Two-Unit Duplex with Split
For Sale
$299,900
1216 FAIRWAY DRIVE, Lakeland, FL 33801
Both residences are occupied under 12-month leases, supporting ongoing rental operations.
Property Size2,272 SF
Price / SF$131
Days on Market11
Property Features for 1216 FAIRWAY DRIVE
General Information
Standard status
Active
Size
2,272 SF
Property subtype
Duplex
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Gross Income
$28,890
Building Details
Year Built
2003
Buildings
1
Listing Agency:
ALL COUNTY POLK PROPERTY MANAG
(863) 510-5965
Listed By:
Derek McGehee · License #3477191
Source:
Dennisrealty
Added: Aug 22
Changed: Aug 31
Last Checked: Aug 31 at 1:45PM
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 ALL COUNTY POLK PROPERTY MANAG
Investment Insights
Based on property information with market context.
Built in 2003, this 2,272-square-foot duplex contains two 3-bedroom, 2-bathroom residences. Each unit uses a split-bedroom floor plan, creating separation between sleeping areas and the main living spaces. Both residences are occupied under 12-month leases, providing established tenancy at closing.
Unit 1216 received a new AC system and water heater in 2025. The property is located in Lakeland near shopping, dining, schools, employment centers, and major roadways, providing convenient access to everyday services and transportation routes.
Unit 1216 received a new AC system and water heater in 2025. The property is located in Lakeland near shopping, dining, schools, employment centers, and major roadways, providing convenient access to everyday services and transportation routes.
Key Highlights
- Two 3‑bedroom, 2‑bathroom units within a duplex
- 2,272 SF building constructed in 2003
- Both units occupied under 12‑month leases
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
$24,090
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
8.03%
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%
$481,800
$481.8K
Cap Rate 7%
$344,143
$344.1K
Cap Rate 9%
$267,667
$267.7K
Market Conditions
NOI Build-Up for 2,272 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
$36.8K $16.20/SF
− Vacancy
−$2.4K −$1.05/SF
EGI
$34.4K $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%
$481,800
Cap Rate 7%
$344,143
Cap Rate 9%
$267,667
Alternative Uses
Best Use
Multifamily LT 5
$344.1K
$301.1K – $401.5K
NOI $24,090 @ 7.0% cap · market cap 8.03%
Second Best
Apartment 5plus
$307.4K
$269.0K – $358.7K
NOI $21,520 @ 7.0% cap · market cap 7.18%
Theoretical Best
Office A
$546.0K
$477.7K – $637.0K
NOI $38,219 @ 7.0% cap · market cap 12.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Both residences are occupied under 12-month leases, supporting ongoing rental operations.
Where is this duplex located?
The property is located at 1216 FAIRWAY DRIVE Lakeland, FL.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bathroom units within a duplex; 2,272 SF building constructed in 2003; Both units occupied under 12‑month leases
