Updated Two-Unit
For Sale
$540,000
1134-1136 GILMORE Avenue, Lakeland, FL 33805
Residential Income, LAKELAND, FL
Property Size2,275 SF
Lot Size0.16 Acres
Price / SF$237.36
Days on Market94
Property Features for 1134-1136 GILMORE Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RB-1
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 6, Bathroom 4, Bathroom 3, Bedroom 2
Interior features
Open Floorplan, Primary Bedroom Main Floor, Stone Counters
Exterior features
Sidewalk
Appliances
Dishwasher, Microwave, Range
Subdivision
BON AIR ADD
Elementary school
Carlton Palmore Elem
Middle school
Lakeland Highlands Middl
High school
Tenoroc Senior
Directions
Going north on lakeland hills blvd turn right at east garden st and then make a right on gilmore
Standard status
Active
APN
24-28-07-171000-011040
Size
2,275 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BON AIR ADD PB 1 PGS 114 & 115 BLK C LOT 4
Tax Annual Amount
7364
Legal Description
BON AIR ADD PB 1 PGS 114 & 115 BLK C LOT 4
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
in-unit laundry space
central heating and air conditioning
Building Details
Year built
1988
Building materials
Block
Roof type
Shingle
Listing Agency:
IMPACT REALTY TAMPA BAY
(813) 321-1200
Listed By:
Alex Caballero · License #3395367
(813) 495-4487
Added: May 26
Changed: Aug 20
Last Checked: Aug 27 at 2:06PM
MLS# TB8512308
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 duplex contains two residences within approximately 2,275 square feet, with each unit configured as a three-bedroom, two-bath home. Interior updates include kitchens with stone counters, refreshed bathrooms, new flooring, interior paint, and open-concept living areas. Both units also provide in-unit laundry space, central heating and cooling, natural light, and private living areas. Block construction, a shingle roof, and a sidewalk are additional property features.
The property occupies 0.16 acres at 1134-1136 Gilmore Avenue in Lakeland, Florida. Public water and public sewer serve the property, with cable availability noted. Zoning is RB-1, and the duplex was built in 1988. Nearby access to I-4 provides a connection to the broader Lakeland area and regional destinations.
The property occupies 0.16 acres at 1134-1136 Gilmore Avenue in Lakeland, Florida. Public water and public sewer serve the property, with cable availability noted. Zoning is RB-1, and the duplex was built in 1988. Nearby access to I-4 provides a connection to the broader Lakeland area and regional destinations.
Key Highlights
- Two‑unit duplex with approximately 2,275 square feet
- Each unit offers 3 bedrooms and 2 bathrooms
- 0.16‑acre lot in Lakeland, FL
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
$24,122
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
4.47%
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%
$482,440
$482.4K
Cap Rate 7%
$344,600
$344.6K
Cap Rate 9%
$268,022
$268.0K
Market Conditions
NOI Build-Up for 2,275 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
$36.9K $16.20/SF
− Vacancy
−$2.4K −$1.05/SF
EGI
$34.5K $15.15/SF
− OpEx
−$10.3K −$4.54/SF
NOI
$24.1K $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%
$482,440
Cap Rate 7%
$344,600
Cap Rate 9%
$268,022
Alternative Uses
Best Use
Multifamily LT 5
$344.6K
$301.5K – $402.0K
NOI $24,122 @ 7.0% cap · market cap 4.47%
Second Best
Apartment 5plus
$307.8K
$269.4K – $359.2K
NOI $21,549 @ 7.0% cap · market cap 3.99%
Theoretical Best
Office A
$546.7K
$478.4K – $637.8K
NOI $38,269 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,672
Businesses Nearby
Explore this area
Business Placement
Demographics for 33805, FL
26,954
Population
11,908
Households
2.3
Avg Household Size
36
Median Age
17%
College-Educated
82%
High-School Grad
26.0 sq mi
ZIP Area
1,037
Density / Sq Mi
$55,565
Median Household Income
$35,077
Median Earnings
$1,179
Median Rent
$173,800
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?
Duplex - Two refreshed residences feature open living areas, in-unit laundry, and central heating and air conditioning.
Where is this duplex located?
The property is located at 1134-1136 GILMORE Avenue Lakeland, FL.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: Two‑unit duplex with approximately 2,275 square feet; Each unit offers 3 bedrooms and 2 bathrooms; 0.16‑acre lot in Lakeland, FL
