Renovated Duplex with Private
For Sale
$279,000
907 N WABASH AVE, Lakeland, FL 33815
Residential Income, LAKELAND, FL
Property Size1,480 SF
Lot Size0.20 Acres
Price / SF$188.51
Days on Market91
Property Features for 907 N WABASH AVE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
C-3
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 2, Dining Room, Bedroom 6, Bathroom 3, Laundry Room, Bedroom 4, Bedroom 2, Bedroom 3, Bedroom 5, Bedroom 7, Bathroom 4, Bathroom 1
Parking features
Driveway
Patio and Porch features
Porch
Interior features
Ceiling Fans(s), Living Room/Dining Room Combo, Split Bedroom, Stone Counters
Exterior features
Sidewalk
Appliances
Dryer, Microwave, Range, Refrigerator, Washer
Subdivision
ROANOKE HILLS SUB
Lot features
Near Public Transit, Sidewalk, Paved
Elementary school
Lincoln Avenue Academy
Middle school
Lawton Chiles Middle
High school
Kathleen High
Directions
Take US 92 W toward Lakeland, continue on FL-546/State Hwy 546/E Memorial Blvd for about 4 miles, turn left on Strain Blvd, right on W Parker St, right on N Wabash Ave, home will be on the right.
Standard status
Active
APN
23-28-14-079500-003120
Size
1,480 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
ROANOKE HILLS SUB PB 13 PG 37 BLK C LOTS 12 & 13 LESS HIGHWAY S14/15 T28 R23
Tax Annual Amount
3324
Legal Description
ROANOKE HILLS SUB PB 13 PG 37 BLK C LOTS 12 & 13 LESS HIGHWAY S14/15 T28 R23
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Amenities
private patio space
Building Details
Year built
1930
Floors in Building
1
Number of units
2
Flooring type
Tile - Ceramic
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
ASSOCIATE REALTY
(863) 618-4000
Listed By:
Chrissi Jasso · License #3253299
(863) 412-6904
Added: Jun 15
Changed: Sep 12
Last Checked: Sep 13 at 6:06AM
MLS# P4939056
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 duplex property includes two residences on a 0.2-acre lot. The primary home provides 1,480 square feet with four bedrooms, two bathrooms, an open living and dining arrangement, split-bedroom layout, stone counters, ceramic tile flooring, central heating and cooling, and a 2022 renovation. The second residence offers three bedrooms, one full bathroom, one half bathroom, and an open living, dining, and kitchen configuration. Each home has its own patio area, while the property also includes a large driveway, front porch, vinyl siding, shingle roofing, and public water service.
Located at 907 N Wabash Ave in Lakeland, the property is zoned C-3 and is currently operated as an Airbnb. Additional features include in-home laundry appliances, ranges, refrigerators, microwaves, ceiling fans, and central air conditioning.
Located at 907 N Wabash Ave in Lakeland, the property is zoned C-3 and is currently operated as an Airbnb. Additional features include in-home laundry appliances, ranges, refrigerators, microwaves, ceiling fans, and central air conditioning.
Key Highlights
- Two residences on a 0.2‑acre parcel
- Primary home measures 1,480 square feet with 4 bedrooms and 2 bathrooms
- Second residence includes 3 bedrooms, 1 1/2 baths, and an open living, dining, and kitchen area
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
$15,692
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
5.62%
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%
$313,840
$313.8K
Cap Rate 7%
$224,171
$224.2K
Cap Rate 9%
$174,356
$174.4K
Market Conditions
NOI Build-Up for 1,480 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
$24.0K $16.20/SF
− Vacancy
−$1.6K −$1.05/SF
EGI
$22.4K $15.15/SF
− OpEx
−$6.7K −$4.54/SF
NOI
$15.7K $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%
$313,840
Cap Rate 7%
$224,171
Cap Rate 9%
$174,356
Alternative Uses
Best Use
Multifamily LT 5
$224.2K
$196.2K – $261.5K
NOI $15,692 @ 7.0% cap · market cap 5.62%
Second Best
Apartment 5plus
$200.3K
$175.2K – $233.6K
NOI $14,018 @ 7.0% cap · market cap 5.02%
Theoretical Best
Office A
$355.7K
$311.2K – $414.9K
NOI $24,896 @ 7.0% cap · market cap 8.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
386
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences share a 0.2-acre parcel with separate outdoor spaces, expansive driveway parking, and current short-term rental use.
Where is this duplex located?
The property is located at 907 N WABASH AVE Lakeland, FL.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: Two residences on a 0.2‑acre parcel; Primary home measures 1,480 square feet with 4 bedrooms and 2 bathrooms; Second residence includes 3 bedrooms, 1 1/2 baths, and an open living, dining, and kitchen area
