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    281 Leelon Rd Lakeland, FL 33809

    View on Map
    Sponsored
    For Sale
    $314,900

    Duplex - LAKELAND, FL

    Type:Duplex
    Property size:
    1,842 SF
    Lot size:
    0.25 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 6 at 12:06 pm

    Property Features for 281 Leelon Rd

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Standard status
    Active
    Zoning
    R-2
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
    Bedrooms
    4
    APN
    24-27-19-161330-000030
    Parking features
    Driveway
    Pets allowed
    Cats OK, Dogs OK
    Interior features
    Thermostat
    Exterior features
    Fence, Private Yard, Storage
    Fencing
    Fenced
    Appliances
    Dishwasher, Range, Refrigerator, Washer
    Size
    1,842 SF
    Lot size
    0.25 Acres

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1981
    Number of units
    2
    Building materials
    Block
    Roof type
    Shingle
    Architectural style
    Other
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Cat Calvosa

    Smart Realty of Polk Inc dba Keller Williams Realty (863) 577-1234

    Listing agent Cat Calvosa (863) 577-1234 License #3630429

    Listing date Mar 5, 2026

    MLS# L4959798 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.

    Learn more

    Property Insight Report

    Overview

    Lakeland Duplex in Lake Gibson

    Located in the desirable Lake Gibson area of Lakeland, this income-producing full duplex is situated in Lake Gibson Villas Phase 2. Constructed in 1981, this concrete block property features two separate 2-bedroom, 1-bath units, totaling 1,842 square feet of living space. The property has received consistent updates, helping minimize near-term capital expenses. New windows and front doors were installed in April 2024, and a third nail for wind mitigation was added in June 2023. Unit 281 features a renovated kitchen with updated counters from July 2019 and new LVP flooring in the bathroom installed in January 2024. Unit 283 includes a newer dishwasher from July 2019 and a replaced AC unit from August 2020. One AC system has been updated, while the other remains original. Both sides are currently occupied by long-term tenants with rental incomes of $1,265 and $1,285 per month. Situated on a 0.25-acre lot in unincorporated Polk County, the property is conveniently located near Lake Gibson, shopping, dining, and major commuter routes. The property is ideal for investors seeking steady cash flow.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakeland
    County
    Polk
    State
    Florida
    Longitude
    -81.951116
    Latitude
    28.120699

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    FAQs

    What type of property is this?
    Duplex - Income-producing duplex near Lake Gibson, Lakeland, with long-term tenants.
    Where is this duplex located?
    The property is located at 281 Leelon Rd Lakeland, FL.
    What is the asking price?
    The asking price for this property is $314,900.
    What are key features of this property?
    This property features: - Income-producing duplex generating $2,550 monthly with long-term tenants.; - Located in the desirable Lake Gibson area, close to amenities and major commuter routes.; - Recent updates include new windows and front doors (April 2024) and wind mitigation (June 2023).
    (703) 399-0785
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    281 Leelon Rd Lakeland, FL 33809
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    Lakeland, FL 33809
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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
    281 Leelon Rd Lakeland, FL 33809
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    We can help!
    Listing Contact
    Cat Calvosa
    Real Estate License ID: 3630429
    (703) 399-0785 (863) 577-1234
    Learn more
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