $15.15
    − OpEx −$9.3k −$4.54
    NOI $21.6k $10.60
    2,038 SF · lease $16.20/SF/yr · vacancy 6.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $308.7K
    $270.1K – $360.2K (±1% cap)
    NOI $21,609 @ 7.0% cap · market cap 5.42%
    Second Best
    Apartment 5plus
    $275.8K
    $241.3K – $321.7K (±1% cap)
    NOI $19,304 @ 7.0% cap · market cap 4.84%
    Theoretical Best
    Office A
    $489.7K
    $428.5K – $571.4K (±1% cap)
    NOI $34,282 @ 7.0% cap · market cap 8.59%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakeland
    County
    Polk
    State
    Florida
    Longitude
    -81.950491
    Latitude
    28.057831

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    FAQs

    What type of property is this?
    Duplex - Two-story duplex in Lakeland's Midtown, ideal for rental income.
    Where is this duplex located?
    The property is located at 1128 STELLA AVENUE N Lakeland, FL.
    What is the asking price?
    The asking price for this property is $399,000.
    What are key features of this property?
    This property features: Investment opportunity in Lakeland's Midtown with potential for repositioning or owner occupancy.; Major system updates completed in 2021: **roof, plumbing, electrical, and HVAC.**; Two units, each with 3 bedrooms and 2 bathrooms.
    (863) 409-5649
    We can help!
    Listing Contact
    Kristin Kellin
    Kristin Kellin
    Real Estate License ID: 3317559
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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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