Duplex with Separate Utility
For Sale
$330,000
101 LAKE HUNTER DRIVE 7&8, Lakeland, FL 33803
Two vacant two-bedroom units support flexible occupancy with individually metered water and electrical service.
Property Size1,806 SF
Price / SF$182.72
Days on Market562
Property Features for 101 LAKE HUNTER DRIVE 7&8
General Information
Standard status
Active
Size
1,806 SF
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
HOA Fee
$129
Taxes and HOA fees
Annual Taxes
$2,644
Building Details
Year Built
1980
Listing Agency:
FLATFEE.COM
(954) 965-3990
Listed By:
Cliff Glansen · License #0707077
(877) 575-5505
Source:
Exitrealty
Added: Feb 17, 2025
Changed: Aug 31
Last Checked: Aug 31 at 4:42PM
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 FLATFEE.COM
Investment Insights
Based on property information with market context.
This 1,806-square-foot duplex, built in 1980, includes two spacious 2/1 residences that are currently vacant. Unit 7 received renovations in April, while the property also benefits from a newer roof and updated water main lines. Each residence has separate water and electrical meters, providing distinct utility service for the units.
The property is located at 101 Lake Hunter Drive in Lakeland, near Lake Hunter and within close reach of Downtown Lakeland. Access to the Polk Parkway and I-4 supports commuting throughout the surrounding area. HOA services include landscaping and lawn maintenance for both units.
The property is located at 101 Lake Hunter Drive in Lakeland, near Lake Hunter and within close reach of Downtown Lakeland. Access to the Polk Parkway and I-4 supports commuting throughout the surrounding area. HOA services include landscaping and lawn maintenance for both units.
Key Highlights
- 1,806‑square‑foot duplex built in 1980
- Two vacant 2/1 units
- Unit 7 renovations completed in April
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
$19,149
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
5.80%
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%
$382,980
$383.0K
Cap Rate 7%
$273,557
$273.6K
Cap Rate 9%
$212,767
$212.8K
Market Conditions
NOI Build-Up for 1,806 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
$29.3K $16.20/SF
− Vacancy
−$1.9K −$1.05/SF
EGI
$27.4K $15.15/SF
− OpEx
−$8.2K −$4.54/SF
NOI
$19.1K $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%
$382,980
Cap Rate 7%
$273,557
Cap Rate 9%
$212,767
Alternative Uses
Best Use
Multifamily LT 5
$273.6K
$239.4K – $319.2K
NOI $19,149 @ 7.0% cap · market cap 5.80%
Second Best
Apartment 5plus
$244.4K
$213.8K – $285.1K
NOI $17,106 @ 7.0% cap · market cap 5.18%
Theoretical Best
Office A
$434.0K
$379.8K – $506.3K
NOI $30,380 @ 7.0% cap · market cap 9.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
667
Businesses Nearby
Explore this area
Business Placement
Demographics for 33803, FL
29,082
Population
15,086
Households
1.9
Avg Household Size
42
Median Age
34%
College-Educated
94%
High-School Grad
16.6 sq mi
ZIP Area
1,752
Density / Sq Mi
$63,180
Median Household Income
$40,358
Median Earnings
$1,337
Median Rent
$236,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two vacant two-bedroom units support flexible occupancy with individually metered water and electrical service.
Where is this duplex located?
The property is located at 101 LAKE HUNTER DRIVE 7&8 Lakeland, FL.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: 1,806‑square‑foot duplex built in 1980; Two vacant 2/1 units; Unit 7 renovations completed in April
