Lakeland Duplex Investment
For Sale
$283,900
2464 CHESTNUT WOODS Dr, Lakeland, FL 33815
Centrally located, fully occupied duplex in Lakeland, Florida.
Property Size1,664 SF
Lot Size0.16 Acres
Days on Market272
Property Features for 2464 CHESTNUT WOODS Dr
General Information
Standard status
Active
Size
1,664 SF
Lot size
0.16 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$2,160
Building Details
Building Size
1,664 SF
Year Built
1981
Units
2
Listing Agency:
(863) 219-9548
Listed By:
Kenn Brutus
(863) 219-9548
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 12
Last Checked: Aug 26 at 8:45AM
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 Kenn Brutus
Investment Insights
Based on property information with market context.
This property presents an investment opportunity with a conveniently located duplex in central Lakeland, near I-4. The duplex features two units, each with 2 bedrooms and 1 bath. Tile flooring is present throughout both units. Inside laundry hookups are available. The property is currently fully occupied with tenants at a competitive rental rate.
Key Highlights
- Great investment opportunity with tenants already in place
- Convenient central Lakeland location, close to I‑4
- Two units (duplex) providing dual rental income
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
$17,643
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
6.21%
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%
$352,860
$352.9K
Cap Rate 7%
$252,043
$252.0K
Cap Rate 9%
$196,033
$196.0K
Market Conditions
NOI Build-Up for 1,664 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
$27.0K $16.20/SF
− Vacancy
−$1.8K −$1.05/SF
EGI
$25.2K $15.15/SF
− OpEx
−$7.6K −$4.54/SF
NOI
$17.6K $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 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%
$352,860
Cap Rate 7%
$252,043
Cap Rate 9%
$196,033
Alternative Uses
Best Use
Multifamily LT 5
$252.0K
$220.5K – $294.1K
NOI $17,643 @ 7.0% cap · market cap 6.21%
Second Best
Apartment 5plus
$225.2K
$197.0K – $262.7K
NOI $15,761 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$399.9K
$349.9K – $466.5K
NOI $27,991 @ 7.0% cap · market cap 9.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
341
Businesses Nearby
Explore this area
Business Placement
Demographics for 33815, FL
15,681
Population
7,646
Households
2.1
Avg Household Size
40
Median Age
11%
College-Educated
80%
High-School Grad
7.4 sq mi
ZIP Area
2,119
Density / Sq Mi
$36,445
Median Household Income
$32,637
Median Earnings
$1,078
Median Rent
$42,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Centrally located, fully occupied duplex in Lakeland, Florida.
Where is this duplex located?
The property is located at 2464 CHESTNUT WOODS Dr Lakeland, FL.
What is the asking price?
The asking price for this property is $283,900.
What are key features of this property?
This property features: Great investment opportunity with tenants already in place; Convenient central Lakeland location, close to I‑4; Two units (duplex) providing dual rental income
