Triplex Property with Redevelopment
For Sale
$399,000
115 EMMA Street, Lakeland, FL 33815
Residential Income, LAKELAND, FL
Property Size2,696 SF
Lot Size0.10 Acres
Price / SF$147
Days on Market57
Property Features for 115 EMMA Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
RA-4
Bedrooms
7
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 3, Bedroom 6, Bedroom 4, Bathroom 3, Bedroom 2, Bedroom 7, Bathroom 4, Bathroom 5, Bathroom 1, Bedroom 5, Bedroom 1, Bathroom 2
Interior features
Ninguno
Subdivision
PATTERSON & COX SUB
Directions
turn right onto FL-33 North toward Lakeland Continue on FL-33 North for 2.5 miles.Turn left onto US-98 / North Florida Avenue.Continue for 0.3 miles.Turn right onto Emma Street.Continue for 1.1 miles.will be 150 feet ahead on your right.
Standard status
Active
APN
23-28-13-077000-008071
Size
2,696 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PATTERSON & COX SUB PB 1 PG 60 BLK 8 LOT 7 E1/2
Tax Annual Amount
1903
Legal Description
PATTERSON & COX SUB PB 1 PG 60 BLK 8 LOT 7 E1/2
Building Details
Year built
1900
Roof type
Shingle
Listing Agency:
BLUE LIGHTHOUSE REALTY INC
(855) 550-0528
Listed By:
Jorge Zea · License #3015804
(855) 550-0528
Added: Jun 30
Changed: Aug 20
Last Checked: Aug 25 at 9:06AM
MLS# O6421108
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.
Investment Insights
Based on property information with market context.
This triplex property includes 2,696 square feet on a 0.1-acre parcel, with three residential units arranged in two buildings: a duplex and a detached single-family home. The duplex has separate electric meters for each unit. Built in 1900, the property features shingle roofing and includes completed mechanical, electrical, and plumbing plans.
The proposed redevelopment plan reconfigures the detached home into a 3-bedroom, 2-bathroom residence and the duplex into two 5-bedroom, 3-bathroom units. At completion, the plans show 13 bedrooms and 8 bathrooms across the property. The site is zoned RA-4 and located at 115 Emma Street in Lakeland, near downtown Lakeland with access to Interstate 4 and connections toward Tampa and Orlando.
The proposed redevelopment plan reconfigures the detached home into a 3-bedroom, 2-bathroom residence and the duplex into two 5-bedroom, 3-bathroom units. At completion, the plans show 13 bedrooms and 8 bathrooms across the property. The site is zoned RA-4 and located at 115 Emma Street in Lakeland, near downtown Lakeland with access to Interstate 4 and connections toward Tampa and Orlando.
Key Highlights
- Three residential units across 2 separate buildings
- 2,696 square feet on a 0.1‑acre parcel
- Duplex includes separate electric meters for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$28,585
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.16%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$571,700
$571.7K
Cap Rate 7%
$408,357
$408.4K
Cap Rate 9%
$317,611
$317.6K
Market Conditions
NOI Build-Up for 2,696 SF
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.
Gross rent
$43.7K $16.20/SF
− Vacancy
−$2.8K −$1.05/SF
EGI
$40.8K $15.15/SF
− OpEx
−$12.3K −$4.54/SF
NOI
$28.6K $10.60/SF
Area
Lakeland, FL
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$571,700
Cap Rate 7%
$408,357
Cap Rate 9%
$317,611
Alternative Uses
Best Use
Multifamily LT 5
$408.4K
$357.3K – $476.4K
NOI $28,585 @ 7.0% cap · market cap 7.16%
Second Best
Apartment 5plus
$364.8K
$319.2K – $425.6K
NOI $25,536 @ 7.0% cap · market cap 6.40%
Theoretical Best
Office A
$647.9K
$566.9K – $755.9K
NOI $45,351 @ 7.0% cap · market cap 11.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,750
Businesses Nearby
Explore this area
Business Placement
Demographics for 33815, FL
15,681
Population
7,646
Households
2.1
Avg Household Size
40
Median Age
11%
College-Educated
80%
High-School Grad
7.4 sq mi
ZIP Area
2,119
Density / Sq Mi
$36,445
Median Household Income
$32,637
Median Earnings
$1,078
Median Rent
$42,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units across two buildings with MEP plans supporting proposed redevelopment.
Where is this triplex located?
The property is located at 115 EMMA Street 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: Three residential units across 2 separate buildings; 2,696 square feet on a 0.1‑acre parcel; Duplex includes separate electric meters for each unit
