Duplex with Covered
New
For Sale
$535,000
118 S WATERLOO AVENUE, Lakeland, FL 33801
Two separate residences include a two-bedroom, one-bath lower unit and a one-bedroom, one-bath upper unit.
Property Size2,412 SF
Price / SF$221.81
Days on Market4
Property Features for 118 S WATERLOO AVENUE
General Information
Standard status
Active
Size
2,412 SF
Property subtype
Half Duplex
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
covered deck
outdoor kitchen
washer and dryer
Building Details
Year Built
1917
Buildings
1
Construction
cedar wood framing
Listing Agency:
TFP FLORIDA REALTY LLC
(863) 337-9667
Listed By:
Marilyn Davis · License #3436385
(305) 510-2049
Source:
Dennisrealty
Added: Oct 17
Changed: Oct 19
Last Checked: Oct 19 at 6:06AM
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 TFP FLORIDA REALTY LLC
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Investment Insights
Based on property information with market context.
Built in 1917, this 2,412-square-foot duplex contains two independent residences and has multifamily zoning. The first-floor unit has two bedrooms, one bathroom, wood flooring, a kitchen with granite countertops, and a flexible bonus room with laundry. Upstairs, the one-bedroom, one-bath unit includes a multipurpose room and separate gas and electric meters. Both units are scheduled to be vacant at closing. A new roof was installed in April 2025; the first-floor water heater is approximately 6 years old.
Outdoor features include a covered deck with an outdoor kitchen equipped with a sink, cabinetry, a built-in grill, and a wine cooler. The grill and wine cooler are included in the sale. The property is within walking distance of Lake Mirror, the 1.2-acre Hollis Garden, The Joinery, and downtown Lakeland restaurants, shops, and entertainment.
Outdoor features include a covered deck with an outdoor kitchen equipped with a sink, cabinetry, a built-in grill, and a wine cooler. The grill and wine cooler are included in the sale. The property is within walking distance of Lake Mirror, the 1.2-acre Hollis Garden, The Joinery, and downtown Lakeland restaurants, shops, and entertainment.
Key Highlights
- Two‑unit, 2,412‑square‑foot duplex built in 1917
- Multifamily zoning; both residences delivered vacant at closing
- Lower unit: 2 bedrooms, 1 bathroom, bonus room, and laundry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,574
Cap Rate
4.78%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$511,480
$511.5K
Cap Rate 7%
$365,343
$365.3K
Cap Rate 9%
$284,156
$284.2K
Market Conditions
NOI Build-Up for 2,412 SF
Gross rent
$39.1K $16.20/SF
− Vacancy
−$2.5K −$1.05/SF
EGI
$36.5K $15.15/SF
− OpEx
−$11.0K −$4.54/SF
NOI
$25.6K $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 Rate 5%
$511,480
Cap Rate 7%
$365,343
Cap Rate 9%
$284,156
Alternative Uses
Best Use
Multifamily LT 5
$365.3K
$319.7K – $426.2K
NOI $25,574 @ 7.0% cap · market cap 4.78%
Second Best
Apartment 5plus
$326.4K
$285.6K – $380.8K
NOI $22,846 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$579.6K
$507.2K – $676.2K
NOI $40,574 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,663
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences include a two-bedroom, one-bath lower unit and a one-bedroom, one-bath upper unit.
Where is this duplex located?
The property is located at 118 S WATERLOO AVENUE Lakeland, FL.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Two‑unit, 2,412‑square‑foot duplex built in 1917; Multifamily zoning; both residences delivered vacant at closing; Lower unit: 2 bedrooms, 1 bathroom, bonus room, and laundry
