Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    915 Palmetto St Lakeland, FL 33801

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,499,000

    Historic 12-Unit Apartment Building in Lakeland, FL

    Property size:
    8,348 SF

    Property Features for 915 Palmetto St

    General Information

    Property type
    Residential income properties
    Square Feet
    8,348 SF
    Lot Size
    19,602 SF

    Building Details

    Year Built
    1926

    We can help!

    Listing Contact
    Ben Becton

    Listing Agency: KELLER WILLIAMS REALTY SMART Listing Agent: Ben Becton

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional 12-unit multifamily property presents a compelling investment opportunity in Lakeland, Florida's desirable Lake Morton Historic District. Situated on a 0.45-acre lot, the building boasts a total of 8,348 square feet. The property's Mediterranean Revival architecture is a captivating blend of classic charm and modern updates, having undergone extensive renovations. The North Building has been fully renovated, while the South Building features partial remodeling, ensuring a high standard of living for tenants. Each of the twelve units includes brand-new appliances and updated fixtures, providing a comfortable and modern living space. Tenant convenience is enhanced by an on-site laundry facility. Residents can also enjoy a spacious courtyard, perfect for relaxation and outdoor enjoyment in Florida's pleasant climate. The property's location within the Lake Morton Historic District adds significant value, offering both historical significance and a highly sought-after address. Priced at $1,499,000, this is a rare chance to acquire a beautifully restored historic building with strong rental potential in a thriving Lakeland neighborhood. The property's combination of historical character, modern amenities, and prime location makes it an ideal addition to any investment portfolio. This is a turn-key opportunity for immediate income generation.
    Property Profile Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Suggested Use

    Restaurant Dental Office Law Firm Spa & Massage Center Real Estate Agency Hair Salon Nail Salon Daycare Center Building Supply Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakeland
    County
    Polk
    State
    Florida
    Longitude
    -81.94684
    Latitude
    28.03671

    Nearby Similar for Sale

    • $339,900
      Pending

      Retail Opportunity in South Lakeland

      High-visibility corner lot near Southgate Shopping Center.
      110 Easton Dr, Lakeland, FL 33803
      View Details
    • $829,000
      5,800 SF

      Warehouse and Office Space Available

      5,820 SF warehouse and office space in Lakeland, Florida.
      4459 Holden Rd, Lakeland, FL 33811
      View Details
    • $750,000
      8,591 SF

      Lakeland Assembly Building For Sale

      Income-producing property with development potential in Lakeland, Florida.
      4626 S Pipkin Rd, Lakeland, FL 33811
      View Details
    • $150,000
      3,600 SF

      Established Smoke Shop in Lakeland

      Turn-key smoke shop in high-traffic Lakeland corridor for sale.
      2810 Florida Ave S, Lakeland, FL 33803
      View Details
    • $560,000
      Pending

      Lakeland Retail Opportunity For Sale

      2,910 sq ft retail space on 0.45 acres.
      1605 W Memorial Blvd, Lakeland, FL 33815
      View Details
    • New
      $360,000
      1,768 SF

      Lakeland Duplex with Tenant Leases

      Well-maintained duplex in Lakeland with leases through 2026.
      1430 Moonlite Dr, Lakeland, FL 33801
      View Details
    • New
      $330,000
      1,568 SF

      Lakeland Duplex in Established Neighborhood

      Duplex with updated interiors near Downtown Lakeland.
      1438 Moonlite Dr, Lakeland, FL 33801
      View Details
    • New
      $199,000
      Pending

      Lakeland Mixed-Use Commercial Property

      Move-in ready office conversion with mixed-use potential on 0.26 acres.
      1628 E Gary Rd, Lakeland, FL 33801
      View Details
    • $1,299,500
      Pending

      Lakeland Mixed-Use Office/Warehouse Property

      8,750 SF office/warehouse with flexible space in Lakeland, FL.
      1512 E Gary Rd, Lakeland, FL 33801
      View Details
    • New
      $314,900
      1,842 SF

      Lakeland Duplex Investment Opportunity

      Income-producing duplex near Lake Gibson with long-term upside.
      281 Leelon Rd, Lakeland, FL 33809
      View Details
    • $439,900
      2,050 SF

      Lakeland Duplex with Income Potential

      South Lakeland duplex ideal for investors or owner-occupants.
      704 W Alamo Dr, Lakeland, FL 33813
      View Details
    • $1,500,000
      3,192 SF

      Turnkey Restaurant and Bakery Opportunity

      Restaurant and bakery in Lakeland, ready for immediate re-opening.
      830 E Main St, Lakeland, FL 33801
      View Details

    FAQs

    What type of property is this?
    Residential income property - Historic 12-Unit Apartment Building in Lakeland, FL
    Where is this residential income property located?
    The property is located at 915 Palmetto St Lakeland, FL.
    What is the asking price?
    The asking price for this property is $1,499,000.
    (863) 617-0232
    Request Owner's contact information
    915 Palmetto St Lakeland, FL 33801
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    915 Palmetto St
    Lakeland, FL 33801
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    915 Palmetto St Lakeland, FL 33801
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Ben Becton
    Real Estate License ID: 3222078
    (863) 617-0232 (863) 577-1234
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!