Three-Bedroom Ranch
For Sale
Under Contract
$199,900
709 MIKASUKI Drive, Lakeland, FL 33813
Residential, LAKELAND, FL
Property Size1,223 SF
Lot Size0.15 Acres
Price / SF$163.45
Days on Market129
Property Features for 709 MIKASUKI Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RES
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 1, Bathroom 1
Parking features
Open, Driveway
Window features
Blinds
Patio and Porch features
Porch
Interior features
Ceiling Fans(s), Eat-in Kitchen
Exterior features
Lighting, Sidewalk, Sliding Doors
Appliances
Dishwasher, Disposal, Range, Range Hood, Refrigerator
Subdivision
HIGHLAND GARDENS
Lot features
In County, Irregular Lot, Level, Paved
Elementary school
Scott Lake Elem
Middle school
Lakeland Highlands Middl
High school
George Jenkins High
Directions
SOUTH on Cleveland Heights Blvd to Scott Lake Rd, to Carter Rd, WEST/Right on Mikasuki Dr to your destination on the left.
Standard status
Active Under Contract
APN
24-29-19-286021-000112
Size
1,223 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HIGHLAND GARDENS PB 75 PG 44 LOT 11 BEG SE COR RUN W 42.32 FT FOR POB CONT W 91.71 FT N 30 DEG 10 MIN 32 SEC E 141.03 FT TO CURVE ON R/W SELY ALONG R/W 21.59 FT S 115.34 FT TO POB
Tax Annual Amount
2745
Legal Description
HIGHLAND GARDENS PB 75 PG 44 LOT 11 BEG SE COR RUN W 42.32 FT FOR POB CONT W 91.71 FT N 30 DEG 10 MIN 32 SEC E 141.03 FT TO CURVE ON R/W SELY ALONG R/W 21.59 FT S 115.34 FT TO POB
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1986
Floors in Building
1
Flooring type
Tile - Ceramic, Laminate
Building materials
Block, Stucco
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
EXP REALTY LLC
(888) 883-8509
Listed By:
Russ Rhoads · License #644951
(863) 604-1570
Added: Apr 17
Changed: Aug 19
Last Checked: Aug 23 at 6:06AM
MLS# L4961094
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 well-maintained ranch duplex offers comfortable, low-maintenance living with three bedrooms and two bathrooms. The interior totals 1,223 square feet of living space, featuring ceramic tile in the main areas and luxury vinyl flooring in the bedrooms. The kitchen includes dual sinks and a closet pantry, supporting an efficient day-to-day layout.
Updates include a newer water heater and a roof approximately 8 years old. Comfort features include ceiling fans, and the home is served by central heating and central air with electric heat. Additional interior amenities include an eat-in kitchen. The property includes exterior lighting, a porch, sliding doors, and sidewalk.
Set on a 0.15-acre lot, the duplex was built in 1986 with block and stucco construction. Parking is available via an open driveway. Utilities include cable available, with public water and a septic tank for sewer service. Conveniently located in South Lakeland’s Highland Gardens with quick access to the Polk Parkway and nearby schools, shopping, and recreation.
Updates include a newer water heater and a roof approximately 8 years old. Comfort features include ceiling fans, and the home is served by central heating and central air with electric heat. Additional interior amenities include an eat-in kitchen. The property includes exterior lighting, a porch, sliding doors, and sidewalk.
Set on a 0.15-acre lot, the duplex was built in 1986 with block and stucco construction. Parking is available via an open driveway. Utilities include cable available, with public water and a septic tank for sewer service. Conveniently located in South Lakeland’s Highland Gardens with quick access to the Polk Parkway and nearby schools, shopping, and recreation.
Key Highlights
- Three bedrooms and two bathrooms across 1,223 square feet
- 0.15‑acre lot with ranch layout and porch
- Roof approximately 8 years old and newer water heater
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
$12,967
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
6.49%
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%
$259,340
$259.3K
Cap Rate 7%
$185,243
$185.2K
Cap Rate 9%
$144,078
$144.1K
Market Conditions
NOI Build-Up for 1,223 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
$19.8K $16.20/SF
− Vacancy
−$1.3K −$1.05/SF
EGI
$18.5K $15.15/SF
− OpEx
−$5.6K −$4.54/SF
NOI
$13.0K $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%
$259,340
Cap Rate 7%
$185,243
Cap Rate 9%
$144,078
Alternative Uses
Best Use
Multifamily LT 5
$185.2K
$162.1K – $216.1K
NOI $12,967 @ 7.0% cap · market cap 6.49%
Second Best
Apartment 5plus
$165.5K
$144.8K – $193.1K
NOI $11,584 @ 7.0% cap · market cap 5.79%
Theoretical Best
Office A
$293.9K
$257.2K – $342.9K
NOI $20,573 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
147
Businesses Nearby
Explore this area
Business Placement
Demographics for 33813, FL
36,448
Population
14,787
Households
2.5
Avg Household Size
42
Median Age
39%
College-Educated
94%
High-School Grad
21.0 sq mi
ZIP Area
1,736
Density / Sq Mi
$96,723
Median Household Income
$50,581
Median Earnings
$1,637
Median Rent
$330,100
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?
Duplex - Well-maintained ranch duplex with central air, public water, and a roof approximately 8 years old.
Where is this duplex located?
The property is located at 709 MIKASUKI Drive Lakeland, FL.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Three bedrooms and two bathrooms across 1,223 square feet; 0.15‑acre lot with ranch layout and porch; Roof approximately 8 years old and newer water heater
