Historic Quadplex with Hardwood
For Sale
$695,000
Pending
702 WINFREE AVENUE, Lakeland, FL 33801
Four two-bedroom residences feature in-unit laundry and period details within Lakeland’s Lake Morton Historic District.
Property Size3,720 SF
Days on Market838
Property Features for 702 WINFREE AVENUE
General Information
Standard status
Pending
Size
3,720 SF
Property subtype
Multi Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$2,418
Amenities
hardwood flooring
solid wood doors
french doors
large windows
washer/dryer in unit
sunroom
skylight
Building Details
Year Built
1925
Buildings
1
Listing Agency:
VYLLA HOME
(813) 947-7996
Listed By:
William Thompson · License #3281310
(941) 404-8041
Source:
Exitrealty
Added: Jul 1, 2024
Changed: Sep 2
Last Checked: Sep 15 at 6:06AM
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 VYLLA HOME
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Investment Insights
Based on property information with market context.
This 1925 quadplex contains four two-bedroom, one-bath residences totaling approximately 3,720 square feet, with each unit measuring approximately 930 square feet. Interior details include original hardwood flooring, solid wood doors, French doors, large windows, and in-unit washers and dryers. Select residences also include a sunroom or skylight.
The property is located in Lakeland’s Lake Morton Historic District at 702 Winfree Avenue. Florida Southern College, a library, museum, restaurants, Lake Morton, and downtown Lakeland are identified nearby, placing the four-unit property within an established residential and cultural setting.
The property is located in Lakeland’s Lake Morton Historic District at 702 Winfree Avenue. Florida Southern College, a library, museum, restaurants, Lake Morton, and downtown Lakeland are identified nearby, placing the four-unit property within an established residential and cultural setting.
Key Highlights
- Four‑unit quadplex with 2‑bedroom, 1‑bath residences
- Approximately 3,720 square feet total; approximately 930 square feet per unit
- Built in 1925
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,443
Cap Rate
5.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$788,860
$788.9K
Cap Rate 7%
$563,471
$563.5K
Cap Rate 9%
$438,256
$438.3K
Market Conditions
NOI Build-Up for 3,720 SF
Gross rent
$60.3K $16.20/SF
− Vacancy
−$3.9K −$1.05/SF
EGI
$56.3K $15.15/SF
− OpEx
−$16.9K −$4.54/SF
NOI
$39.4K $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%
$788,860
Cap Rate 7%
$563,471
Cap Rate 9%
$438,256
Alternative Uses
Best Use
Multifamily LT 5
$563.5K
$493.0K – $657.4K
NOI $39,443 @ 7.0% cap · market cap 5.68%
Second Best
Apartment 5plus
$503.4K
$440.5K – $587.3K
NOI $35,236 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$893.9K
$782.2K – $1.04M
NOI $62,576 @ 7.0% cap · market cap 9.00%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,376
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Four two-bedroom residences feature in-unit laundry and period details within Lakeland’s Lake Morton Historic District.
Where is this quadplex located?
The property is located at 702 WINFREE AVENUE Lakeland, FL.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Four‑unit quadplex with 2‑bedroom, 1‑bath residences; Approximately 3,720 square feet total; approximately 930 square feet per unit; Built in 1925
