Six-Unit Apartment
507 W BAKER STREET Plant City, FL 33563
507 W BAKER STREET, Plant City, FL, 33563
$450,000
Pending
For Sale
$450,000
Pending
Six-unit rental property with newer metal roof, five units rented, and one unit currently needing rehab.
Property Size1,882 SF
Days on Market524
Property Features for 507 W BAKER STREET
General Information
- Standard status
- Pending
- Size
- 1,882 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1948
Listing agency
MILLENNIAL REALTY & PROPERTY MGMT.
(813) 917-0107
Listed by
Michael Zick · License #3181307
(813) 917-0107
Source
Exitrealty
Added: Feb 13, 2025 Updated: Jul 22 at 1:23PM Checked: Jul 22 at 1:23PM
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 MILLENNIAL REALTY & PROPERTY MGMT.
Investment Insights
Based on property information with market context.
Palm Haven Apartments is a six-unit apartment building with five units currently rented and one additional unit needing rehab. The unit mix includes one efficiency, studio units, two one-bedroom/one-bath units, one two-bedroom/two-bath unit, and two two-bedroom/two-bath units. The property also includes a newer metal roof and lots of extra parking.
The property consists of two parcels totaling just under one acre and is located near downtown Plant City with plenty of road frontage. The building is on city water and sewer service, and trash is handled through dumpster service. Rent includes electric and water for all tenants.
The offering is reported to operate approximately 16%+ and is currently accepting backup offers. For more detailed financial information, the seller requests pre-approval or submission of bank statements.
The property consists of two parcels totaling just under one acre and is located near downtown Plant City with plenty of road frontage. The building is on city water and sewer service, and trash is handled through dumpster service. Rent includes electric and water for all tenants.
The offering is reported to operate approximately 16%+ and is currently accepting backup offers. For more detailed financial information, the seller requests pre-approval or submission of bank statements.
Key Highlights
- Palm Haven Apartments: 6‑unit rental property built in 1948
- Five units are currently rented; one unit needs rehab
- Zoned residential and includes 2 parcels totaling just under 1 acre
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $33.9k | $18.00 |
| − Vacancy | −$2.4k | −$1.28 |
| EGI | $31.5k | $16.72 |
| − OpEx | −$14.2k | −$7.52 |
| NOI | $17.3k | $9.20 |
1,882 SF · lease $18.00/SF/yr · vacancy 7.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$247.3K
$216.4K – $288.5K
NOI $17,309 @ 7.0% cap · market cap 3.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$545.0K
$476.9K – $635.9K
NOI $38,153 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Six-unit rental property with newer metal roof, five units rented, and one unit currently needing rehab.
Where is this apartment building located?
The property is located at 507 W BAKER STREET Plant City, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Palm Haven Apartments: 6‑unit rental property built in 1948; Five units are currently rented; one unit needs rehab; Zoned residential and includes 2 parcels totaling just under 1 acre
