Duplex with Screened
For Sale
$257,900
1154 FAIRWAY DR, Lakeland, FL 33801
Both residences feature two bathrooms, ceramic tile flooring, and open living, dining, and kitchen areas.
Property Size1,620 SF
Days on Market172
Property Features for 1154 FAIRWAY DR
General Information
Standard status
Active
Size
1,620 SF
Property subtype
Duplex
Units
Unit Mix
2 x 1BR/2BA
Multifamily Units
2
Building Details
Building Size
1,620 SF
Year Built
1976
Buildings
1
Listing Agency:
RE/MAX HERITAGE
Listed By:
Audrey Bahrman · License #3046036
(863) 424-2309
Source:
Tinaheim.kw
Added: Mar 16
Changed: Sep 2
Last Checked: Sep 2 at 1:29PM
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 RE/MAX HERITAGE
Investment Insights
Based on property information with market context.
This duplex, built in 1976, includes two residences with practical open-plan interiors. Each unit has a large bedroom with an ensuite bathroom featuring a tub/shower combination, plus a second bathroom with a walk-in shower. Ceramic tile flooring extends throughout the units, while the living and dining areas connect with kitchens equipped with upgraded countertops.
Additional improvements include a 13 x 9 screen room at the rear, along with laundry and storage areas. One unit has long-term tenants, while the other has recently been vacated. The property is located at 1154 Fairway Dr in Lakeland, Florida.
Additional improvements include a 13 x 9 screen room at the rear, along with laundry and storage areas. One unit has long-term tenants, while the other has recently been vacated. The property is located at 1154 Fairway Dr in Lakeland, Florida.
Key Highlights
- Duplex with two residences, each offering a large bedroom and two bathrooms
- 13 x 9 screen room positioned at the rear of the property
- Ceramic tile flooring throughout both units
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
$17,177
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
6.66%
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%
$343,540
$343.5K
Cap Rate 7%
$245,386
$245.4K
Cap Rate 9%
$190,856
$190.9K
Market Conditions
NOI Build-Up for 1,620 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
$26.2K $16.20/SF
− Vacancy
−$1.7K −$1.05/SF
EGI
$24.5K $15.15/SF
− OpEx
−$7.4K −$4.54/SF
NOI
$17.2K $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%
$343,540
Cap Rate 7%
$245,386
Cap Rate 9%
$190,856
Alternative Uses
Best Use
Multifamily LT 5
$245.4K
$214.7K – $286.3K
NOI $17,177 @ 7.0% cap · market cap 6.66%
Second Best
Apartment 5plus
$219.2K
$191.8K – $255.8K
NOI $15,345 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$389.3K
$340.6K – $454.2K
NOI $27,251 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
351
Businesses Nearby
Explore this area
Business Placement
Demographics for 33801, FL
36,798
Population
15,365
Households
2.4
Avg Household Size
34
Median Age
16%
College-Educated
84%
High-School Grad
18.9 sq mi
ZIP Area
1,947
Density / Sq Mi
$49,210
Median Household Income
$30,055
Median Earnings
$1,100
Median Rent
$138,700
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 - Both residences feature two bathrooms, ceramic tile flooring, and open living, dining, and kitchen areas.
Where is this duplex located?
The property is located at 1154 FAIRWAY DR Lakeland, FL.
What is the asking price?
The asking price for this property is $257,900.
What are key features of this property?
This property features: Duplex with two residences, each offering a large bedroom and two bathrooms; 13 x 9 screen room positioned at the rear of the property; Ceramic tile flooring throughout both units
