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 Market792
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
(941) 404-8041
Listed By:
William Thompson · License #3281310
(941) 404-8041
Source:
Exitrealty
Added: Jul 2, 2024
Changed: Aug 31
Last Checked: Aug 31 at 2:09PM
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
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 = 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
$39,443
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
5.68%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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
