Triplex with Updated
For Sale
$449,900
1011 NE 2ND St, Mulberry, FL 33860
Three separately metered residences include a detached-home layout, two refreshed apartments, and central air conditioning throughout.
Property Size3,280 SF
Days on Market115
Property Features for 1011 NE 2ND St
General Information
Standard status
Active
Size
3,280 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/2BA, 2 x 2BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,975
Building Details
Building Size
3,280 SF
Year Built
1950
Listing Agency:
(954) 401-9688
Listed By:
Jomon Joseph
(954) 401-9688
Source:
Elliman
Added: May 9
Changed: Aug 30
Last Checked: Aug 30 at 9:43PM
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 Jomon Joseph
Investment Insights
Based on property information with market context.
This three-unit residential income property at 1011 NE 2nd St in Mulberry combines a 3-bedroom, 2-bath main house with two 2-bedroom, 1-bath apartments. The house offers 1,808 square feet, real wood floors, a great room, open kitchen with breakfast bar, formal dining room, Florida room, and 2-car carport. Each apartment measures 736 square feet and has been updated with central AC. The property was built in 1950, and the roof was replaced in 2010.
All three residences occupy one parcel across three addresses and are separately metered for electric and water. The home is connected to city sewer, and every unit has central AC. Two residences are leased month-to-month while one is vacant. The property is located just off Highway 60, with access to Bartow and Lakeland.
All three residences occupy one parcel across three addresses and are separately metered for electric and water. The home is connected to city sewer, and every unit has central AC. Two residences are leased month-to-month while one is vacant. The property is located just off Highway 60, with access to Bartow and Lakeland.
Key Highlights
- Three units across three addresses on one parcel
- 3‑bedroom, 2‑bath main house with 1,808 sq ft and 2‑car carport
- Two 2‑bedroom, 1‑bath apartments at 736 sq ft each
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
$34,778
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
7.73%
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%
$695,560
$695.6K
Cap Rate 7%
$496,829
$496.8K
Cap Rate 9%
$386,422
$386.4K
Market Conditions
NOI Build-Up for 3,280 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
$53.1K $16.20/SF
− Vacancy
−$3.5K −$1.05/SF
EGI
$49.7K $15.15/SF
− OpEx
−$14.9K −$4.54/SF
NOI
$34.8K $10.60/SF
Area
Polk County, 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%
$695,560
Cap Rate 7%
$496,829
Cap Rate 9%
$386,422
Alternative Uses
Best Use
Multifamily LT 5
$496.8K
$434.7K – $579.6K
NOI $34,778 @ 7.0% cap · market cap 7.73%
Second Best
Apartment 5plus
$443.8K
$388.4K – $517.8K
NOI $31,068 @ 7.0% cap · market cap 6.91%
Theoretical Best
Office A
$788.2K
$689.7K – $919.6K
NOI $55,175 @ 7.0% cap · market cap 12.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
274
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three separately metered residences include a detached-home layout, two refreshed apartments, and central air conditioning throughout.
Where is this triplex located?
The property is located at 1011 NE 2ND St Mulberry, FL.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Three units across three addresses on one parcel; 3‑bedroom, 2‑bath main house with 1,808 sq ft and 2‑car carport; Two 2‑bedroom, 1‑bath apartments at 736 sq ft each
