Mulberry Multifamily Investment
For Sale
Contact for pricing
100 10th Ter NE, Mulberry, FL 33860
10-unit multifamily property in Mulberry, Florida with value-add potential.
Property Size6,720 SF
Lot Size1.00 Acre
Price / SF$118.30
Days on Market183
Property Features for 100 10th Ter NE
General Information
Standard status
Active
Size
6,720 SF
Lot size
1.00 Acre
Property subtype
Multifamily
Zoning
RL-4
Building Details
Buildings
5
Stories
1
Units
10
Listing Agency:
Saunders Real Estate
(863) 272-7135
Listed By:
Craig Morby · License #SL3152384
Source:
Crexi
Added: Feb 11
Changed: Aug 8
Last Checked: Aug 8 at 2:47PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Saunders Real Estate
Investment Insights
Based on property information with market context.
This 10-unit multifamily property in Mulberry, Florida, presents a value-add investment opportunity. The asset consists of five duplex buildings, each featuring traditional 2-bedroom, 1-bathroom units. A portion of the units have been fully renovated, and several others are undergoing rehabilitation. Vacancies are present due to a recent management change and deferred maintenance, offering a direct value-creation opportunity for a new owner. The buildings have been pressure washed and are situated on almost 1 acre. Separate parking is available for each building, and the property includes a central mailbox system. The location offers connectivity via N Church Ave/SR 37 in Mulberry. State Road 60, which runs east and west through the state, and SR 37, also known as Florida Ave, runs through Lakeland.
Key Highlights
- Value‑add opportunity through renovation and filling vacancies.
- 10‑unit property consisting of five duplex buildings.
- All units are traditional 2‑bedroom, 1‑bathroom layouts.
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
$63,651
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
8.01%
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%
$1,273,020
$1.3M
Cap Rate 7%
$909,300
$909.3K
Cap Rate 9%
$707,233
$707.2K
Market Conditions
NOI Build-Up for 6,720 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
$123.4K $18.36/SF
− Vacancy
−$7.6K −$1.14/SF
EGI
$115.7K $17.22/SF
− OpEx
−$52.1K −$7.75/SF
NOI
$63.7K $9.47/SF
Area
Polk County, 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%
$1,273,020
Cap Rate 7%
$909,300
Cap Rate 9%
$707,233
Alternative Uses
Best Use
Apartment 5plus
$909.3K
$795.6K – $1.06M
NOI $63,651 @ 7.0% cap · market cap 8.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $113,041 @ 7.0% cap · market cap 14.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
300
Businesses Nearby
Explore this area
Business Placement
Demographics for 33860, FL
24,932
Population
9,649
Households
2.6
Avg Household Size
36
Median Age
15%
College-Educated
83%
High-School Grad
98.4 sq mi
ZIP Area
253
Density / Sq Mi
$62,779
Median Household Income
$37,688
Median Earnings
$1,150
Median Rent
$221,400
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 - 10-unit multifamily property in Mulberry, Florida with value-add potential.
Where is this apartment building located?
The property is located at 100 10th Ter NE Mulberry, FL.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Value‑add opportunity through renovation and filling vacancies.; 10‑unit property consisting of five duplex buildings.; All units are traditional 2‑bedroom, 1‑bathroom layouts.
