Concrete Block
For Sale
$320,000
Pending
3218 CRYSTAL HILLS S LOOP, Lakeland, FL 33801
Two leased units include front and back yards, with tile and vinyl flooring throughout.
Property Size2,120 SF
Days on Market503
Property Features for 3218 CRYSTAL HILLS S LOOP
General Information
Standard status
Pending
Size
2,120 SF
Property subtype
Multi Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,219
Building Details
Year Built
1986
Construction
concrete block
Listing Agency:
MAGICMIND REALTY LLC
(407) 399-7486
Listed By:
Huafeng Fang · License #3253760
(407) 399-7486
Source:
Exitrealty
Added: Apr 17, 2025
Changed: Aug 31
Last Checked: Aug 31 at 2:11PM
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 MAGICMIND REALTY LLC
Investment Insights
Based on property information with market context.
Built in 1986, this 2,120-square-foot duplex contains two leased residences, each with three bedrooms and two bathrooms. The concrete block construction is complemented by newer architectural shingle roofs installed in 2021. Interior finishes include tile and vinyl flooring throughout, with no carpet, while each unit offers front and back yard space.
The property is located in Central Lakeland near shops and schools, with access to I-4 for travel toward Tampa and Orlando. Both units are leased and described as being in great condition, providing an established residential income configuration.
The property is located in Central Lakeland near shops and schools, with access to I-4 for travel toward Tampa and Orlando. Both units are leased and described as being in great condition, providing an established residential income configuration.
Key Highlights
- 2,120‑square‑foot duplex built in 1986
- Two leased units, each with 3 bedrooms and 2 bathrooms
- Concrete block construction with architectural shingle roofs installed in 2021
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
$22,478
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
7.02%
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%
$449,560
$449.6K
Cap Rate 7%
$321,114
$321.1K
Cap Rate 9%
$249,756
$249.8K
Market Conditions
NOI Build-Up for 2,120 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
$34.3K $16.20/SF
− Vacancy
−$2.2K −$1.05/SF
EGI
$32.1K $15.15/SF
− OpEx
−$9.6K −$4.54/SF
NOI
$22.5K $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%
$449,560
Cap Rate 7%
$321,114
Cap Rate 9%
$249,756
Alternative Uses
Best Use
Multifamily LT 5
$321.1K
$281.0K – $374.6K
NOI $22,478 @ 7.0% cap · market cap 7.02%
Second Best
Apartment 5plus
$286.9K
$251.0K – $334.7K
NOI $20,080 @ 7.0% cap · market cap 6.28%
Theoretical Best
Office A
$509.5K
$445.8K – $594.4K
NOI $35,662 @ 7.0% cap · market cap 11.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two leased units include front and back yards, with tile and vinyl flooring throughout.
Where is this duplex located?
The property is located at 3218 CRYSTAL HILLS S LOOP Lakeland, FL.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: 2,120‑square‑foot duplex built in 1986; Two leased units, each with 3 bedrooms and 2 bathrooms; Concrete block construction with architectural shingle roofs installed in 2021
