1917 Duplex with Covered Outdoor
For Sale
$535,000
120-118 S Waterloo Avenue, Lakeland, FL 33801
Two separate residences include private meters for gas and electricity in the upper unit.
Property Size2,412 SF
Price / SF$221.81
Days on Market17
Property Features for 120-118 S Waterloo Avenue
General Information
Standard status
Active
Size
2,412 SF
Property subtype
Residential Income
Site & Location
Neighborhood
Downtown
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Individually Metered Utilities
gas, electricity
Additional Details
Furnished
No
Taxes and HOA fees
Annual Taxes
$1,468
Amenities
covered deck
outdoor kitchen
washer and dryer
Building Details
Year Built
1917
Buildings
1
Stories
2
Construction
cedar wood framing
Listing Agency:
TFP FLORIDA REALTY LLC
(863) 337-9667
Listed By:
Marilyn Davis · License #3436385
(305) 510-2049
Source:
Exprealty
Added: Oct 21
Changed: Nov 4
Last Checked: Nov 4 at 4:30PM
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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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1917, this 2,412-square-foot duplex contains two distinct living units. The first-floor residence has two bedrooms, one bathroom, wood flooring, a kitchen with granite countertops, and a bonus room with laundry. Upstairs, the one-bedroom, one-bathroom unit includes a multipurpose room and separate gas and electric meters. Both units are to be vacant at closing. A covered deck features an outdoor kitchen with a sink, cabinetry, a built-in grill, and a wine cooler; the grill and cooler are included in the sale. The property also has multi-family zoning, a roof installed in April 2025, and a first-floor water heater approximately six years old.
The property is a short walk from Lake Mirror, 1.2-acre Hollis Garden, The Joinery food hall, and downtown Lakeland restaurants, shops, and entertainment.
The property is a short walk from Lake Mirror, 1.2-acre Hollis Garden, The Joinery food hall, and downtown Lakeland restaurants, shops, and entertainment.
Key Highlights
- 1917 duplex with 2,412 square feet across two separate residences
- First‑floor unit: 2 bedrooms, 1 bathroom, wood floors, granite‑counter kitchen, and laundry bonus room
- Upper unit: 1 bedroom, 1 bathroom, multipurpose room, and separate gas and electric meters
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.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,663
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
$138,700
Median Home Value
Market
Average Price Trend$/SF for Duplexes in Lakeland, FL
Properties on Market for Duplexes in Lakeland
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences include private meters for gas and electricity in the upper unit.
Where is this duplex located?
The property is located at 120-118 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: 1917 duplex with 2,412 square feet across two separate residences; First‑floor unit: 2 bedrooms, 1 bathroom, wood floors, granite‑counter kitchen, and laundry bonus room; Upper unit: 1 bedroom, 1 bathroom, multipurpose room, and separate gas and electric meters
