6-Unit Concrete Apartment
For Sale
$695,000
214 N CHESTNUT Road, Lakeland, FL 33815
Commercial Sale, LAKELAND, FL
Property Size2,975 SF
Lot Size0.20 Acres
Price / SF$233.61
Days on Market26
Property Features for 214 N CHESTNUT Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
PUD
Appliances
Refrigerator
Directions
From I-4, take Exit 32 (US-98 / Lakeland) and head north on US-98 for about 3 miles. Turn onto E Memorial Blvd, then turn onto N Chestnut Rd - the property is on the right, just off the highway.
Subdivision
33815 - Lakeland
Standard status
Active
APN
23-28-15-000000-024280
Size
2,975 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BEG 535PT1 FT S OF NE COR OF E1/4 OF SW1/4 OF SE1/4 RUN W 155 FT S 65 FT E 155 FT N TO BEG LESS MAINT R/W
Tax Annual Amount
11702
Legal Description
BEG 535PT1 FT S OF NE COR OF E1/4 OF SW1/4 OF SE1/4 RUN W 155 FT S 65 FT E 155 FT N TO BEG LESS MAINT R/W
Utilities
Utilities
Phone Available
Sewer type
Septic Tank
Cooling system
Central Air
Water source
Public
Building Details
Year built
1982
Floors in Building
1
Number of units
6
Building materials
Concrete
Listing Agency:
LOKATION
(954) 545-5583
Listed By:
Mohamed Dembele
(813) 846-7186
Added: Jul 31
Changed: Aug 24
Last Checked: Aug 25 at 5:06AM
MLS# TB8534756
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 2,975-square-foot apartment property contains six one-bedroom, one-bath units of approximately 496 square feet each. Built in 1982 with concrete construction, the building is fully leased and every residence is equipped with central air conditioning and a separate electric meter. Refrigerator appliances are provided.
The property occupies 0.2 acres in Lakeland, Florida, near Lake Mirror, Hollis Garden, Bonnet Springs Park, the Polk Theatre, and Florida Southern College. Public water and a private septic tank serve the site, while phone service is available. PUD zoning applies to the property.
The property occupies 0.2 acres in Lakeland, Florida, near Lake Mirror, Hollis Garden, Bonnet Springs Park, the Polk Theatre, and Florida Southern College. Public water and a private septic tank serve the site, while phone service is available. PUD zoning applies to the property.
Key Highlights
- Six 1BD/1BA apartments, each approximately 496 sq ft
- 2,975‑square‑foot multifamily building on 0.2 acres
- Fully leased with all units occupied
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
$28,179
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
4.05%
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%
$563,580
$563.6K
Cap Rate 7%
$402,557
$402.6K
Cap Rate 9%
$313,100
$313.1K
Market Conditions
NOI Build-Up for 2,975 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
$54.6K $18.36/SF
− Vacancy
−$3.4K −$1.14/SF
EGI
$51.2K $17.22/SF
− OpEx
−$23.1K −$7.75/SF
NOI
$28.2K $9.47/SF
Area
Lakeland, FL
Vacancy
6.20%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
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%
$563,580
Cap Rate 7%
$402,557
Cap Rate 9%
$313,100
Alternative Uses
Best Use
Apartment 5plus
$402.6K
$352.2K – $469.7K
NOI $28,179 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$714.9K
$625.6K – $834.1K
NOI $50,044 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
300
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?
Apartment building - Fully occupied multifamily property with individually metered units, central air conditioning, public water, and private septic service.
Where is this apartment building located?
The property is located at 214 N CHESTNUT Road Lakeland, FL.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Six 1BD/1BA apartments, each approximately 496 sq ft; 2,975‑square‑foot multifamily building on 0.2 acres; Fully leased with all units occupied
