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    Historic Lakeland Multifamily Investment Opportunity

    915 E PALMETTO STREET Lakeland, FL 33801

    Claim this Listing
    For Sale
    $1,390,000

    Multi-Family 5+ - LAKELAND, FL

    Property size:
    8,348 SF
    Lot size:
    0.45 Acres
    Price / SF:
    $166/SF
    Added:
    Jan 16, 2025
    Days on Market:
    543
    Last Refresh:
    Jul 13 at 2:06 am

    Property Features for 915 E PALMETTO STREET

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    RA-4
    Standard status
    Active
    APN
    24-28-19-215500-002010
    Size
    8,348 SF
    Lot size
    0.45 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    5845.8

    Utilities

    Heating system
    Central, Ductless (Heating)
    Cooling system
    Central Air, Ductless, Multi Units, Wall/Window Unit(s), Window Unit(s)

    Building Details

    Year built
    1926
    Number of units
    12
    Building materials
    Frame
    Roof type
    Membrane
    Architectural style
    Other

    Listing agent Ben Becton License #3222078

    Listing office KELLER WILLIAMS REALTY SMART 218 E. Pine Street, Lakeland, FL

    Listing date Jan 16, 2025

    MLS# L4950069 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.

    Investment Insights

    Based on property information with market context.

    This multifamily apartment building, located in the Lake Morton Historic District, presents an investment opportunity. The 12-unit building features Mediterranean Revival architecture and is a contributing property in the district. The North Building has been fully renovated, while the South Building has been partially remodeled. The property has been restored to preserve its historical character, incorporating modern amenities. Each unit is fully renovated, featuring new appliances and updated fixtures. The property includes an on-site laundry facility for tenant convenience and a courtyard for residents. The property is located in Lakeland, Florida, and has a lot size of 0.45 acres. The building size is 8348 square feet. The zoning is RA-4.

    Key Highlights

    • Prime multifamily investment opportunity in the desirable Lake Morton Historic District.
    • Fully renovated units in the North Building and partially remodeled in the South Building, offering modern living spaces.
    • Historically significant Mediterranean Revival architecture with preserved classic charm.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $153.3k $18.36
    − Vacancy −$9.5k −$1.14
    EGI $143.8k $17.22
    − OpEx −$64.7k −$7.75
    NOI $79.1k $9.47
    8,348 SF · lease $18.36/SF/yr · vacancy 6.20% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $1.13M
    $988.4K – $1.32M (±1% cap)
    NOI $79,072 @ 7.0% cap · market cap 5.69%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $2.01M
    $1.76M – $2.34M (±1% cap)
    NOI $140,427 @ 7.0% cap · market cap 10.10%
    Zoning and permitted uses should be independently verified with local authorities.

    Property Analytics

    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    (Bike/Boat/Book/etc) Store Locksmith Storage Facility (Bike/Boat/Book/etc) Store (Bike/Boat/Book/etc) Store Grocery & Convenience Store Butcher (Bike/Boat/Book/etc) Store Veterinary Clinic Pet Grooming Service

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

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    FAQs

    What type of property is this?
    Apartment building - Renovated 12-unit apartment building in Lake Morton Historic District.
    Where is this apartment building located?
    The property is located at 915 E PALMETTO STREET Lakeland, FL.
    What is the asking price?
    The asking price for this property is $1,390,000.
    What are key features of this property?
    This property features: Prime multifamily investment opportunity in the desirable Lake Morton Historic District.; Fully renovated units in the North Building and partially remodeled in the South Building, offering modern living spaces.; Historically significant Mediterranean Revival architecture with preserved classic charm.
    Contact an agent
    (863) 617-0232
    We can help!
    Contact an agent
    Ben Becton
    Real Estate License ID: 3222078
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