Historic 12-Unit Apartment
915 E PALMETTO STREET Lakeland, FL 33801
For Sale
$1,390,000
Twelve-unit apartment building with fully renovated units, on-site laundry, and a spacious courtyard.
Property Size8,348 SF
Price / SF$166.51
Days on Market559
Property Features for 915 E PALMETTO STREET
General Information
- Standard status
- Active
- Size
- 8,348 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1926
Listing Agency:
KELLER WILLIAMS REALTY SMART
(863) 577-1234
Listed By:
Ben Becton · License #3222078
Source:
Xome
Added: Jan 13, 2025
Changed: Jul 26
Last Checked: Jul 26 at 3:11AM
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 KELLER WILLIAMS REALTY SMART
Investment Insights
Based on property information with market context.
This historic 12-unit apartment building includes renovations across both buildings, with the North Building fully renovated and the South Building partially remodeled. The property’s units are fully renovated and include brand-new appliances and updated fixtures.
Additional on-site amenities include a laundry facility for tenant convenience and a spacious courtyard for residents to enjoy.
Designed as a contributing property within the Lake Morton Historic District, the building features Mediterranean Revival architecture while incorporating modern updates through the renovation work.
Additional on-site amenities include a laundry facility for tenant convenience and a spacious courtyard for residents to enjoy.
Designed as a contributing property within the Lake Morton Historic District, the building features Mediterranean Revival architecture while incorporating modern updates through the renovation work.
Key Highlights
- 12‑unit apartment building built in 1926
- All units fully renovated with brand‑new appliances and updated fixtures
- North Building fully renovated; South Building partially remodeled
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 | $153.3k | $18.36 |
| − Vacancy | −$9.5k | −$1.14 |
| EGI | $143.8k | $17.22 |
| − OpEx | −$64.7k | −$7.75 |
| NOI | $79.1k | $9.47 |
8,348 SF · lease $18.36/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$988.4K – $1.32M
NOI $79,072 @ 7.0% cap · market cap 5.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.01M
$1.76M – $2.34M
NOI $140,427 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Twelve-unit apartment building with fully renovated units, on-site laundry, and a spacious courtyard.
Where is this apartment building located?
The property is located at 915 E PALMETTO STREET Lakeland, FL.
What is the asking price?
The asking price for this property is $1,390,000.
What are key features of this property?
This property features: 12‑unit apartment building built in 1926; All units fully renovated with brand‑new appliances and updated fixtures; North Building fully renovated; South Building partially remodeled
